2008-050 Carrollton Crossing.xls - georgia.gov by xiuliliaofz

VIEWS: 4 PAGES: 933

									        Georgia Department of Community Affairs                                                                                                          Office of Affordable Housing

                                      2008 Application Binder Tabs Checklist For: Carrollton Crossing Apartments, Carrollton, Carroll County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
                                                                                                                                                                    Included Req'd LIHTC HOME Non- CHDO
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                   in App for all Apps Apps Profit Apps
Nbr                                                                                                                                                                  Binder Apps Only Only Apps Only

--                                                       Completed Application Tabs Checklist                                                                        Yes     x
1 Core Application Form                                  Completed Core Application (Parts I through X)                                                              Yes     x
                                                         Documents from USDA indicating project is located in rural area                                                     x
                                                         Project Narrative / Project Concept                                                                         Yes     x
                                                         Evidence of National Historic Designation (if applicable)                                                           x
                                                         Organizational Chart                                                                                        Yes     x
                                                         Copy of Tax Exempt Bond Inducement Resolution, if applicable                                                        x
2 Waivers (as applicable)                                Per-Unit Cost Limit Waiver Approval                                                                                 x
                                                         Operating Cost Waiver Approval                                                                                      x
                                                         Tenancy Characteristic Waiver Approval                                                                              x
                                                         Target Population Project Waiver Approval                                                                           x
                                                         Payment & Performance Bond Waiver Approval                                                                          x
                                                         Other:
3 For projects proposing both new const. & rehab         New Construction and Rehabilitation Eligible Basis Breakdown (if applicable)                                        x
  For occupied projects proposing rehab                  Actual Operating Statements for last two years                                                                      x
  For projects proposing commercial component            Development Budget for commercial component                                                                         x
                                                         Sources of Funds for commercial component                                                                           x
                                                         Annual Income Statement for commercial component                                                                    x
                                                         Annual Expense Statement for commercial component                                                                   x
                                                         15-year Operating Proforma for commercial component                                                                 x
                                                         Evidence of Preliminary Financing for commercial component                                                          x
                                                         Leases and/or letters of intent from prospective lessees                                                            x
4 Site Control Documentation                             Executed Warranty Deed, Sales Option Contract or long-term ground lease                                     Yes     x
                                                         Legal Description of Property                                                                               Yes     x
5 Environmental Requirements                             DCA Pre-Application Environmental Approval Letter                                                                   x
                                                         DCA Noise Waiver Approval, if applicable                                                                            x
                                                         Phase I Environmental Study (including Flood Plains and Wetlands Delineation maps)                          Yes     x
                                                         Phase II Environmental Study (if applicable)                                                                        x
                                                         Environmental Certification                                                                                 Yes     x
                                                         Owner's Environmental Questionnaire and Disclosure Statement                                                Yes     x
                                                         Property Log and Information Checklist                                                                      Yes     x
                                                         Flood Plains / Floodways documentation (if applicable)                                                      Yes     x
                                                         Wetlands documentation (if applicable)                                                                              x
                                                         HOME/HUD Environmental Questionnaire                                                                        Yes                 x
                                                         Noise documentation (if applicable)                                                                                 x
                                                         O & M Plan (if applicable)                                                                                          x



        2008 OAH Funding Application - April                                      Application Tabs Checklist                                                                          1 of 933
        Georgia Department of Community Affairs                                                                                                          Office of Affordable Housing

                                      2008 Application Binder Tabs Checklist For: Carrollton Crossing Apartments, Carrollton, Carroll County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
                                                                                                                                                                    Included Req'd LIHTC HOME Non- CHDO
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                   in App for all Apps Apps Profit Apps
Nbr                                                                                                                                                                  Binder Apps Only Only Apps Only

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

                                                         Copy of Ordinance                                                                                           Yes     x

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

8 Market Feasibility                                     DCA Pre-Application Market Study Approval Letter                                                                    x
                                                         Applicant market information or applicant-commissioned market study                                         Yes     x
                                                         Duplicate work scope for rehabilitation                                                                             x
                                                         Copy of Location and Vicinity map                                                                           Yes     x
                                                         Copy of Conceptual Site Plan                                                                                Yes     x

9 Appraisal                                              Applicant Commissioned Appraisal (if applicable)                                                                    x

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

11 Architectural Design                                  Sustainable Communities Certification documentation                                                                 x
                                                         Project Design and Energy Efficiency Waiver Approval                                                                x
                                                         Evidence of Off Site Improvements for Master Planned Communities                                                    x
                                                         Optional Amenities Waiver Approval                                                                                  x
                                                         Architectural Standards Waiver Approval                                                                             x

12 Physical Needs Assessment                             Physical Needs Assessment documentation                                                                             x
      (Rehab projects)                                   Capital Reserve Statement                                                                                           x
                                                         Scope of Work                                                                                                       x
                                                         Construction Budget                                                                                                 x




        2008 OAH Funding Application - April                                      Application Tabs Checklist                                                                          2 of 933
        Georgia Department of Community Affairs                                                                                                          Office of Affordable Housing

                                      2008 Application Binder Tabs Checklist For: Carrollton Crossing Apartments, Carrollton, Carroll County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
                                                                                                                                                                    Included Req'd LIHTC HOME Non- CHDO
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                   in App for all Apps Apps Profit Apps
Nbr                                                                                                                                                                  Binder Apps Only Only Apps Only

13 Site Info and Development Plan                        Location and Vicinity Map (all parcels for a scattered site must be indicated)                              Yes     x
   (All Projects New AND Rehab)                          Conceptual Site Development Plan of the property                                                            Yes     x
                                                         Site Maps & Photographs (photos must be color in all copies)                                                Yes     x
                                                         Aerial Photo (for HOME and 9% LIHTC funded properties)                                                      Yes     x
                                                         Desirable/Undesirable Certification                                                                         Yes     x
                                                         Evidence that desirable activities under construction are above ground                                              x
                                                         Third party evidence of change/mitigation of undesirable conditions                                                 x

14 Quality Growth Initiatives                            Infill map showing established development on adjacent sides                                                Yes     x
                                                         Documentation of Master Plan Communities, if applicable                                                             x
                                                         Rural Smart Growth map showing established development on adjacent side                                             x

15 Community Transportation Option                       Documentation of Transit Oriented Development, regularly scheduled bus service, or "on call" bus                    x
                                                         service

16 Adaptive Re-Use, Brownfield, and Greyfield            Building / site photos (Adaptive Re-use and Greyfield)                                                              x
                                                         Evidence of EPA Brownfield designation, opinion letter, budget, scope and timeline for clean up.                    x

17 Preliminary Financing Commitments                     Preliminary Financing Commitments - Debt, Equity, Historic Rehab Credits & Grants (if applicable)           Yes     x
                                                         Documentation of Applicable Index Rate (for interest rates tied to an index)                                        x
                                                         Operating Subsidy Agreements other than Rental Assistance Agreements for which points will be                       x
                                                         claimed
                                                         HUD Invitation to Submit & Lender Preliminary Commitment for HUD 221(d)3 or (d)4 Program                    Yes     x
                                                         Evidence of Developer Fee Note                                                                              Yes     x
                                                         Evidence of Bridge Loans, if applicable                                                                             x
                                                         Evidence of PBRA Agreements, if applicable                                                                          x
                                                         Letter from Lender re: assumption of existing debt                                                                  x

        Assumption of Existing Debt (if applicable)      Certification Letter                                                                                                x
                                                         Copy of Original Promissory Note and Amendments                                                                     x
                                                         Copy of Original Loan Agreement and Amendments                                                                      x
                                                         Copy of Original Security Instruments                                                                               x

18 Legal Opinions                                        Legal Opinion for Assisted Living (as applicable)                                                                   x
                                                         LIHTC Legal Opinion as to Project Qualification for Acquisition Credits                                             x
                                                         Accessibility exemption Legal Opinion (if applicable)                                                               x
                                                         Other:




        2008 OAH Funding Application - April                                      Application Tabs Checklist                                                                          3 of 933
        Georgia Department of Community Affairs                                                                                                          Office of Affordable Housing

                                      2008 Application Binder Tabs Checklist For: Carrollton Crossing Apartments, Carrollton, Carroll County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
                                                                                                                                                                    Included Req'd LIHTC HOME Non- CHDO
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                   in App for all Apps Apps Profit Apps
Nbr                                                                                                                                                                  Binder Apps Only Only Apps Only

19 Performance                                           Evidence of Experience Determination (for Owner, Developer, and Property Manager as required)               Yes     x
   (Experience and Compliance)                           Compliance Scoring Certificates (as applicable)                                                             Yes     x
                                                         Detail of relationships when an identity of interest exists between any Project Participants and Yes                x
                                                         development team members.
                                                         General Partner Organization Documents Including Operating Agreement                             Yes                x
                                                         Development Agreement                                                                            Yes                x
                                                         Partnership or Consulting Agreement Between Inexperienced and Experienced Entities, if                              x
                                                         applicable (must include training plan)
                                                         Experience and Compliance Documentation as required                                                                 x
                                                         Detailed statements and dates of all governmental debarments/ suspensions, criminal                                 x
                                                         convictions, indictments, bankruptcies and pending criminal investigations of all Owners and
                                                         Developers.

        Performance                                      Organizational Chart (as of time of application submittal)                                                  Yes     x
        Workbook (electronic)                            Completed General Information Form for Performance (if not done at Pre-Application)                         Yes     x
        - includes:                                      Owner, Developer and Manager Questionnaires                                                                 Yes     x
                                                         Index of Multistate Release Forms (that have been sent to other states)                                     Yes     x
                                                         Copies of Multistate Release Form (that have been sent to other states)                                     Yes     x
                                                         Compliance History Summaries (CHS) - complete indicated sections for each team member                       Yes     x
                                                         Compliance Self-Score Tally Sheet (delete unused lines, Participants must match Org Chart)                  Yes     x
                                                         Compliance Scoring Worksheets (CSW) - complete indicated sections for each team member                      Yes     x
20 Eligibility for credit under Nonprofit Set-Aside      IRS Tax-Exempt Status Determination Letter                                                                                            x     x
   and CHDO Set-Aside:                                   Secretary of State Certification of Nonprofit Status                                                                                  x     x
                                                         General Partnership Joint Venture Agreement                                                                                           x     x
                                                         Legal Opinion regarding nonprofit tax-exempt status                                                                                   x     x
                                                         Documentation of Nonprofit's ownership interest                                                                                       x     x
                                                         Board of Directors information: name, address, phone, occupation, positions                                                           x     x
                                                         Development Agreement if the nonprofit is a codeveloper                                                                               x     x
                                                         ByLaws for NonProfit Organization                                                                                                     x     x
                                                         Articles of Incorporation                                                                                                             x     x
                                                         Copy of State CHDO Pre-qualification or Renewal letter                                                                                      x
                                                         Evidence of CHDO Predevelopment Loan                                                                                                        x
                                                         Evidence that project is within CHDO service area                                                                                           x




        2008 OAH Funding Application - April                                      Application Tabs Checklist                                                                          4 of 933
        Georgia Department of Community Affairs                                                                                                          Office of Affordable Housing

                                      2008 Application Binder Tabs Checklist For: Carrollton Crossing Apartments, Carrollton, Carroll County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
                                                                                                                                                                    Included Req'd LIHTC HOME Non- CHDO
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                   in App for all Apps Apps Profit Apps
Nbr                                                                                                                                                                  Binder Apps Only Only Apps Only

21 Additional HOME/HUD Requirements                      Site & Neighborhood Standards Pre-Approval (if applicable)                                                  Yes                 x
                                                         Site & Neighborhood Standards Certification                                                                 Yes                 x
                                                         US Census Tract documentation                                                                               Yes                 x
                                                         Certification for Contracts, Loans and Cooperative Agreements                                               Yes                 x
                                                         Disclosure of Lobbying Activities                                                                           Yes                 x
                                                         Applicant / Recipient Disclosure / Update Report                                                            Yes                 x
                                                         MBE / WBE Outreach Plan Guide form                                                                          Yes                 x
                                                         Pre-Contract Agreement or Right to Withdraw                                                                 Yes                 x
                                                         Affirmative Fair Housing Marketing Plan                                                                     Yes                 x
22 Relocation (if applicable)                            Detailed Tenant Relocation Plan                                                                                     x
                                                         Tenant Household Data Forms                                                                                         x
                                                         Relocation Displacement Spreadsheet                                                                                 x
                                                         Temporary Relocation Cost Estimate                                                                                  x
                                                         General Info Notice for Occupants at Time of App / Proof of Delivery                                                            x
                                                         Current Rent Roll                                                                                                   x
                                                         Other (per Relocation Manual):
23 Special Needs Target Populations                      DCA Pre-approval of Service Provider and Type of PBRA                                                       Yes     x
                                                         Detailed Sources and Uses Budget for supportive services (on site)                                          Yes     x
                                                         Evidence of PBRA for Special Needs Units (if applicable)                                                    Yes     x
                                                         Letter of Agreement between service provider and ownership entity                                           Yes     x
24 Additional Rent and Income Elections                  Rent and Income Restriction Certification                                                                   Yes     x
                                                         Executed Owner/PHA Rental Subsidy Agreement (if applicable)                                                         x
        PBRA                                             Project-Based Rental Assistance: executed agreement with funding entity                                             x
                                                         HUD Letter regarding extension of PBRA contract                                                                     x
                                                         Tenant Selection Plan if PBRA is not from HUD PHA or USDA                                                           x
                                                         DCA PBRA For Special Needs Applicant Certification                                                          Yes     x
25 Extension of Cancellation Option                      Agreement to forgo the cancellation option                                                                  Yes     x
                                                         Tenant Ownership Conversion Plan                                                                                    x

26 Preservation                                          Priority Designation from HUD or USDA                                                                               x
                                                         Documentation Evidencing Rent and Income Restrictions or a Rent Roll                                                x
                                                         Partnership's 1st Full Year's and 15th Year's Tax Returns                                                           x
                                                         Section 8 PBRA contract (if applicable)                                                                             x
                                                         IRS Form 8609                                                                                                             x




        2008 OAH Funding Application - April                                      Application Tabs Checklist                                                                           5 of 933
        Georgia Department of Community Affairs                                                                                                          Office of Affordable Housing

                                      2008 Application Binder Tabs Checklist For: Carrollton Crossing Apartments, Carrollton, Carroll County
           Directions: Place an "X" in the green-shaded boxes beside items secured in the Application Package. Place completed Tabs Checklist in front of Tab 1 in the application binder.
                                                                                                                                                                    Included Req'd LIHTC HOME Non- CHDO
Tab   Required Application Binder Tabs                   Required Tab Contents and Specified Order                                                                   in App for all Apps Apps Profit Apps
Nbr                                                                                                                                                                  Binder Apps Only Only Apps Only

27 Local Government Support                              Letter of Support & local governing body resolution - or -                                                  Yes     x
                                                         Letter of Support from local governing official                                                                     x
                                                         Letter from DCA Signature, GICH, or Community of Opportunity Communities                                            x

28 Financial Assistance                                  Letter from entity providing contribution                                                                           x
                                                         USDA Documentation                                                                                                  X
                                                         Government financial support documentation                                                                  Yes     x
                                                         Docs demonstrating PHA investment in project physical plant                                                         x
                                                         Executed Owner/PHA Operating Cost Contribution Agreement (if applicable)                                            x
                                                         Notification of Award from entity providing contribution (if applicable)                                            x
                                                         Letter documenting project is under final consideration (if applicable)                                             x
                                                         Documentation of Offsite Improvement, Amenity, Facility Investment                                                  x
                                                         HUD 221(d)(3) or (d)(4) documentation (if applicable)                                                               x
                                                         Third Party Contribution Pre-Application Approval                                                                   x

29 Redevelopment / Revitalization Strategies             DCA Pre-Application Approval of Redevelopment Plan                                                                  x
                                                         Project Characteristics Form                                                                                Yes     x
                                                         Neighborhood Revitalization Plan & evidence of adoption                                                     Yes     x
                                                         Documentation of Georgia Better HomeTown/Georgia MainStreet Community/Urban Main Street                     Yes     x
                                                         Documentation evidencing site is in QCT or DDA                                                              Yes     x
                                                         Documents showing site is in an enterprise, renewal community or empowerment zone                           Yes     x
                                                         Executed Agreement between PHA and project ownership entity for Community Building Initiative                       x

30 Readiness to Proceed                                  Original Building Permits     - or -                                                                                x
                                                         Original local governing authority letter and copy of permits (if applicable) w/matching permit nbrs        Yes     x

31 Utility Allowance Documentation                       Allowance Estimation Data Sheet (if applicable and available)                                                       x
                                                         Allowance Letter From Utility Provider (if applicable)                                                              x
                                                         Utility Allowance Support Documentation                                                                     Yes     x


                 Note: Additional Forms and Documentation required for the 2008 Application Submittal may be obtained on the DCA website at
                                     http://www.dca.state.ga.us/housing/HousingDevelopment/programs/QAP2008docs.asp




        2008 OAH Funding Application - April                                      Application Tabs Checklist                                                                          6 of 933
Georgia Department of Community Affairs                                         2008 Funding Application                                                        Office of Affordable Housing
                                PART ONE - PROJECT INFORMATION - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

   Please note:                    Blue-shaded cells are unlocked for your use and do not contain references/formulas.                             DCA Use Only - Project Nbr:
                                   Purple-shaded cells are unlocked for your use and do contain references/formulas that can be overwritten.               2008-050

   I.     REQUESTED RESOURCES

          LIHTC Amount                          $              850,000
          DCA HOME Amount                       $                    -

   II.    TYPE OF APPLICATION                  Competitive Round

          If "Additional Credits/Competitive Round", please also provide:
          Original DCA Project Number
          Original Award of Credits            $                    -
          Original DCA Score
          Original re-scoring requested

   III.   APPLICANT CONTACT FOR APPLICATION REVIEW

          Name                                 Sam Johnston                                                                          Title        Member
          Address                              33 Inverness Center Parkway, Suite LL130                                              Direct Line                   (205) 981-3393
          City                                 Birmingham                                                                            Fax                               (205) 991-9674
          State                                AL                                   Zip+4               35242-7646                   Cellular                      (205) 266-4583
          Office Phone                         (205) 981-3300                        Ext.              223     E-mail        sam@cahabavalley.net
          (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)

   IV.    PROJECT LOCATION

          Project Name                         Carrollton Crossing Apartments                                                             Phased Project?          No
          Site Street Address                  West side of N. Park St. & Rome St. Junction                                               Scattered Site?          No
          City                                 Carrollton                                    Zip+4        30117-0000                      Acreage                  7.51
          Within City Limits?                  Yes                                          County Carroll                                Census Tract #           9905.02
          In USDA Rural Area?                  No                     HUD MSA/NonMSA name Atlanta-Sandy Springs-Marietta                  QCT?         Yes              DDA?
                                                     Congressional             State Senate              State House
          Legislative Districts                           3                         30                        18
          If on boundary, other district:                 11                        28                        68

          Political Jurisdiction               City of Carrollton
          Name of Chief Elected Official       Wayne Garner                                                        Title     Mayor
          Address                              315 Bradley Street                                                  City      Carrollton
          Zip+4                                30117-3219                   Phone                (770) 830-2000                 Fax            (770) 830-2025




2008 OAH Funding Application - April                                             Part I-Project Information                                                                         7 of 933
Georgia Department of Community Affairs                                          2008 Funding Application                                     Office of Affordable Housing
                               PART ONE - PROJECT INFORMATION - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

   V.      PROJECT DESCRIPTION               (Note: Purple-shaded cells auto-fill after completion of Rent Chart in Revenues and Expenses)


        A. Type of Construction: Indicate number of units in each category that applies:
           New Construction                                             72
           Adaptive Reuse
           Acquisition/Rehab
           Substantial Rehab
           Historic Rehab

        B. Mixed Use                                                           No

        C. Buildings
           Number of Residential Buildings                                      7
           Number of Non-Residential Buildings                                  1
           Total Number of Buildings                                            8

        D. Unit Breakdown
           Number of Low Income Units                                          64        (Include manager units that are income restricted)
           Number of Market Rate Units                                         8
           Total Residential Units                                             72
           Common Space Units                                                            (no rent may be charged)
           Total Units                                                         72

        E. Unit Area
           Total Low Income Residential Square Footage                      67,044
           Total Market Rate Residential Square Footage                      8,388
           Total Residential Square Footage                                 75,432
           Total Common Space Square Footage
           Total Square Footage                                             75,432

        F. Rent Restricted Units                                                                  Nbr of PBRA Units
           Number of 30% Units
           Number of 50% Units                                                 22                            3
           Number of 60% Units                                                 42
           Other:

        G. Total Residential Parking Spaces (min 1.5 per unit)                144




2008 OAH Funding Application - April                                                Part I-Project Information                                                    8 of 933
Georgia Department of Community Affairs                                         2008 Funding Application                                                   Office of Affordable Housing
                                    PART ONE - PROJECT INFORMATION - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

   VI.        TENANCY CHARACTERISTICS

           A. Family or Senior                                             Family
              If Other, please specify:
           B. Special Needs/Targeted
              Number of Special Needs/Targeted Units Reserved:                 3
              Majority of Units reserved
              Will supportive services be provided to the tenants?            Yes          If Yes, list below:
              Description of Service                                                                               Name of Service Provider
              Resource Coordination/Case Management                                                                Pathways Center for Behavioral & Developmental Growth




           C. Mobility Impaired                   Nbr of Units Equipped:       4                % of Total Units     5.6%
           D. Sight/Hearing Impaired              Nbr of Units Equipped:       2                % of Total Units     2.8%


   VII.       SET ASIDES

           A. Tax Credit Only Rent and Income Election                     40% of Units at 60% of AMI
           B. DCA HOME and Tax Credit Projects Minimum Set-Aside Requirement (Rent and Income)                                 40% of Units at 50% of AMI in each building
              DCA HOME Only Projects Minimum Set-Aside Requirement (Rent and Income)                                           20% of Units at 50% of AMI in each building
           C. Other HOME and Tax Credit Projects Minimum Set-Aside Requirement (Income)                                        40% of Units at 50% of AMI in each building
           D. Other Set Asides                                             DCA Deeper Targeting Scoring Section III.A. 50% Gross Rent Restrictions/50% Income Restrictions
           E. Competitive Round Set-Aside(s):
              Nonprofit                                                        No
              CHDO                                                             No
              Rural                                                            No


   VIII.      GOVERNMENT FUNDING SOURCES (check all that apply)
              Tax Credits                 Yes                HUD
              DCA HOME                                       HOPE VI
              DCA PSH HOME                                   FHLB/AHP
              Other HOME                                     CDBG
              Tax Exempt Bonds                               USDA 515
              Taxable Bonds                                  USDA 538
              Historic Rehab Credits                         Other                                    (describe)
              FHA Insured Mortgage        Yes                Other                                    (describe)




2008 OAH Funding Application - April                                                Part I-Project Information                                                                 9 of 933
Georgia Department of Community Affairs                                        2008 Funding Application                                                      Office of Affordable Housing
                                 PART ONE - PROJECT INFORMATION - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

   IX.      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

   X.       AWARD LIMITATIONS FOR CURRENT DCA COMPETITIVE ROUND
            Answer the following questions on behalf of the General Partnership Entity and each of its Principals for all Applications involving them that will be submitted in the
            current DCA OAH Competitive Round:
         A. Number of Applications Submitted:                                                                            1
         B. All Applications produce a combined total of $1,750,000 or less in Federal Tax Credits?                   Yes
         C. Names of Projects in which the General Partnership entity and each of its principals has a direct or indirect Ownership interest:
                  1.) Carrollton Crossing Apartments                                              5.)
                    2.)                                                                                      6.)
                    3.)                                                                                      7.)
                    4.)                                                                                      8.)
         D. Names of Projects in which the General Partnership entity and each of its principals is partnering with an inexperienced unrelated entity for purposes of
            meeting DCA Experience Requirements:
                    1.)                                                                                      5.)
                    2.)                                                                                      6.)
                    3.)                                                                                      7.)
                    4.)                                                                                      8.)


   XI.      PRESERVATION
         A. Subsequent Allocation
            Year of Original Allocation
            Original GHFA/DCA Project Number
            First Year of Credit Period
            First Building Identification Nbr in Project                                                           GA-
            Last Building Identification Nbr in Project                                                            GA-
            Expiring Tax Credit (15 Year)
            Date all buildings will complete 15 yr Compliance pd
         B. Expiring Section 8
         C. Expiring HUD or USDA
            HUD funded affordable nonpublic housing project
            USDA funded affordable nonpublic housing project




2008 OAH Funding Application - April                                            Part I-Project Information                                                                       10 of 933
Georgia Department of Community Affairs                                        2008 Funding Application                                                 Office of Affordable Housing
                                   PART ONE - PROJECT INFORMATION - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

   XII.       HOME
           A. HOME Units will be:     (Choose either Floating or Fixed)
           B. Total Number of HOME Units

   XIII.      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:                 5
           C. Is there a Tenant Ownership Plan?                                                                  No
           D. 100% HUD PBRA                                                                                      No
           E. Is the Project Currently Occupied?                                                                 No
              Total Existing Units
              Number Occupied
              % Existing Occupied
           F. Waivers
              Per-Unit Cost Limit Waiver Approved?                                                               No      If Yes, new Limit is:
              Operating Expense Waiver Approved?                                                                 No      If Yes, new Limit is:
              Architectural Standards Enhancement Waiver Approved?                                               No
              Developer Experience Waiver Approved?                                                              No
              Energy Efficient Waiver Approved?                                                                  No
              Environmental Noise Waiver Approved?                                                               No
              Manager Experience Waiver Approved?                                                                No
              Optional Amenities Waiver Approved?                                                                No
              Owner Experience Waiver Approved?                                                                  No
              Payment & Performance Bond Waiver Approved?                                                        No
              Public Water/Sewer Requirement Waiver Approved?                                                    No
              Service Requirement Waiver Approved?                                                               No
              Target Population Project Waiver Approved?                                                         No
              3rd Party Amenities ( Off-Site Improvement / Amenities / Facilities ) Approved?                    No
              Other (specify waiver):
           G. Projected Place-In-Service Date
              Acquisition
              Rehab
              New Construction                                                                                December 31, 2010



2008 OAH Funding Application - April                                             Part I-Project Information                                                                11 of 933
Georgia Department of Community Affairs                                          2008 Funding Application                                   Office of Affordable Housing
                                  PART ONE - PROJECT INFORMATION - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

   XIV.    APPLICANT COMMENTS AND CLARIFICATIONS                                                                XV.   DCA COMMENTS - DCA USE ONLY
   Section V.F. - Applicant requests PBRA commitment from DCA to support three (3) units for targeted special
   needs tenants.




2008 OAH Funding Application - April                                               Part I-Project Information                                                  12 of 933
  Georgia Department of Community Affairs                                                  2008 Funding Application                                             Office of Affordable Housing

                                PART TWO - DEVELOPMENT TEAM INFORMATION - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I. OWNERSHIP INFORMATION

  A. OWNERSHIP ENTITY                    Carrollton Crossing, LLC                                                             Name of Principal John O. Moore, Jr.
        Office Street Address            33 Inverness Center Parkway, Suite LL130                                             Title of Principal Member - Carrollton Crossing MM, LLC
        City                             Birmingham                           Fed Tax ID:                                     Direct line        (205) 250-9012
        State                                 AL         Zip+4         35242-7646                                             Cellular           (205) 266-0272
        10-Digit Office Phone / Ext.     (205) 981-3300              223          Fax                 (205) 991-9674   E-mail chip.moore@capmark.com
          (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)
  B. PROPOSED PARTNERSHIP INFORMATION

     1. GENERAL PARTNER(S)
       a. Managing Gen'l Partner         Carrollton Crossing MM, LLC                                                          Name of Principal John O. Moore, Jr.
          Office Street Address          33 Inverness Center Parkway, Suite LL130                                             Title of Principal Member
          City                           Birmingham                                                                           Direct line        (205) 250-9012
          State                               AL         Zip+4         35242-7646                                             Cellular           (205) 266-0272
          10-Digit Office Phone / Ext.   (205) 981-3300              223          Fax                 (205) 991-9674   E-mail chip.moore@capmark.com
       b. Other General Partner                                                                                                 Name of Principal
          Office Street Address                                                                                                 Title of Principal
          City                                                                                                                  Direct line
          State                                           Zip+4                                                                 Cellular
          10-Digit Office Phone / Ext.                                                 Fax                             E-mail
       c. Other General Partner                                                                                                 Name of Principal
          Office Street Address                                                                                                 Title of Principal
          City                                                                                                                  Direct line
          State                                           Zip+4                                                                 Cellular
          10-Digit Office Phone / Ext.                                                 Fax                             E-mail

     2. LIMITED PARTNERS (PROPOSED OR ACTUAL)
       a. Federal Limited Partner        Raymond James Tax Credit Funds, Inc. (Proposed)                                      Name of Principal Craig Descalzi
          Office Street Address          880 Carillon Parkway                                                                 Title of Principal Director of Acquisitions
          City                           St. Petersburg                                                                       Direct line        (727) 567-1962
          State                               FL         Zip+4       33716-0000                                               Cellular
          10-Digit Office Phone / Ext.   (800) 438-8088                          Fax                  (727) 567-8455   E-mail craig.descalzi@raymondjames.com
       b. State Limited Partner          Raymond James Tax Credit Funds, Inc. (Proposed)                                      Name of Principal Craig Descalzi
          Office Street Address          880 Carillion Parkway                                                                Title of Principal Director of Acquisitions
          City                           St. Petersburg                                                                       Direct line        (727) 567-1962
          State                               FL         Zip+4       33716-0000                                               Cellular
          10-Digit Office Phone / Ext.   (800) 438-8088                          Fax                  (727) 567-8455   E-mail craig.descalzi@raymondjames.com

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




  2008 OAH Funding Application - April                                                     Part II-Development Team                                                               13 of 933
  Georgia Department of Community Affairs                                          2008 Funding Application                                           Office of Affordable Housing

                               PART TWO - DEVELOPMENT TEAM INFORMATION - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

II. DEVELOPER(S)

  A. DEVELOPER                           Arbour Valley Development, LLC                                               Name of Principal John O. Moore, Jr.
         Office Street Address           33 Inverness Center Parkway, Suite LL130                                     Title of Principal Managing Member
         City                            Birmingham                                                                   Direct line        (205) 250-9012
         State                                AL        Zip+4          35242-7646                                     Cellular           (205) 266-0272
         10-Digit Office Phone / Ext.    (205) 981-3300              223          Fax         (205) 991-9674   E-mail chip.moore@capmark.com
  B. CO-DEVELOPER 1                                                                                                     Name of Principal
         Office Street Address                                                                                          Title of Principal
         City                                                                                                           Direct line
         State                                          Zip+4                                                           Cellular
         10-Digit Office Phone / Ext.                                             Fax                          E-mail
  C. CO-DEVELOPER 2                                                                                                     Name of Principal
         Office Street Address                                                                                          Title of Principal
         City                                                                                                           Direct line
         State                                          Zip+4                                                           Cellular
         10-Digit Office Phone / Ext.                                             Fax                          E-mail
  D. DEVELOPMENT CONSULTANT                                                                                             Name of Principal
         Office Street Address                                                                                          Title of Principal
         City                                                                                                           Direct line
         State                                          Zip+4                                                           Cellular
         10-Digit Office Phone / Ext.                                             Fax                          E-mail

III. OTHER PROJECT TEAM MEMBERS

  A. OWNERSHIP CONSULTANT                                                                                               Name of Principal
        Office Street Address                                                                                           Title of Principal
        City                                                                                                            Direct line
        State                                           Zip+4                                                           Cellular
        10-Digit Office Phone / Ext.                                              Fax                          E-mail
  B. GENERAL CONTRACTOR                  Doug Hollyhand Realty, Inc.                                                  Name of Principal Douglas P. Hollyhand
         Office Street Address           527-A Main Ave.                                                              Title of Principal President
         City                            Northport                                                                    Direct line
         State                               AL         Zip+4           35476-0000                                    Cellular
         10-Digit Office Phone / Ext.    (205) 345-0955                          Fax          (205) 758-5605   E-mail cindy@hollyhand.com
  C. MANAGEMENT COMPANY                  SPM, Inc.                                                                    Name of Principal William B. Welden
        Office Street Address            1103 Richard Arrington Jr. Blvd. S.                                          Title of Principal President
        City                             Birmingham                                                                   Direct line
        State                                AL         Zip+4             35205-0000                                  Cellular
        10-Digit Office Phone / Ext.     (205) 933-1020                            Fax        (205) 930-4508   E-mail billw@spm.net
  D. ATTORNEY                            Spain & Gillon, LLC                                                          Name of Principal Paul S. Leonard
         Office Street Address           2117 Second Aveune North                                                     Title of Principal Attorney
         City                            Birmingham                                                                   Direct line
         State                               AL          Zip+4          35203-0000                                    Cellular
         10-Digit Office Phone / Ext.    (205) 328-4100                          Fax          (205) 324-8866   E-mail psl@spain-gillon.com



  2008 OAH Funding Application - April                                             Part II-Development Team                                                             14 of 933
     Georgia Department of Community Affairs                                                                  2008 Funding Application                                                            Office of Affordable Housing

                                          PART TWO - DEVELOPMENT TEAM INFORMATION - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

     E. ACCOUNTANT                                  Christian & Denaburg, PC                                                                                      Name of Principal Steven A. Christian
            Office Street Address                   2649 Rocky Ridge Lane                                                                                         Title of Principal CPA/Accountant
            City                                    Birmingham                                                                                                    Direct line
            State                                        AL        Zip+4                      35216-0000                                                          Cellular
            10-Digit Office Phone / Ext.            (205) 967-8901                                     Fax                   (205) 967-2378                E-mail sac@christiandenaburg.com
     F. ARCHITECT                                   McKean & Associates                                                                                           Name of Principal Rory McKean
            Office Street Address                   2815-B Zelda Road                                                                                             Title of Principal President
            City                                    Montgomery                                                                                                    Direct line
            State                                       AL         Zip+4                      36106-2727                                                          Cellular
            10-Digit Office Phone / Ext.            (334) 272-4044                                     Fax                   (334) 244-0347                E-mail rmckean@mckeanarch.com

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

                                       1. Is                                                         4. Does this entity have 5. Has this entity ever
                                                 2. Has any person,        3. Does this entity have
                                       this                                                            an identity of interest    been debarred or           6. Applicable
                                              principal, or agent for this  an identity of interest
                                      entity                                                             with any member,        suspended from any       Organizational Type                             7. Project Ownership
              Participant                    entity ever been convicted with any other entity in
                                        a                                                             officer, or employee of   local, state, or federal (For Profit, Nonprofit,                              Percentage
                                             of a felony (Yes or No)?. If this chart? If yes, attach
                                      MBE/                                                             DCA? If yes, attach       housing program? If            CHDO)
                                               yes, attach explanation.          explanation.
                                      WBE?                                                                  explanation.       yes, attach explanation.

     Managing General Partner No                                No                                 Yes                               No                        No                  For Profit                  0.0100%
     Other General Partner 1
     Other General Partner 2
     Federal Limited Partner  No                                No                                 Yes                               No                        No                  For Profit                  99.9900%
     State Limited Partner    No                                No                                 Yes                               No                        No                  For Profit                  99.9900%
     Nonprofit Sponsor
     Developer                No                                No                                 Yes                               No                        No                  For Profit
     Co-Developer 1
     Co-Developer 2
     Owner Consultant
     Developer Consultant
     Contractor               Yes                               No                                  No                               No                        No                  For Profit
     Management Company       No                                No                                  No                               No                        No                  For Profit

V.      APPLICANT COMMENTS AND CLARIFICATIONS                                                                                                        VI.         DCA COMMENTS - DCA USE ONLY
Column 3 - Managing General Partner and Developer have common ownership interest. Please see Identity of Interest in Tab 19 for Carrollton
Crossing, LLC. The federal and state LP (syndicator) are both Raymond James Tax Credit Funds.
Column 1 - Mrs. Jane C. Hollyand (Contractor) owns 51% of the company.


B.1.a. In our preapplication, we stated that the managing general partner was to be determined. We have since determined the managing general
partner to be Carrollton Crossing MM, LLC. The principals of Carrollton Crossing MM, LLC, are identical to the underlying principals of Carrollton
Crossing, LLC, submitted in the preapplication.




     2008 OAH Funding Application - April                                                                    Part II-Development Team                                                                                 15 of 933
Georgia Department of Community Affairs                                           2008 Funding Application                                                          Office of Affordable Housing
                                       PART THREE - SOURCES OF FUNDS - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

  I.    CONSTRUCTION FINANCING
        Financing Type                                                  Name of Financing Entity                         Amount                    Effective Interest Rate   Term (In Months)
        First Mortgage                                             Prudential Mortgage                                                 2,374,359           6.500%                  480
        Second Mortgage
        Third Mortgage
        Federal Grant
        State, Local, or Private Grant
        Deferred Developer Fees
        Federal Housing Credit Equity                              Raymond James                                                       5,813,419
        State Housing Credit Equity                                Raymond James                                                       1,759,325
        Other Source (specify)
        Other Source (specify)
        Other Source (specify)
        Total Construction Financing:                                                                                                  9,947,103
        Total Construction Period Costs from Development Budget:                                                                       9,417,300
        Surplus/(Shortage) of Construction funds to Construction costs:                                                                  529,803

  II.   PERMANENT FINANCING                                                                           Effective
                                                                                                      Interest     Term      Amort.     Annual Debt Service
        Financing Type                   Name of Financing Entity              Principal Amount         Rate      (Years)    (Years)     Per Terms Given            Loan Type         Balloon?
        First Mortgage                   Prudential Mortgage                            2,374,359     6.500%        40         40                 166,810           Amortizing          No
        Second Mortgage
        Third Mortgage
        Other:
        Other:
        Deferred Devlpr Fee       31.83% Arbour Valley Development, LLC                    403,998    0.000%        12            12                 33,667         Cash Flow           No
        Federal Grant
        State, Local, or Private Grant
        Federal Housing Credit Equity    Raymond James                                   6,459,354
        State Housing Credit Equity      Raymond James                                   1,954,805
        Historic Credit Equity
        Invstmt Earnings: T-E Bonds
        Invstmt Earnings: Taxable Bonds
        Income from Operations
        Other:
        Other:
        Other:
        Total Permanent Financing:                                                11,192,516
        Total Development Costs from Development Budget:                          11,192,516
        Surplus/(Shortage) of Permanent funds to development costs:                   0

                                             Year:        1 -7         8         9            10         11        12             13       14          15          16         17         18
        Proposed DCA HOME Loan
                                             Rate:
        Interest Rate by Operating Year
                                             Year:         19         20         21           22         23         24            25       26          27          28         29         30
        for Projects in Rural Areas:
                                             Rate:




2008 OAH Funding Application - April                                                 Part III-Sources of Funds                                                                           16 of 933
Georgia Department of Community Affairs                                                     2008 Funding Application                                   Office of Affordable Housing
                                          PART THREE - SOURCES OF FUNDS - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County


  III.   APPLICANT COMMENTS AND CLARIFICATIONS                                                                 IV.       DCA COMMENTS - DCA USE ONLY
  First Mortgage will be a HUD 221(d)(4) fully amortizing construction/permanent loan. The interest rate for
  the construction/permanent loan is 6.5% with a term of 40 years (or 480 months).




2008 OAH Funding Application - April                                                         Part III-Sources of Funds                                                    17 of 933
Georgia Department of Community Affairs                                        2008 Funding Application                                           Office of Affordable Housing

                                           PART FOUR - USES OF FUNDS - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

                                                          CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

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

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

     ACQUISITION                                                                                                               ACQUISITION
     Land                                                                      1,100,000                                                                           1,100,000
     Demolition
     Acquisition Legal Fees (if existing structures)
     Existing Structures
                                                                 Subtotal      1,100,000                                       -                                   1,100,000

     SITE IMPROVEMENTS                                                                                                     SITE IMPROVEMENTS
     Site Preparation (On-site)                                                  600,000                 600,000
     Site Preparation (Off-site)
                                                                 Subtotal        600,000                 600,000               -                    -                     -

     UNIT/BUILDING CONSTRUCTION                                                                                       UNIT/BUILDING CONSTRUCTION
     Unit/Building Construction/New Construction                               5,688,000             5,688,000
     Unit/Building Construction/Rehab
     Project Amenities / Accessory Buildings                                      48,000                  48,000
     Other:
     Construction Contingency                                                    227,520               227,520
                                                                 Subtotal      5,963,520             5,963,520                 -                    -                     -

     CONTRACTOR SERVICES                                                                                                 CONTRACTOR SERVICES
     Builder's Overhead:                2.00%                    126,720         126,720                 126,720
     Builder Profit:                    6.00%                    380,160         380,160                 380,160
     General Requirements               6.00%                    380,160         380,160                 380,160
     Payment/performance bond or
     letter-of-credit fee or premium                             Subtotal        887,040                 887,040               -                    -                     -
     Total Construction Costs                100,320 per unit
                     7,223,040                    96 per sq ft




2008 OAH Funding Application - April                                             Part IV-Uses of Funds                                                               18 of 933
Georgia Department of Community Affairs                                     2008 Funding Application                                            Office of Affordable Housing

                                         PART FOUR - USES OF FUNDS - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

                                                      CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

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

     CONSTRUCTION PERIOD FINANCING                                                                                CONSTRUCTION PERIOD FINANCING
     Construction Loan Fee                                                     24,018                  24,018
     Construction Loan Interest                                                99,530                  99,530
     Construction Legal Fees                                                   15,000                  15,000
     Construction Period Real Estate Tax                                       25,000                  25,000
     Construction Insurance                                                    70,000                  70,000
     Bridge Loan Fee and Bridge Loan Interest
     Other: FHA Inspection Fee                                                11,872                   11,872
                                                             Subtotal        245,420                  245,420                -                    -                     -

     PROFESSIONAL SERVICES                                                                                            PROFESSIONAL SERVICES
     Architectural Fee - Design                                                64,800                  64,800
     Architectural Fee - Supervision                                           21,600                  21,600
     Engineering                                                               50,500                  50,500
     Real Estate Attorney
     Accounting                                                                14,000                  14,000
     Other:
                                                             Subtotal        150,900                  150,900                -                    -                     -
     LOCAL GOVERNMENT FEES                                                                                            LOCAL GOVERNMENT FEES
     Building Permits                                                          20,920                  20,920
     Impact Fees
     Water Tap Fees    waived?                            No                  91,250                   91,250
     Sewer Tap Fees    waived?                            No                 292,000                  292,000
                                                            Subtotal         404,170                  404,170                -                    -                     -
     PERMANENT FINANCING FEES                                                                                        PERMANENT FINANCING FEES
     Permanent Loan Fees                                                       23,744                                                                               18,996
     Permanent Loan Legal Fees
     Title and Recording Fees                                                103,734                  103,734
     As-Built Survey
     Bond Issuance Premium
     Cost of Issuance / Underwriter's Discount
     Other: FHA MIP & Exam Fee                                                30,867                   30,867
                                                             Subtotal        158,345                  134,601                -                    -                 18,996




2008 OAH Funding Application - April                                          Part IV-Uses of Funds                                                                19 of 933
Georgia Department of Community Affairs                                     2008 Funding Application                                            Office of Affordable Housing

                                         PART FOUR - USES OF FUNDS - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

                                                      CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

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

     DCA-RELATED COSTS                                                                                                   DCA-RELATED COSTS
     DCA Loan Application Fee (less DCA Mkt Study fee)
     Tax Credit Application Fee (less DCA Mkt Study fee)                        3,500                                                                                3,500
     DCA-Commissioned Market Study                                              5,000                  5,000
     DCA Waiver Fees
     LIHTC Allocation Processing Fee                            59,500         59,500                                                                               59,500
     LIHTC Compliance Monitoring Fee                            43,200         43,200                                                                               43,200
     DCA Front End Analysis Fee (HOME, when ID of Interest)
     DCA Final Inspection Fee                                                   2,000                                                                                2,000
     Other:
                                                              Subtotal        113,200                  5,000                 -                    -                108,200

     EQUITY COSTS                                                                                                           EQUITY COSTS
     Partnership Organization Fees
     Tax Credit Legal Opinion
     Syndicator Legal Fees                                                     25,000                                                                               25,000
     Other:
                                                              Subtotal         25,000                    -                   -                    -                 25,000
     DEVELOPER'S FEE                                                                                                      DEVELOPER'S FEE
     Developer's Overhead
     Consultant's Fee
     Developer's Fee                                                        1,269,391             1,269,391
                                                              Subtotal      1,269,391             1,269,391                  -                    -                     -
     START-UP AND RESERVES                                                                                            START-UP AND RESERVES
     Marketing                                                                 30,000                                                                               30,000
     Rent -Up Reserves                                                         32,000                                                                               32,720
     Operating Deficit Reserve:                                               100,000                                                                              100,000
     Replacement Reserve                                                       17,280                                                                               17,280
     Furniture, Fixtures and Equipment                                         60,000                 60,000
     Other:
                                                              Subtotal        239,280                 60,000                 -                    -                180,000
     OTHER COSTS                                                                                                            OTHER COSTS
     Relocation
     Other:
     Other:
                                                              Subtotal            -                      -                   -                    -                     -

     TOTAL DEVELOPMENT COST                                                11,192,516             9,756,292                  -                    -              1,432,196

     Per Unit                                                             155451.6111
     Per Square Foot                                                      148.3788843




2008 OAH Funding Application - April                                          Part IV-Uses of Funds                                                                20 of 933
Georgia Department of Community Affairs                                                   2008 Funding Application                                                               Office of Affordable Housing

                                              PART FOUR - USES OF FUNDS - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

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

       Eligible Basis Calculation
       Total Basis                                                                                               9,756,292                 0                                0
       Less Total Subtractions From Basis (see above)                                                                0                                                      0
       Total Eligible Basis                                                                                      9,756,292                 0                                0
       Eligible Basis Adjustment for DDA/QCT Location                                                            130.00%
       Adjusted Eligible Basis                                                                                  12,683,180                 0                                0
       Multiply Adjusted Eligible Basis by Applicable Fraction                                                    88.88%                 88.88%                           88.88%
       Qualified Basis                                                                                          11,272,816                 0                                0
       Multiply Qualified Basis by Applicable Credit Percentage                                                    7.80%
       Maximum Tax Credit Amount                                                                                 879,280                   0                                0
       Total Basis Method Tax Credit Calculation                                                                                       879,280

III.   TAX CREDIT CALCULATION - GAP METHOD
       Equity Gap Calculation
       Total Development Cost (not to exceed Per Unit Cost Limitation or DCA-Approved Per Unit Cost Waiver)        10,832,000    Enter the lesser of the Total Development Cost (TDC) indicated above,
                                                                                                                                 the TDC waiver amount approved by DCA, or the maximum TDC
       Subtract Non-Tax Credit (excluding deferred fee) Source of Funds                                            2,374,359     calculated for this project based on the Per Unit Cost Limits set forth in
       Equity Gap                                                                                                  8,457,641
       Divide Equity Gap by 10                                                                                           / 10
       Annual Equity Required                                                                                        845,764                      Federal                           State
       Enter Final Federal and State Equity Factors (not including GP contribution)                                  0.9900          =            0.7600              +            0.2300
       Total Gap Method Tax Credit Calculation                                                                       854,307


IV.    TAX CREDIT ALLOCATION                                                                                         850,000




2008 OAH Funding Application - April                                                         Part IV-Uses of Funds                                                                                            21 of 933
Georgia Department of Community Affairs                                                                 2008 Funding Application                                         Office of Affordable Housing

                                                    PART FOUR - USES OF FUNDS - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

                                                                        CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS
V.    APPLICANT COMMENTS AND CLARIFICATIONS                                                                                          VI.   DCA COMMENTS - DCA USE ONLY
III. The Total Development Cost Limit per the Unit Cost Limitation is $10,832,000. This sum was used in the equity gap calculation
because it is lower than the Total Development Cost of $11,192,516 per the development budget.




2008 OAH Funding Application - April                                                                       Part IV-Uses of Funds                                                            22 of 933
Georgia Department of Community Affairs                           2008 Funding Application                                        Office of Affordable Housing


                  PART FIVE - UTILITY ALLOWANCES - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

  I.   UTILITY ALLOWANCE SCHEDULE #1                     Source of Utility Allowances            DCA Utility Allowance - Middle Region
                                                         Date of Utility Allowances              June 1, 2008             Structure MF
                                                          Paid By (check one)         Tenant-Paid Utility Allowances by Unit Size (No. of Bedrooms)
       Utility              Fuel                           Tenant     Owner             0          1            2         3           4         5
       Heat                 Natural Gas
       Heat                 Electric
       Heat                 Propane
       Heat                 78% + AFUE Gas
       Heat                 Electric Heat Pump                X                                       6             8           12
       Air Conditioning     Electric                          X                                      28            36           44
       Cooking              Natural Gas
       Cooking              Electric                          X                                       8            10           13
       Cooking              Propane
       Hot Water            Natural Gas
       Hot Water            Electric                          X                                      25            32           39
       Hot Water            Propane
       Lights               Electric                          X                                      23            29           36
       Water & Sewer        Submetered?      Yes              X                                      41            53           63
       Refuse Collection                                                    X
       Total Utility Allowance by Unit Size                                              0           131          168          207         0          0

                  Election to use Electric Utility Provider's Allowance as outlined in the 2008 QAP
                 *Elderly allowances cannot be used except at properties that have 100% PBRA and satisfy the DCA definition of "elderly"

       APPLICANT COMMENTS AND CLARIFICATIONS




       DCA COMMENTS




2008 OAH Funding Application - April                               Part V-Utility Allowances                                                         23 of 933
Georgia Department of Community Affairs                           2008 Funding Application                                         Office of Affordable Housing


                   PART FIVE - UTILITY ALLOWANCES - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

  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 (No. of Bedrooms)
        Utility              Fuel                           Tenant     Owner             0          1            2         3           4         5
        Heat                 Natural Gas
        Heat                 Electric
        Heat                 Propane
        Heat                 78% + AFUE Gas
        Heat                 Electric Heat Pump
        Air Conditioning     Electric
        Cooking              Natural Gas
        Cooking              Electric
        Cooking              Propane
        Hot Water            Natural Gas
        Hot Water            Electric
        Hot Water            Propane
        Lights               Electric
        Water & Sewer        Submetered?
        Refuse Collection
        Total Utility Allowance by Unit Size                                              0            0            0            0          0          0

                  Election to use Electric Utility Provider's Allowance as outlined in the 2008 QAP
                  *Elderly allowances cannot be used except at properties that have 100% PBRA and satisfy the DCA definition of "elderly"

        APPLICANT COMMENTS AND CLARIFICATIONS




        DCA COMMENTS




2008 OAH Funding Application - April                                Part V-Utility Allowances                                                         24 of 933
   Georgia Department of Community Affairs                                        2008 Funding Application                                                Office of Affordable Housing
                               PART SIX - PROJECTED REVENUES & EXPENSES - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I. RENT SCHEDULE                           DO NOT cut, copy or paste cells in this Rent Schedule.        Assign a Rent Type of "N/A-CS" to Common Space units.

      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     Source     Per Unit      Total        Unit          Type            Activity
     50% AMI        1        1.0    5          825      Not HOME      667          667         131                          536        2,680     No       2-Story Walkup   New Construction
     50% AMI        2        2.0    2         1,041     Not HOME      801          801         168                          633        1,266     No       2-Story Walkup   New Construction
     50% AMI        2        2.0    3         1,041     Not HOME      801          801         168          PHA             633        1,899     No          3+ Story      New Construction
     50% AMI        2        2.0    5         1,041     Not HOME      801          801         168                          633        3,165     No          3+ Story      New Construction
     50% AMI        3        2.0    7         1,205     Not HOME      925          925         207                          718        5,026     No          3+ Story      New Construction
     60% AMI        1        1.0    9          825      Not HOME      801          726         131                          595        5,355     No       2-Story Walkup   New Construction
     60% AMI        2        2.0    6         1,041     Not HOME      961          863         168                          695        4,170     No       2-Story Walkup   New Construction
     60% AMI        2        2.0    13        1,041     Not HOME      961          863         168                          695        9,035     No          3+ Story      New Construction
     60% AMI        3        2.0    14        1,205     Not HOME     1,110        1,002        207                          795       11,130     No          3+ Story      New Construction
      Market        1        1.0    2          825                                 659                                      659        1,318     No       2-Story Walkup   New Construction
      Market        2        2.0    3         1,041                                750                                      750        2,250     No          3+ Story      New Construction
      Market        3        2.0    3         1,205                                850                                      850        2,550     No          3+ Story      New Construction
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
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                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                                                                                                                            -            -
                          TOTAL       72       75,432                                                          MONTHLY TOTAL          49,844
                                                                                                                ANNUAL TOTAL         598,128



   2008 OAH Funding Application - April                                          Part VI-Revenues & Expenses                                                                  25 of 933
   Georgia Department of Community Affairs                                       2008 Funding Application                                        Office of Affordable Housing
                                 PART SIX - PROJECTED REVENUES & EXPENSES - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

II. UNIT SUMMARY
  Units:                                                           Efficiency       1BR         2BR           3BR      4BR   5BR       Total
                 Low-Income                             60% AMI          -                9          19           14   -     -              42 (Include mgr units that are income restricted)
                                                        50% AMI          -                5          10            7   -     -              22
                                                        30% AMI          -           -           -            -        -     -          -
                                                        Total            -               14          29           21   -     -              64
                 Market Rate                                             -                2           3            3   -     -               8
                 Total Residential                                       -               16          32           24   -     -              72
                 Common Space                                            -           -           -            -        -     -          -        (no rent may be charged)
                 Total                                                   -               16          32           24   -     -              72

                 HOME                Fixed              60% AMI          -           -           -            -        -     -          -
                (included in LI above)                  50% AMI          -           -           -            -        -     -          -
                                                        30% AMI          -           -           -            -        -     -          -
                                                        Total            -           -           -            -        -     -          -

                                     Floating           60% AMI          -           -           -            -        -     -          -
                                                        50% AMI          -           -           -            -        -     -          -
                                                        30% AMI          -           -           -            -        -     -          -
                                                        Total            -           -           -            -        -     -          -

                 PBRA-Assisted                          60% AMI          -           -           -            -        -     -          -
                (included in LI above)                  50% AMI          -           -                3       -        -     -               3
                                                        30% AMI          -           -           -            -        -     -          -
                                                        Total            -           -                3       -        -     -               3
                 Construction:
                                     New Construction   Low Inc          -               14          29           21   -     -              64
                                                        Mkt Rate         -                2           3            3   -     -               8
                                     Acq/Rehab          Low Inc          -           -           -            -        -     -          -
                                                        Mkt Rate         -           -           -            -        -     -          -
                                     Rehab Only         Low Inc          -           -           -            -        -     -          -
                                                        Mkt Rate         -           -           -            -        -     -          -

  Square Footage:
               Low Income                               60% AMI          -         7,425      19,779      16,870       -     -       44,074
                                                        50% AMI          -         4,125      10,410       8,435       -     -       22,970
                                                        30% AMI          -           -           -           -         -     -          -
                                                        Total            -        11,550      30,189      25,305       -     -       67,044
                 Market Rate                                             -         1,650       3,123       3,615       -     -        8,388
                 Total Residential                                       -        13,200      33,312      28,920       -     -       75,432
                 Common Space                                            -           -           -           -         -     -          -
                 Total                                                   -        13,200      33,312      28,920       -     -       75,432




   2008 OAH Funding Application - April                                         Part VI-Revenues & Expenses                                                                 26 of 933
   Georgia Department of Community Affairs                                2008 Funding Application                                                            Office of Affordable Housing
                               PART SIX - PROJECTED REVENUES & EXPENSES - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

III. ANCILLARY AND OTHER INCOME (annual amounts)
  Ancillary Income                                              11,963     Laundry, vending, app fees, etc. Will be exactly 2% of potential gross income.
  Other Income (by Year)                              1          2          3             4              5             6              7              8                9             10
  Property Tax Abatement
  Property Tax Exemption
  Operating Subsidy
  Other:
  Total                                                   -          -          -             -              -              -              -              -                -                 -
                                                      11        12         13            14             15             16             17             18               19            20
  Property Tax Abatement
  Property Tax Exemption
  Operating Subsidy
  Other:
  Total                                                   -          -          -             -              -              -              -              -                -                 -
                                                      21        22         23            24             25             26             27             28               29            30
  Property Tax Abatement
  Property Tax Exemption
  Operating Subsidy
  Other:
  Total                                                   -          -          -             -              -              -              -              -                -                 -

IV. ANNUAL OPERATING EXPENSE BUDGET
  On-Site Staff Costs                                                                             Professional Services
  Management Salaries & Benefits                                           57,000                 Legal                                                                                   2,500
  Maintenance Salaries & Benefits                                          41,000                 Accounting                                                                              2,700
  Support Services Salaries & Benefits                                     22,000                 Advertising                                                                             3,000
  Other                                                                                           Other
                       Subtotal                                           120,000                                                   Subtotal                                              8,200
  On-Site Office Costs                                                                            Utilities
  Office Supplies & Postage                                                 4,500                 Electricity                                                                             4,800
  Telephone                                                                 4,800                 Natural Gas                                                                             9,500
  Travel                                                                    1,200                 Water & Sewer                                                                           4,500
  Leased Furniture / Equipment                                              5,000                 Trash Collection
  Activities Supplies / Overhead Cost                                      10,000                 Other
  Other                                                                                                                             Subtotal                                             18,800
                         Subtotal                                          25,500
  Maintenance Expenses                                                                            Taxes and Insurance
  Contracted Repairs                                                       10,000                 Real Estate Taxes                                                                      50,792
  General Repairs                                                           2,500                 Insurance                                                                              29,850
  Grounds Maintenance                                                      23,000                 Other
  Extermination                                                             1,200                                                   Subtotal                                             80,642
  Maintenance Supplies                                                      3,600
  Elevator Maintenance                                                                            Management Fee:            Proforma Yr 1 Mgt Fee:               -28369                28,369
  Redecorating                                                                                    (Amount entered here must match Property Mgt Fee amount shown in Year 1 of Proforma.)
  Other
                       Subtotal                                            40,300                 TOTAL OPERATING EXPENSES                        4,552.93 per unit                   327,811
  On-Site Security                                                                                Replacement Reserve                               240.00 per unit                      17,280
  Contracted Guard
  Electronic Alarm System                                                   6,000
                        Subtotal                                            6,000                 TOTAL ANNUAL EXPENSES                                                               345,091


   2008 OAH Funding Application - April                                  Part VI-Revenues & Expenses                                                                             27 of 933
     Georgia Department of Community Affairs                                                          2008 Funding Application                     Office of Affordable Housing
                                        PART SIX - PROJECTED REVENUES & EXPENSES - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

V. APPLICANT COMMENTS AND CLARIFICATIONS                                                                                 VI.      DCA COMMENTS
Section I. Applicant requests PBRA commitment from DCA to support three (3) units for targeted special needs tenants.




     2008 OAH Funding Application - April                                                           Part VI-Revenues & Expenses                                       28 of 933
  Georgia Department of Community Affairs                                    2008 Funding Application                                                         Office of Affordable Housing


                          PART SEVEN - OPERATING PRO FORMA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I. OPERATING ASSUMPTIONS                               Please Note:                 Purple-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                        Asset Management Fee Amount                                            Yr 1 Asset Mgt Fee Percentage of EGI:
Expense Growth            3.00%                        Incentive Management Fee Amount                                        Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                        Property Mgt Fee Growth Rate (choose one):                             Yr 1 Prop Mgt Fee Percentage of EGI:                  5.00%
Vacancy & Collection Loss 7.00%                           Expense Growth Rate (3.00%)                               No
Ancillary Income Limit    2.00%                           Percent of Effective Gross Income                        Yes --> If Yes, indicate actual percentage:                          5.000%

II. OPERATING PRO FORMA
Year                                  1            2               3                4                5                6                7                8                9               10
Revenues                       598,128      610,091         622,292          634,738          647,433          660,382          673,589          687,061          700,802          714,818
Ancillary Income                11,963       12,202          12,446           12,695           12,949           13,208           13,472           13,741           14,016           14,296
Vacancy                        (42,706)     (43,560)        (44,432)         (45,320)         (46,227)         (47,151)         (48,094)         (49,056)         (50,037)         (51,038)
Other Income                       -            -               -                -                -                -                -                -                -                -
Expenses less Mgt Fee         (299,442)    (308,425)       (317,678)        (327,208)        (337,025)        (347,135)        (357,549)        (368,276)        (379,324)        (390,704)
Property Mgmt                  (28,369)     (28,937)        (29,515)         (30,106)         (30,708)         (31,322)         (31,948)         (32,587)         (33,239)         (33,904)
Reserves                       (17,280)     (17,798)        (18,332)         (18,882)         (19,449)         (20,032)         (20,633)         (21,252)         (21,890)         (22,546)
NOI                            222,293      223,571         224,781          225,916          226,974          227,948          228,836          229,631          230,328          230,922
D/S First Mortgage            (166,810)    (166,810)       (166,810)        (166,810)        (166,810)        (166,810)        (166,810)        (166,810)        (166,810)        (166,810)
D/S Second Mortgage                -            -               -                -                -                -                -                -                -                -
D/S Third Mortgage                 -            -               -                -                -                -                -                -                -                -
D/S Other Source                   -            -               -                -                -                -                -                -                -                -
D/S Other Source                   -            -               -                -                -                -                -                -                -                -
DCA HOME Cash Resrv.
DDF                            (33,667)     (33,667)         (33,667)         (33,667)         (33,667)         (33,667)         (33,667)         (33,667)         (33,667)         (33,667)
Asset Mgmt                         -            -                -                -                -                -                -                -                -                -
Incentive Mgmt                     -            -                -                -                -                -                -                -                -                -
Cash Flow                       21,817       23,095           24,305           25,439           26,497           27,472           28,359           29,154           29,851           30,446
DCR First Mortgage                1.33         1.34             1.35             1.35             1.36             1.37             1.37             1.38             1.38             1.38
DCR Second Mortgage
DCR Third Mortgage
DCR Other Source
DCR Other Source
First Mortgage Balance      2,361,504     2,347,787       2,333,153        2,317,538        2,300,877        2,283,100        2,264,133        2,243,896        2,222,303        2,199,264
Second Mortgage Balance
Third Mortgage Balance
Other Source Balance
Other Source Balance



  2008 OAH Funding Application - April                                           Part VII-Pro Forma                                                                                   29 of 933
  Georgia Department of Community Affairs                                2008 Funding Application                                                         Office of Affordable Housing


                         PART SEVEN - OPERATING PRO FORMA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I. OPERATING ASSUMPTIONS                           Please Note:                 Purple-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                    Asset Management Fee Amount                                            Yr 1 Asset Mgt Fee Percentage of EGI:
Expense Growth            3.00%                    Incentive Management Fee Amount                                        Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                    Property Mgt Fee Growth Rate (choose one):                             Yr 1 Prop Mgt Fee Percentage of EGI:                  5.00%
Vacancy & Collection Loss 7.00%                       Expense Growth Rate (3.00%)                               No
Ancillary Income Limit    2.00%                       Percent of Effective Gross Income                        Yes --> If Yes, indicate actual percentage:                          5.000%

II. OPERATING PRO FORMA
DDF Balance                   370,332    336,665        302,999          269,332          235,666          201,999          168,333          134,666          101,000            67,333




  2008 OAH Funding Application - April                                       Part VII-Pro Forma                                                                                   30 of 933
  Georgia Department of Community Affairs                                    2008 Funding Application                                                         Office of Affordable Housing


                          PART SEVEN - OPERATING PRO FORMA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I. OPERATING ASSUMPTIONS                               Please Note:                 Purple-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                        Asset Management Fee Amount                                            Yr 1 Asset Mgt Fee Percentage of EGI:
Expense Growth            3.00%                        Incentive Management Fee Amount                                        Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                        Property Mgt Fee Growth Rate (choose one):                             Yr 1 Prop Mgt Fee Percentage of EGI:                  5.00%
Vacancy & Collection Loss 7.00%                           Expense Growth Rate (3.00%)                               No
Ancillary Income Limit    2.00%                           Percent of Effective Gross Income                        Yes --> If Yes, indicate actual percentage:                          5.000%

II. OPERATING PRO FORMA
Year                                11           12              13               14               15               16               17               18               19               20
Revenues                       729,115      743,697         758,571          773,742          789,217          805,002          821,102          837,524          854,274          871,360
Ancillary Income                14,582       14,874          15,171           15,475           15,784           16,100           16,422           16,750           17,085           17,427
Vacancy                        (52,059)     (53,100)        (54,162)         (55,245)         (56,350)         (57,477)         (58,627)         (59,799)         (60,995)         (62,215)
Other Income                       -            -               -                -                -                -                -                -                -                -
Expenses less Mgt Fee         (402,425)    (414,498)       (426,933)        (439,741)        (452,933)        (466,521)        (480,517)        (494,932)        (509,780)        (525,073)
Property Mgmt                  (34,582)     (35,274)        (35,979)         (36,699)         (37,433)         (38,181)         (38,945)         (39,724)         (40,518)         (41,329)
Reserves                       (23,223)     (23,920)        (24,637)         (25,376)         (26,138)         (26,922)         (27,729)         (28,561)         (29,418)         (30,301)
NOI                            231,408      231,780         232,032          232,156          232,148          232,001          231,706          231,258          230,648          229,869
D/S First Mortgage            (166,810)    (166,810)       (166,810)        (166,810)        (166,810)        (166,810)        (166,810)        (166,810)        (166,810)        (166,810)
D/S Second Mortgage                -            -               -                -                -                -                -                -                -                -
D/S Third Mortgage                 -            -               -                -                -                -                -                -                -                -
D/S Other Source                   -            -               -                -                -                -                -                -                -                -
D/S Other Source                   -            -               -                -                -                -                -                -                -                -
DCA HOME Cash Resrv.
DDF                            (33,667)     (33,667)             -                -                -                -                -                -                -                -
Asset Mgmt                         -            -                -                -                -                -                -                -                -                -
Incentive Mgmt                     -            -                -                -                -                -                -                -                -                -
Cash Flow                       30,932       31,303           65,221           65,346           65,338           65,191           64,896           64,448           63,838           63,059
DCR First Mortgage                1.39         1.39             1.39             1.39             1.39             1.39             1.39             1.39             1.38             1.38
DCR Second Mortgage
DCR Third Mortgage
DCR Other Source
DCR Other Source
First Mortgage Balance      2,174,683     2,148,455       2,120,470        2,090,611        2,058,753        2,024,761        1,988,492        1,949,795        1,908,505        1,864,451
Second Mortgage Balance
Third Mortgage Balance
Other Source Balance
Other Source Balance



  2008 OAH Funding Application - April                                           Part VII-Pro Forma                                                                                   31 of 933
  Georgia Department of Community Affairs                               2008 Funding Application                                                         Office of Affordable Housing


                         PART SEVEN - OPERATING PRO FORMA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I. OPERATING ASSUMPTIONS                          Please Note:                 Purple-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                   Asset Management Fee Amount                                            Yr 1 Asset Mgt Fee Percentage of EGI:
Expense Growth            3.00%                   Incentive Management Fee Amount                                        Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                   Property Mgt Fee Growth Rate (choose one):                             Yr 1 Prop Mgt Fee Percentage of EGI:                  5.00%
Vacancy & Collection Loss 7.00%                      Expense Growth Rate (3.00%)                               No
Ancillary Income Limit    2.00%                      Percent of Effective Gross Income                        Yes --> If Yes, indicate actual percentage:                          5.000%

II. OPERATING PRO FORMA
DDF Balance                    33,667         -              -                -                -                -                -                -                -                -




  2008 OAH Funding Application - April                                      Part VII-Pro Forma                                                                                   32 of 933
  Georgia Department of Community Affairs                                    2008 Funding Application                                                         Office of Affordable Housing


                          PART SEVEN - OPERATING PRO FORMA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I. OPERATING ASSUMPTIONS                               Please Note:                 Purple-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                        Asset Management Fee Amount                                            Yr 1 Asset Mgt Fee Percentage of EGI:
Expense Growth            3.00%                        Incentive Management Fee Amount                                        Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                        Property Mgt Fee Growth Rate (choose one):                             Yr 1 Prop Mgt Fee Percentage of EGI:                  5.00%
Vacancy & Collection Loss 7.00%                           Expense Growth Rate (3.00%)                               No
Ancillary Income Limit    2.00%                           Percent of Effective Gross Income                        Yes --> If Yes, indicate actual percentage:                          5.000%

II. OPERATING PRO FORMA
Year                                21           22              23               24               25               26               27               28               29               30
Revenues                       888,787      906,562         924,694          943,188          962,051          981,292        1,000,918        1,020,937        1,041,355        1,062,182
Ancillary Income                17,776       18,131          18,494           18,864           19,241           19,626           20,018           20,419           20,827           21,244
Vacancy                        (63,459)     (64,729)        (66,023)         (67,344)         (68,690)         (70,064)         (71,466)         (72,895)         (74,353)         (75,840)
Other Income                       -            -               -                -                -                -                -                -                -                -
Expenses less Mgt Fee         (540,826)    (557,050)       (573,762)        (590,975)        (608,704)        (626,965)        (645,774)        (665,147)        (685,102)        (705,655)
Property Mgmt                  (42,155)     (42,998)        (43,858)         (44,735)         (45,630)         (46,543)         (47,474)         (48,423)         (49,391)         (50,379)
Reserves                       (31,210)     (32,146)        (33,110)         (34,104)         (35,127)         (36,180)         (37,266)         (38,384)         (39,535)         (40,721)
NOI                            228,913      227,771         226,434          224,894          223,141          221,165          218,957          216,506          213,802          210,831
D/S First Mortgage            (166,810)    (166,810)       (166,810)        (166,810)        (166,810)        (166,810)        (166,810)        (166,810)        (166,810)        (166,810)
D/S Second Mortgage                -            -               -                -                -                -                -                -                -                -
D/S Third Mortgage                 -            -               -                -                -                -                -                -                -                -
D/S Other Source                   -            -               -                -                -                -                -                -                -                -
D/S Other Source                   -            -               -                -                -                -                -                -                -                -
DCA HOME Cash Resrv.
DDF                               -            -                 -                -                -                -                -                -                -                -
Asset Mgmt                        -            -                 -                -                -                -                -                -                -                -
Incentive Mgmt                    -            -                 -                -                -                -                -                -                -                -
Cash Flow                      62,103       60,961            59,624           58,084           56,331           54,355           52,147           49,696           46,991           44,021
DCR First Mortgage               1.37         1.37              1.36             1.35             1.34             1.33             1.31             1.30             1.28             1.26
DCR Second Mortgage
DCR Third Mortgage
DCR Other Source
DCR Other Source
First Mortgage Balance      1,817,446     1,767,293       1,713,782        1,656,686        1,595,767        1,530,768        1,461,416        1,387,419        1,308,467        1,224,227
Second Mortgage Balance
Third Mortgage Balance
Other Source Balance
Other Source Balance



  2008 OAH Funding Application - April                                           Part VII-Pro Forma                                                                                   33 of 933
  Georgia Department of Community Affairs                               2008 Funding Application                                                         Office of Affordable Housing


                         PART SEVEN - OPERATING PRO FORMA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I. OPERATING ASSUMPTIONS                          Please Note:                 Purple-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                   Asset Management Fee Amount                                            Yr 1 Asset Mgt Fee Percentage of EGI:
Expense Growth            3.00%                   Incentive Management Fee Amount                                        Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                   Property Mgt Fee Growth Rate (choose one):                             Yr 1 Prop Mgt Fee Percentage of EGI:                  5.00%
Vacancy & Collection Loss 7.00%                      Expense Growth Rate (3.00%)                               No
Ancillary Income Limit    2.00%                      Percent of Effective Gross Income                        Yes --> If Yes, indicate actual percentage:                          5.000%

II. OPERATING PRO FORMA
DDF Balance                        -          -              -                -                -                -                -                -                -                -




  2008 OAH Funding Application - April                                      Part VII-Pro Forma                                                                                   34 of 933
  Georgia Department of Community Affairs                                    2008 Funding Application                                                         Office of Affordable Housing


                          PART SEVEN - OPERATING PRO FORMA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I. OPERATING ASSUMPTIONS                               Please Note:                 Purple-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                        Asset Management Fee Amount                                            Yr 1 Asset Mgt Fee Percentage of EGI:
Expense Growth            3.00%                        Incentive Management Fee Amount                                        Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                        Property Mgt Fee Growth Rate (choose one):                             Yr 1 Prop Mgt Fee Percentage of EGI:                  5.00%
Vacancy & Collection Loss 7.00%                           Expense Growth Rate (3.00%)                               No
Ancillary Income Limit    2.00%                           Percent of Effective Gross Income                        Yes --> If Yes, indicate actual percentage:                          5.000%

II. OPERATING PRO FORMA
Year                               31            32              33               34               35
Revenues                    1,083,426     1,105,095       1,127,196        1,149,740        1,172,735
Ancillary Income               21,669        22,102          22,544           22,995           23,455
Vacancy                       (77,357)      (78,904)        (80,482)         (82,091)         (83,733)
Other Income
Expenses less Mgt Fee         (726,824)    (748,629)       (771,088)        (794,221)        (818,047)
Property Mgmt                  (51,387)     (52,415)        (53,463)         (54,532)         (55,623)
Reserves                       (41,943)     (43,201)        (44,497)         (45,832)         (47,207)
NOI                            207,584      204,047         200,210          196,059          191,579
D/S First Mortgage            (166,810)    (166,810)       (166,810)        (166,810)        (166,810)
D/S Second Mortgage                -            -               -                -                -
D/S Third Mortgage                 -            -               -                -                -
D/S Other Source                   -            -               -                -                -
D/S Other Source                   -            -               -                -                -
DCA HOME Cash Resrv.
DDF                               -            -                 -                -                -
Asset Mgmt                        -            -                 -                -                -
Incentive Mgmt                    -            -                 -                -                -
Cash Flow                      40,773       37,237            33,400           29,249           24,769
DCR First Mortgage               1.24         1.22              1.20             1.18             1.15
DCR Second Mortgage
DCR Third Mortgage
DCR Other Source
DCR Other Source
First Mortgage Balance      1,134,345     1,038,444         936,119          826,943          710,454
Second Mortgage Balance
Third Mortgage Balance
Other Source Balance
Other Source Balance



  2008 OAH Funding Application - April                                           Part VII-Pro Forma                                                                                   35 of 933
   Georgia Department of Community Affairs                                                     2008 Funding Application                                                       Office of Affordable Housing


                                  PART SEVEN - OPERATING PRO FORMA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I. OPERATING ASSUMPTIONS                                               Please Note:                 Purple-shaded cells are unlocked for your use and contain references/formulas that can be overwritten.
Revenue Growth            2.00%                                        Asset Management Fee Amount                                            Yr 1 Asset Mgt Fee Percentage of EGI:
Expense Growth            3.00%                                        Incentive Management Fee Amount                                        Yr 1 Incent Mgt Fee Percentage of EGI:
Reserves Growth           3.00%                                        Property Mgt Fee Growth Rate (choose one):                             Yr 1 Prop Mgt Fee Percentage of EGI:                  5.00%
Vacancy & Collection Loss 7.00%                                           Expense Growth Rate (3.00%)                               No
Ancillary Income Limit    2.00%                                           Percent of Effective Gross Income                        Yes --> If Yes, indicate actual percentage:                          5.000%

II. OPERATING PRO FORMA
DDF Balance                                   -                  -                  -                 -                  -
III. Applicant Comments & Clarifications                                                                                       IV. DCA Comments

II. The deferred developer fee will be repaid from cash flow over 12 years. However, the formulas in the pro forma model had
this repayment going through year 35. After year 12, the DDF balance should be zero; accordingly, we entered zeros in the
DDF line item in years 13-35.




   2008 OAH Funding Application - April                                                              Part VII-Pro Forma                                                                               36 of 933
      Georgia Department of Community Affairs                                                         2008 Funding Application                                              Office of Affordable Housing
                                              PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                            Applicant       DCA USE ONLY
       Preliminary Rating: Incomplete                                                                                                                                       Response        Threshold Rating
FINAL THRESHOLD DETERMINATION (DCA Use Only)
DCA's Comments / Approval Conditions:
1.)
2.)
3.)
4.)
5.)
6.)
7.)

1      Project Feasibility, Viability Analysis, and Conformance with Plan                                                                                                           Pass?

       A.   Are original preliminary financial commitments for all sources of financing included with this application submission?                                     A.      Yes
       B.   Do the preliminary commitments disclose, at a minimum, the purpose, property, address, amount, interest rate, terms, conditions, and fees?                 B.      Yes
       C.   Do the terms of the commitments correspond to the Application?                                                                                             C.      Yes
       D.   Are any commitments submitted as "under consideration" which need Final Approval submitted before August 15, 2008?                                         D.       No
            If Yes, then state the applicable financial assistance/funding (select one):                                                                                    << Select >>
       E. Does this application include an Assumption of Existing Debt? If Yes:                                                                                        E.      No
          1) Does the application include a letter signed by an officer of the lender whose debt is being assumed?                                                     1)
          2) Does the application include a copy of the original Promissory Note and any amendments and/or modification to said Promissory Note?                       2)
          3) Does the application include a copy of the original Loan Agreement and any amendments and/or modification to said Loan Agreement?                         3)
          4) Does the application include a copy of the original Mortgage, Deed to Secure Debt, Deed of Trust or such other security instrument providing              4)
             security for the loan, and any amendments and/or modification to said security instruments?

        F. Is there a Deferred Developer Fee? If Yes:                                                                                                                  F.      Yes
           1) Is the deferred Developer Fee payable within fifteen years from available cash flow?                                                                     1)      Yes
           2) Does the deferred Developer Fee exceed 50% of the total amount of Developer Fee at initial application?                                                  2)      No
       G. Is there a guarantor fee?                                                                                                                                    G.
          If Yes, what is the amount?
       H. Debt Coverage Ratio:                                                                                                                                   H.                1.33
        I. Total Development Cost Limit per the Unit Cost Limitation is:                                                                                          I.      10,832,000.00
       J. Per unit waiver is included?                                                                                                                                 J.      No
       K. Operating Cost Waiver Approval Letter From DCA is included?                                                                                                  K.      No
       L. Utility Allowances utilized (select one)                                                                                                          L.                       DCA
       M. If rehab, average per unit rehab is $:                                                                                                                 M.
       Applicant's comments regarding this section of Threshold:




       DCA's Comments:




      2008 OAH Funding Application - April                                                            Part VIII-Threshold Criteria                                                                37 of 933
    Georgia Department of Community Affairs                                                           2008 Funding Application                                                                      Office of Affordable Housing
                                            PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                    Applicant          DCA USE ONLY
     Preliminary Rating: Incomplete                                                                                                                                                                 Response           Threshold Rating
FINAL THRESHOLD DETERMINATION (DCA Use Only)
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 must certify at Application Submission that they will designate the specific services and meet the additional policies related to services. Applicant
         understands that by by entering "Yes" into these boxes that the services must be provided and that all additional QAP policies related to Services must be followed.                           Agree
         Services can be changed only with the prior written consent of DCA. Does Applicant 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) Waiver (small rural projects only)                                                                                                                                                 4)        No
     Applicant's comments regarding this section of Threshold:




     DCA's Comments:




4    Market Feasibility                                                                                                                                                                                        Pass?

     A. Is there a Pre-Determination Letter From DCA included in this application for this criterion?                                                                                          A.
        If Yes, has there been any change in the unit mix or information submitted in the Pre-Application?
     B. Has Applicant included market information?                                                                                                                                             B.        Yes
        If Yes, then provide the name of the analyst used by applicant:                                                                                          John Wall & Associates
    Applicant's comments regarding this section of Threshold:
John Wall & Associates was commissioned to evaluate the market for project feasibility and to optimize the unit mix and rents for this project.




    2008 OAH Funding Application - April                                                              Part VIII-Threshold Criteria                                                                                           38 of 933
    Georgia Department of Community Affairs                                                          2008 Funding Application                                                                     Office of Affordable Housing
                                            PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                  Applicant       DCA USE ONLY
     Preliminary Rating: Incomplete                                                                                                                                                               Response        Threshold Rating
FINAL THRESHOLD DETERMINATION (DCA Use Only)
     Market Feasibility (continued)                                                                                                                                                                       Pass?
     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:
          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?
          2) Does the “as is” value delineate the value of the land and building?
          3) Does the total hard cost of the project exceed 90% of the as completed unencumbered appraised value of the property?
     Applicant's comments regarding this section of Threshold:




     DCA's Comments:




    2008 OAH Funding Application - April                                                             Part VIII-Threshold Criteria                                                                                       39 of 933
    Georgia Department of Community Affairs                                                           2008 Funding Application                                                                  Office of Affordable Housing
                                            PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                Applicant        DCA USE ONLY
     Preliminary Rating: Incomplete                                                                                                                                                             Response         Threshold Rating
FINAL THRESHOLD DETERMINATION (DCA Use Only)
6    Environmental Requirements                                                                                                                                                                          Pass?

     Is there a Pre-Determination Letter From DCA included in this application for this criterion?
     Did the Applicant receive a DCA Noise Waiver?
      A. Name of Consultant that prepared the Phase I Assessment:                                                                                     A. Environmental Compliance & Maintenance, Inc.
      B. Was the original Phase I Environmental Report for the subject property prepared after November 1, 2007 in accordance with the new ASTM standards?                       B.       Yes
      C. Is a Phase II Environmental Report included?                                                                                                                            C.        No
      D. Was a Noise Assessment performed?                                                                                                                                       D.       Yes
          If "Yes", provide the maximum noise level on site in decibels:                                                                                                                  63.4
          If "Yes", what are the contributing factors in decreasing order of magnitude?
          Traffic on N. Park St. (aka Hwy 27)
      E. Is the subject property located in a:
           1) Brownfield?                                                                                                                                                         1)       No
           2) 100 year flood plain / floodway?                                                                                                                                    2)      Yes
               If "Yes", percentage of site that is within a floodplain:                                                                                                                  10%
               If "Yes", will any development occur in the floodplain?                                                                                                                     No
                   If "Yes", is documentation provided as per Threshold criteria?
           3) Wetlands?                                                                                                                                                           3)       No
               If "Yes", enter the percentage of the site that is a wetlands:
               If "Yes", will any development occur in the wetlands?
                   If "Yes", is documentation provided as per Threshold criteria?
           4) State Waters/Streams area?                                                                                                                                          4)       No
      F. Has the Environmental Professional identified any of the following on the subject property:
           1) Asbestos?                                  No                   3) PCB's?              No                      5) Lead in water? No
           2) Lead-based paint?                          No                   4) Mold?               No                      6) Radon?         No
           7) Other (e.g., endangered species, Native American burial grounds, etc.):
      G. Is all additional environmental documentation required for a HOME application included?                                                                                 G.       Yes
           1) Eight-Step Process completed for Wetlands and/or Floodplains?                                                                                                       1)       No
           2) Has Applicant/PE completed the HOME and HUD Environmental Questionnaire?                                                                                            2)      Yes
           3) Owner agrees that they must refrain from undertaking any activities that could have an adverse effect on the subject property?                                      3)      Yes
      H. If HUD approval has been previously granted, has the HUD Form 4128 been included?                                                                                       H.
     Applicant's comments regarding this section of Threshold:
6.E.2. - The southern edge of the site is in the floodplain; however, no development will take place on or near the floodplain. Please see site plan in Tab 13.

6.F. - Cahaba Valley Development Corp has 10.75 acres under contract. 7.51 acres have been assigned to Carrollton Crossing, LLC, for this project. No existing buildings are on the 7.51 acre tract. Existing buildings referenced in the
Phase I are on tracts to be retained by Cahaba Valley Development Corp.
6.F.6) - Carroll County is in Zone 2 with a predicted average screening level of radon between 2 and 4 pCI/L.
6.G. No HOME funds are being applied for. Nonetheless, per the Environmental Professional, sufficient documentation for a HOME application is included. 6.G.1) - there is no impact on the floodplain; hence, there is no need for the
eight step process.
     DCA's Comments:




    2008 OAH Funding Application - April                                                              Part VIII-Threshold Criteria                                                                                         40 of 933
    Georgia Department of Community Affairs                                                            2008 Funding Application                                                                 Office of Affordable Housing
                                            PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                Applicant        DCA USE ONLY
     Preliminary Rating: Incomplete                                                                                                                                                             Response         Threshold Rating
FINAL THRESHOLD DETERMINATION (DCA Use Only)
7    Site Control                                                                                                                                                                                        Pass?
     A. Is site control provided through September 30, 2008?                                                                                                                                  Yes
     B. Form of site control:                                                                                                                                          Contract/Option
     C. Name of Entity with site control:                                                                                                         Carrollton Crossing, LLC
    Applicant's comments regarding this section of Threshold:
Cahaba Valley Development Corporation executed the original contract as the Purchaser of 10.75 acres. Cahaba Valley Development Corporation has assigned 7.51 acres to Carrollton Crossing, LLC, for this project.
Please see Tab 4.
    DCA's Comments:




8    Site Access                                                                                                                                                                                         Pass?
      A. Is this site legally accessible by paved roads and are drawings included showing these roads?                                                                                             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?
    Applicant's comments regarding this section of Threshold:
As shown in the site survey and site plan in Tab 10, the site has 80 feet of frontage on N. Park St.

     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:
The site is zoned R-M for multi-family.

     DCA's Comments:




10 Operating Utilities                                                                                                                                                                                   Pass?
     Check applicable utilities:                                Gas                                                                                                                                No
                                                                Electric                                                                                                                           Yes
    Applicant's comments regarding this section of Threshold:
Carrollton Crossing Apartments will be all electric. Electric power will be furnished by Georgia Power. Please see Tab 7.

     DCA's Comments:




    2008 OAH Funding Application - April                                                               Part VIII-Threshold Criteria                                                                                    41 of 933
  Georgia Department of Community Affairs                                                             2008 Funding Application                                                              Office of Affordable Housing
                                            PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                            Applicant        DCA USE ONLY
    Preliminary Rating: Incomplete                                                                                                                                                          Response         Threshold Rating
FINAL THRESHOLD DETERMINATION (DCA Use Only)
11 Public Water/Sanitary Sewer/Storm Sewer                                                                                                                                                           Pass?

   Is there a Waiver Approval Letter From DCA included in this application for this criterion as it pertains to Rural projects?
   Check all that are available to the site:                  Public water                                                                                                                     Yes
                                                              Public sewer                                                                                                                     Yes
                                                              Waiver                                                                                                                           No
   Applicant's comments regarding this section of Threshold:
Water and sewer will be furnished by the City of Carrollton. Please see Tab 7.


    DCA's Comments:




12 Required Amenities                                                                                                                                                                                Pass?

     A. Applicant agrees to provide all required Project Amenities?                                                                                                                   A.      Agree
     B. Applicant agrees to provide the following required Project Amenities in conformance with the DCA Amenities Manual (select one in each category):                              B.      Agree
        1) Community area (select either community room or community building):                                                                                        1) Building
        2) Exterior gathering area:                                                                                                                                    2) Covered Porch
        3) On site laundry type:                                                                                                                         3) Washer and dryer in each unit
        4) Equipped recreation area (specify and describe):                                                                                              4) Playground
     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) Stove                                                                                                                                                                      3)       Yes
        4) Carbon Dioxide Fire Suppression system installed above the range cook top                                                                                                  4)       Yes
     D. Applicant agrees to provide the following additional required Amenities for Senior projects:                                                                                  D.
        1) Elevators are installed for access to all units above the ground floor.                                                                                                    1)
        2) Buildings more than two story construction have interior gathering areas in several locations in the lobbies and/or corridors                                              2)
        3) 100% of the units are accessible and adaptable                                                                                                                             3)
           If No, was a waiver granted?
        4) All units are equipped with an installed call system, including a buzzer/bell and a light to the exterior.                                                                 4)
     E. Applicant agrees to provide the following three required Amenities for 4% Tax Credit projects, per the Amenities Guidebook:                                                   E.
         1) <<Select>>
         2) <<Select>>
         3) <<Select>>
    Applicant's comments regarding this section of Threshold:
D. This is not a senior project.
E. This is not a 4% tax credit project.

    DCA's Comments:




  2008 OAH Funding Application - April                                                                Part VIII-Threshold Criteria                                                                                 42 of 933
  Georgia Department of Community Affairs                                                          2008 Funding Application                                                                      Office of Affordable Housing
                                           PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                 Applicant        DCA USE ONLY
    Preliminary Rating: Incomplete                                                                                                                                                               Response         Threshold Rating
FINAL THRESHOLD DETERMINATION (DCA Use Only)
13 Physical Needs Assessment (Rehabilitation Projects Only)                                                                                                                                               Pass?

     A.Type of rehab (choose one):                                                                                                                                          A. <<Select>>
     B.Date of PNA:                                                                                                                                                         B.
     C.Name of consultant preparing PNA:                                                                                                                                    C.
     D.Is 20-year replacement reserve study included?                                                                                                                                       D.
     E.Applicant understands that in addition to propose work scope, the project must meet state and local building codes, DCA architectural requirements as set forth in                   E.
       the QAP and Manuals, and health and safety codes and requirements. Applicant agrees?
    Applicant's comments regarding this section of Threshold:




    DCA's Comments:




14 Site Information and Conceptual Site Development Plan                                                                                                                                                  Pass?

     A. Is the Conceptual Site Development Plan included in this application and has it been prepared in accordance with instructions set forth in the Manual?                              A.      Yes
     B. Are all site related amenities required and selected in this application indicated on the Conceptual Site Development Plan?                                                         B.      Yes
     C. Is the Desirable/Undesirable Certification included in this application with all supporting documentation as set forth in the QAP and Manual?                                       C.      Yes
     D. If this is a 4% deal is the Desirable/Undesirable Certification included in this application?                                                                                       D.
    Applicant's comments regarding this section of Threshold:
A. The conceptual site plan has been prepared in accordance with the instructions set forth in the manual. Please see Tab 13.
D. This is not a 4% deal.


    DCA's Comments:




15 Energy Standards                                                                                                                                                                                       Pass?

    Is there a Waiver Approval Letter From DCA included in this application for this criterion?
      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. If a 4% deal, select 4 energy components for project, two (2) of which must contribute to the increased efficiency of the HVAC systems:                                       C.
          1) (Select an energy standard from options provided here)
          2) (Select an energy standard from options provided here)
          3) (Select an energy standard from options provided here)
          4) (Select an energy standard from options provided here)
     Applicant's comments regarding this section of Threshold:
A and B. Carrollton Crossing Apartments will meet the Georgia Energy code as required by the 2008 QAP. Further, the basic design and equipment will meet the requirements of the Architectural standards, including those
for Energy Star rated applicances, as contained in the 2008 Application Manual.
C. This is not a 4% deal.
    DCA's Comments:




  2008 OAH Funding Application - April                                                              Part VIII-Threshold Criteria                                                                                        43 of 933
  Georgia Department of Community Affairs                                                            2008 Funding Application                                                                      Office of Affordable Housing
                                            PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                    Applicant          DCA USE ONLY
    Preliminary Rating: Incomplete                                                                                                                                                                  Response           Threshold Rating
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 2008 Application Manual?                                          B.         Yes
     C. Are at least 5% of the total units equipped for the mobility disabled, including wheelchair restricted residents?                                                                     C.         Yes
     D. Are at least 2% of the total units equipped for hearing and sight-impaired residents?                                                                                                 D.         Yes
     Applicant's comments regarding this section of Threshold:
Carrollton Crossing Apartments will be built in accordance with applicable Federal and State Accessibility laws as well as DCA Accessibility requirements. This project will comply with all detailed requirements
in the Architectural standards of the 2008 Manual. Four units will be for the mobility disabled (which is over 5%) and two units (which is over 2%) will be for hearing and sight-impaired residents.

    DCA's Comments:




17 Architectural Design & Quality Standards                                                                                                                                                                    Pass?

    Is there a Waiver Approval Letter From DCA included in this application for this criterion?
     A. Does this application meet the Architectural Standards contained in the Application Manual for quality and longevity?                                                                 A.         Yes
     B. If a 4% deal, are at least 4 upgraded exterior materials and finishes selected? At least one (1) must include upgrades to exterior finishes in the form of 40% masonry                B.
        for new construction, upgraded siding for new and existing buildings, and upgraded roofing materials. At least two (2) selections must be made from the Site Design
        criteria, one of which must include the preservation or replacement of existing trees and vegetation. Note: Options provided below are abbreviated. Applicant
        must refer to QAP for full definition of selections provided below.

         1) Select exterior material /finish upgrade choice from options provided here
         2) Select exterior material /finish upgrade choice from options provided here
         3) Select site design choice from options provided here
         4) Select site design choice from options provided here

    Applicant's comments regarding this section of Threshold:
A. The design will meet the Architectual standards contained in the Applications Manual for quality and longevity.
B. This is not a 4% deal.




    DCA's Comments:




  2008 OAH Funding Application - April                                                                Part VIII-Threshold Criteria                                                                                           44 of 933
  Georgia Department of Community Affairs                                                             2008 Funding Application                                                                        Office of Affordable Housing
                                             PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                      Applicant         DCA USE ONLY
    Preliminary Rating: Incomplete                                                                                                                                                                    Response          Threshold Rating
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?
     A. Have all entities and individuals in the Owner and Developer organizational structure been identified on an organizational chart?                                                        A.      Yes
        Please disclose any conflict of interest between the parties:
        There is no conflict of interest between the parties; however, there is an identity of interest between the Owner and Developer of the project. Please see Tab 19.


     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:



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



     D. Please disclose all owner and development consultants, direct or indirect, paid or unpaid.
        There are no consultants on this project.


     E. This Application meets Owner Experience through (select one):                                                                                                             E. Owner
        1) Name of Experienced Owner, Partner or Consultant:                                                                                                                      1) Carrollton Crossing, LLC
        2) Was this individual or entity determined to be experienced by DCA prior to 2008 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) Arbour Valley Development, LLC
        2) Was this individual or entity determined to be experienced by DCA prior to 2008 Application Submission?                                                                               2)      Yes
        3) Will this individual or entity have a direct or indirect ownership interest in the ownership entity and materially participate in ownership and operation of the project?             3)      Yes
     G. This Application meets Manager Experience through (select one):                                                                                                           G. Manager
        1) Name of Experienced Manager, Partner or Consultant:                                                                                                                    1) SPM, Inc.
        2) Was this individual or entity determined to be experienced by DCA prior to 2008 Application Submission?                                                                               2)      Yes
        3) Will this individual or entity have a direct or indirect ownership interest in the ownership entity and materially participate in ownership and operation of the project?             3)      No
     H. If the Owner or Developer is meeting DCA experience requirements through a consulting agreement with an experienced consultant, the Applicant must state the
             name of the property through which the Owner or Developer meets said requirements.                                                       Name of Property:
      I. Is the applicant applying to DCA under the Probationary Participation provision?                                                                                                        I.
     Applicant's comments regarding this section of Threshold:
The Owner, Carrollton Crossing, LLC, has received its ownership experience designation through John O. Moore, Jr. Further, the Developer, Arbour Valley Development, LLC, has received its developer experience designation
through John O. Moore, Jr. The Manager, SPM, Inc., has no ownership or developer interest in this project.



    DCA's Comments:




  2008 OAH Funding Application - April                                                                 Part VIII-Threshold Criteria                                                                                           45 of 933
  Georgia Department of Community Affairs                                                             2008 Funding Application                                                                   Office of Affordable Housing
                                             PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                 Applicant       DCA USE ONLY
    Preliminary Rating: Incomplete                                                                                                                                                               Response        Threshold Rating
FINAL THRESHOLD DETERMINATION (DCA Use Only)
19 Eligibility for Credit under the Nonprofit Set-Aside                                                                                                                                                  Pass?

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



    DCA's Comments:




20 Eligibility for HOME Loans under the CHDO Set-Aside*                                                                                                                                                  Pass?

     A.Name of CHDO:                                                                                                      A.
     B.Is a copy of the State CHDO pre-qualification/renewal letter included in the Application?                                                                                            B.
     C.Is the CHDO either the sole general partner of the ownership entity or the managing general partner of the ownership entity?                                                         C.
     D.If the CHDO is a general partner with a for-profit or nonprofit general partner, does the CHDO own at least 51% of the general partnership interest?                                 D.
     E.Does the CHDO (or a wholly owned or controlled affiliate) receive a percentage of the Developer Fee greater than or equal to the percentage of ownership interest?                   E.
     F.Is a copy of the GP/joint venture agreement indicating CHDO’s GP interest and its share (or the share of the wholly owned and controlled affiliate) of Developer Fee                 F.
       included in Application?
    G. Do all parties understand that the CHDO must exercise effective control of the partnership throughout the period of affordability?                                                   G.
    Applicant's comments regarding this section of Threshold:



    DCA's Comments:




21 Additional HOME/HUD Requirements                                                                                                                                                                      Pass?

    Is there a Pre-Determination Letter From DCA included in this application for HOME/HUD Site and Neighborhoos Standards?
     A. The Census Tract for the property is characterized as [Choose either Minority concentration (50% or more minority), Racially mixed (25% or more minority), or Non-           Minority concentration
        minority (less than 25% minority)]:
          Please list all contiguous Census Tracts:           9905.01, 9906, 9911
     B. Is Contract Addendum included in Application?
    Applicant's comments regarding this section of Threshold:
There are no HOME funds requested in this deal. However, Carrollton Crossing, LLC, has requested PBRA assistance from DCA for three units for special targeted population tenants.



    DCA's Comments:




  2008 OAH Funding Application - April                                                                 Part VIII-Threshold Criteria                                                                                    46 of 933
  Georgia Department of Community Affairs                                                              2008 Funding Application                                                            Office of Affordable Housing
                                            PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                           Applicant        DCA USE ONLY
    Preliminary Rating: Incomplete                                                                                                                                                         Response         Threshold Rating
FINAL THRESHOLD DETERMINATION (DCA Use Only)
22 Required Legal Opinions                                                                                                                                                                          Pass?
    State legal opinions included in                    A. Credit Eligibilty for Acquisition                                                                                          A.
    application using boxes provided.                   B. Credit Eligibilty for Assisted Living                                                                                      B.
                                                        C. Nonprofit Federal Tax Exempt Status                                                                                        C.
                                                        D. Accessibility Standards                                                                                                    D.
                                                        E. Other (If Yes, then also describe):
    Applicant's comments regarding this section of Threshold:

    DCA's Comments:


23 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
                                                                                                                                                                                             Agree
        of selection. I agree.
     B. Has Applicant registered all available affordable Housing Units previously funded by DCA on the Georgia Housing Search website?
    Applicant's comments regarding this section of Threshold:                                                             DCA's Comments:



24 Relocation and Displacement of Tenants                                                                                                                                                           Pass?
     A. Does the Applicant anticipate displacing or relocating any tenants?                                                                                                           A.      No
     B. Have the completed and executed tenant household data forms been submitted with the Application for every occupied unit in each building to be rehabilitated?                 B.
     C. Is a relocation plan (including a sufficient budget) that meets the requirements of the Uniform Relocation Act and any other applicable laws, included in the                 C.
        application?
     D. If the Applicant anticipates displacing tenants, did the Applicant include a detailed displacement plan which sets forth the specifics of the displacement, including a       D.
        projected budget and an explanation of efforts planned by the Applicant to mitigate the impact of the displacement?
      E. If the project has HOPE VI or other master relocation plans, were those plans submitted with their Application?                                                              E.
     Applicant's comments regarding this section of Threshold:
This is new construction and does not involve relocation or displacement of any tenants.


    DCA's Comments:




25 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.
     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:
B. Per Posting #2 Q&A #44, five fully executed Uniform Release Forms are not required.



    DCA's Comments:




  2008 OAH Funding Application - April                                                                 Part VIII-Threshold Criteria                                                                               47 of 933
Georgia Department of Community Affairs                                                        2008 Funding Application                                               Office of Affordable Housing
                                         PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                        Self
                                                                                                                                                                  Score                Score DCA
                                                                                                                                                                  Value                Value Score
                                                                                                                                                     TOTALS:       192                  142    8
 1. APPLICATION COMPLETENESS/ORGANIZATION                                                                                                                           8                    8     8
     A.   Missing or Incomplete Documents (Completeness)                       (points entered here will be subtracted from the score value)                         7            A.     0
     B.   Financial and Other Adjustments                                      (points entered here will be subtracted from the score value)                         0            B.
     C.   Organization                                                         (points entered here will be subtracted from the score value)                         1            C.     0
      Applicant's comments regarding this section of scoring:
 A. All application forms and documents are included in the application (and copies) at the time of the submission.
 C. The application is organized in the format prescribed by DCA in the application binder tab checklist.


     DCA's Comments:                Nbr of missing or incomplete documents:                      Nbr of financial adjustments/revisions requested:    Nbr of documents not organized correctly:




2008 OAH Funding Application - April                                                              Part IX-Scoring Criteria                                                                        48 of 933
Georgia Department of Community Affairs                                                            2008 Funding Application                                                           Office of Affordable Housing
                                           PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                        Self
                                                                                                                                                                                  Score                Score DCA
                                                                                                                                                                                  Value                Value Score
                                                                                                                                                                    TOTALS:        192                  142    8
 2. DESIRABLE/UNDESIRABLE ACTIVITIES CHARACTERISTICS                                                                                                                                10                  10     0
           (Applicants need to complete Desirable/Undesirable Certification form)

     A. Desirable Sites (1 pt each)                                                                                                                                                   various        A.    10
     B. Undesirable Sites (1 pt subtracted for each - points entered here will be subtracted from the total score)                                                                    various        B.
     Applicant's comments regarding this section of scoring:
 Tab 13 contains a site location map and photographs of all services within one mile. We have identified more than 10 desirable activities and no undesirable activities. The is a sign shop and Buck Creek Outdoors shop
 adjacent to the Carrollton Crossing apartment site; principals of Carrollton Crossing, LLC, have these tracts under contract and will address any necessary clean up of these areas.




      DCA's Comments:




 3. DEEPER TARGETING / RENT AND INCOME RESTRICTIONS                                                                                                                                 10                  10         0
      A.   50% Gross Rent Restrictions / 50% Income Restrictions:               Nbr units to have these restrictions:      22      Percent of Residential Units:     30.6%          10            A.     10
      B.   30% Gross Rent Restrictions / 30% Income Restrictions:               Nbr units to have these restrictions:              Percent of Residential Units:      0.0%           5            B.

     Applicant's comments regarding this section of scoring:
 A. 30.6% of the units will be at 50% gross rent restrictions / 50% income restrictions, qualifying the project for 10 points.


      DCA's Comments:




 4. MIXED INCOME PROJECTS                                                                                                                                                            2                   2
                                                                                  Total market rate units:                  8    Pct of Mkt to Residential Units:    11.1%
     Applicant's comments regarding this section of scoring:
 11.1% of the units will be market rate, qualifying the project for 2 points.

      DCA's Comments:




2008 OAH Funding Application - April                                                                 Part IX-Scoring Criteria                                                                                   49 of 933
Georgia Department of Community Affairs                                                           2008 Funding Application                                                                 Office of Affordable Housing
                                           PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                              Self
                                                                                                                                                                                       Score                 Score DCA
                                                                                                                                                                                       Value                 Value Score
                                                                                                                                                                        TOTALS:         192                   142    8
 5. QUALITY GROWTH INITIATIVES                                 See scoring criteria for further requirements and information                                                             7                     3     0
     A.   Infill and Smart Growth Rural Development                                                                                                                                       3             A.     3
          Indicate Quality Growth Initiative to be used (choose one):                                             Infill

          How does the      The City of Carrollton has a 12" water main located on the eastern boundary of the site along N Park St. The City has a sanitary sewer system located on the west and south sides of the site.
          site maximize     Site is located on a main artery, N Park St, and is within a mile of fundamental services and amenities.
          the use of
          existing
          facilities and
          infrastructure?


          Describe Adjacent established       Clustered residential houses are located on the adjacent parcel to the south.
          occupied residential
          development:


          Additional information for Infill Option:

          Indicate Infill Type (choose one):                                                                      New Construction
          Describe Adjacent established      The site is bounded on the north and west by the City of Carrollton property. The water works is located to the north. Zyzzx St. (non-public road) and city reservoir are located
          development that is on all but     to the west. Commercial property (Exxon convenience store, BBQ Restaurant & Bait/Tackle store) is located to the east.
          one side of development:


     B.   Community Transportation Options                     (choose only one)                                                                                                          2             B.     0          0
       1. Rapid Transit Authority (choose only one) :          Transit Oriented Development                                       OR                                                      2             1.
                                                               Adjacent to a rapid rail transit station                                                                                   2
       2. Bus (choose only one):                               Bus route with defined, regularly scheduled bus service            OR                                                      2             2.
                                                               “On call” bus system (for Majority Special Needs projects)                                                                 2
       3. “On call” bus system (Rural)                                                                                                                                                    2             3.

     C.   Economic Investment Areas                            County:                                            << Select one >>                                                        2             C.

      Applicant's comments regarding this section of scoring:
 5.A. Tab 14 contains photographs of the surrounding developments for infill points.




     DCA's Comments:




2008 OAH Funding Application - April                                                                 Part IX-Scoring Criteria                                                                                         50 of 933
Georgia Department of Community Affairs                                                          2008 Funding Application                                                            Office of Affordable Housing
                                        PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                    Self
                                                                                                                                                                                  Score            Score DCA
                                                                                                                                                                                  Value            Value Score
                                                                                                                                                                   TOTALS:         192              142    8
 6. REDEVELOPMENT AND REVITALIZATION STRATEGIES                                                                                                                                     15                9        0
     A. Difficult to Develop Sites                                                                                                                                                   5
      1. State EZ, Federal EC or a HUD or USDA EZ or a Renewal Community:                                      State Enterprise Zone                                                 2        1.      2
       2. Difficult Development Area or Qualified Census Tract :                                               Qualified Census Tract                                                3        2.      3
     B. Community Redevelop/Revitalization Plans and Strategies                                 Name of Plan: Quality Growth Resource Team Report                                     3       B.      3
      1. Is there a Pre-Determination Letter From DCA included in this application for this criterion?              Yes                                                                            Applicant DCA
      2. Indicate whether the Community Redevelop/Revitalization Plan includes the following:                                                                                                      Yes / No Yes / No
                                                       a) A discussion of potential sources of funding for the plan                                                                           a)     Yes
                                                       b) A clearly delineated target area that includes the proposed project site                                                            b)     Yes
                                                        c) Detailed policy goals (one of which must be housing)                                                                               c)     Yes
                                                       d) Implementation measures along with specific time frames for the achievement of such policies and housing activities                 d)     Yes
                                                       e) A copy of the entire plan must be included in the Application.                                                                      e)     Yes
                                                        f) Evidence that the proposed development project supports at least one of the goals of the redevelopment or revitalization plan      f)     Yes

     C.   PHA Community Building Initiative                    Investment Type:                                << Select one>>                                                       6        C.

     D.   DCA Community Initiatives                            Project site is in:                             Georgia Mainstreet Community                                          1        D.      1
      Applicant's comments regarding this section of scoring:
 A. and D. Please see documentation for the State Enterprise Zone, QCT and Georgia Mainstreet Community in Tab 29.
 B. From the Preapplication process, DCA determined that West Carrollton's Quality Growth Resource Team Report (1) was not a redevelopment plan adopted by the local government, (2) was a report generated by
 public and private organizations and (3) that there was no evidence that the proposed development meets one of the goals of the plan. We request that DCA re-evaluate and approve the Quality Growth Resource Team
 Report in light of the May 29, 2008, letter from the City of Carrollton found in Tab 29.


     DCA's Comments:




 7. ADAPTIVE REUSE AND BROWNFIELD / GREYFIELD REDEVELOPMENT                                                                                                                          6                0        0
     A.   Adaptive Reuse of entire existing building           (with Physical Needs Assessment and supporting documentation)                                                         2        A.
     B.   Brownfields Redevelopment                            (With EPA/EPD Documentation)                                                                                          2        B.
     C.   Greyfields Redevelopment                             (with supporting documentation)                                                                                       2        C.

     Applicant's comments regarding this section of scoring:



     DCA's Comments:




2008 OAH Funding Application - April                                                              Part IX-Scoring Criteria                                                                                  51 of 933
Georgia Department of Community Affairs                                                         2008 Funding Application                                                            Office of Affordable Housing
                                         PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                   Self
                                                                                                                                                                                  Score           Score DCA
                                                                                                                                                                                  Value           Value Score
                                                                                                                                                                        TOTALS:   192              142    8
 8. PREVIOUS PROJECTS / PHASED PROJECTS                                                                                             (choose only one)                              6                6     0
     A.   Proposed development site is w/in boundaries of a Local Govt in which a 9% Credit, 4% Credit and/or HOME project not awarded w/in last three (3) DCA funding cycles       6        A.    6
     B.   Proposed project is part of a Master Planned Community in which one or more phases received an allocation of 9% tax credits                                               5        B.
     C.   Proposed development site is w/in boundaries of a Local Govt in which a 9% Credit, 4% Credit and/or HOME project not awarded w/in last two (2) DCA funding cycles         4        C.
     D.   Proposed development site is w/in boundaries of a Local Govt in which a 9% Credit project not awarded w/in last three (3) DCA funding cycles                              3        D.

      Applicant's comments regarding this section of scoring:
 8.A. No 9% credit, 4% credit or HOME projects have been awarded in the City of Carrollton within the last three years.
     DCA's Comments:



 9. WAIVER OF QUALIFIED CONTRACT RIGHT OR TENANT OWNERSHIP PLAN                                                                     (choose only one)                               1              1
     A.   The owner is willing to forgo the cancellation option after the close of the compliance period for at least five (5) years:                                                        A.   Yes
     B.   Tenant ownership plan                                                                                                                                                              B.

     Applicant's comments regarding this section of scoring:
 Carrollton Crossing, LLC, has agreed to forgo the cancellation option for five years beyond the 15 year compliance period. Please see Tab 25.


     DCA's Comments:




 10. PRESERVATION OF EXISTING AFFORDABLE HOUSING                                                                                    (choose either A or B for points)              10              0      0
     A.   Application proposes the preservation of an affordable housing project with low-income housing tax credits where the credit period has ended.                             5        A.
          Application proposes the preservation of an affordable housing project with low-income housing tax credits which are beyond the 14th year of the compliance period.       5
     B.   Application proposes the preservation of a HUD funded or USDA funded affordable non-public housing project.                                                               5        B.
          Application proposes the preservation of a project that currently has a Project Based Section 8 contract but is eligible to opt out.                                      1
     Applicant's comments regarding this section of scoring:




     DCA's Comments:




2008 OAH Funding Application - April                                                              Part IX-Scoring Criteria                                                                              52 of 933
Georgia Department of Community Affairs                                                         2008 Funding Application                                                                     Office of Affordable Housing
                                          PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                                   Self
                                                                                                                                                                                          Score                   Score DCA
                                                                                                                                                                                          Value                   Value Score
                                                                                                                                                                          TOTALS:          192                     142    8
 11. HISTORIC DESIGNATION                                                                                                                                                                    4
       A. Has the Applicant received a Historic Designation for the subject property?                                                                                                                      A.
       B. Federal Historic Credits have or will be submitted?                                                                                                                                              B.
     Applicant's comments regarding this section of scoring:



     DCA's Comments:




 12. SPECIAL NEEDS TARGETED UNITS                              (choose only one)                                                                                                            10                     3      0
     Is there a Waiver Approval Letter From DCA included in this application for this criterion?
       A. Name of Service Provider                                                                                                                 A. Pathways Center for Behavioral & Developmental Growth
       B. Is Service Provider approved by DCA?                                                                                                                                                        B.   Yes
          Is there a Pre-Determination Letter From DCA included in this application for this criterion?                                                                                                    Yes
       C. Number of Units that are:                      1. 30% Rent Restricted:                                                                                                                      1.
                                                         2. PBRA-assisted:                                                                                                                            2.    3
       D. Developments with a Portion of Units Designated as Targeted                                 Nbr Trgtd Units in Set Aside          3         Pct of Tot Units:    4.2%           3           D.    3
       E. Developments w/ Majority of Units Designated for Targeted Population Tenants                Nbr Trgtd Units in Set Aside                    Pct of Tot Units:    0.0%          10           E.
      Applicant's comments regarding this section of scoring:
 Applicant will target 5% of the units for special needs. 5% of 72 units equals 3.6 units. Per Posting #3 Q&A #22, we should round down to a three (3) unit commitment because DCA will provide the PBRA
 vouchers. The predetemination letter in Tab 23 states: "If you have applied for DCA project based vouchers, this letter will be a preliminary approval sufficient to entitle you to points under this section.
     DCA's Comments:




 13. CHDO / NONPROFIT                                          (choose only one)                                                                                                             3                     0      0
       A. Name of CHDO:                                                                                                                            A.
       B. GP is at least 51% owned by Georgia CHDO and is both applying and eligible for the HOME CHDO Loan Program set-aside                                          OR                    3             B.
          GP comprised of 100% nonprofit organizations and the project is applying for and is eligible for the nonprofit set-aside                                     OR                    3
      C. GP is for-profit entity partnering with a nonprofit that is applying (and eligible) under the Plan’s Credits nonprofit set-aside                                                    1             C.
     Applicant's comments regarding this section of scoring:



     DCA's Comments:




 14. RURAL PROJECTS                                            (75 units or less)                                                                                                            4
     Applicant's comments regarding this section of scoring:                                                                         DCA's Comments:




2008 OAH Funding Application - April                                                               Part IX-Scoring Criteria                                                                                            53 of 933
Georgia Department of Community Affairs                                                          2008 Funding Application                                                               Office of Affordable Housing
                                           PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                          Self
                                                                                                                                                                                      Score              Score DCA
                                                                                                                                                                                      Value              Value Score
                                                                                                                                                                           TOTALS:    192                 142    8
 15. LOCAL GOVERNMENT SUPPORT                                                                                                                                                          5                  3      0
       A. Name of Community:                                                                                                                    A. City of Carrollton
       B. Local Government adopts resolution of support for the proposed project                                             OR (choose only one)                                       3           B.    3
          Letter from the elected official if Local Government is governed by only one elected official (as specified in its Charter)                                                   3
       C. Project has a letter from a designated DCA Signature Community clearly identifying the project as indicative of the community’s affordable housing goals.                     2           C.

     Applicant's comments regarding this section of scoring:
 15.B. See Tab 27 for the resolution of support and a local government letter.


     DCA's Comments:




 16. FINANCIAL ASSISTANCE / LEVERAGING OF RESOURCES / REDUCTION OF RISK                                                                                                                11                 10     0
       A. On Site                                                                                                                                                                      10                 10     0
                1.            Indicate applicable General Conditions met by the assistance or resources:                                                  Applicant         DCA
                                                                                                                                                          Yes / No         Yes / No
                        a)    Funding or assistance provided will be binding and unconditional except as set forth in this section.             a)          Yes
                        b)    Funding or assistance must be from an unrelated party.                                                            b)          Yes
                        c)    Resources will be utilized if the project is selected for funding by DCA.                                         c)          Yes
                        d)    Loans are for both construction and permanent phases and are for a minimum period of ten years.                   d)          Yes
                        e)    Government loan guarantees and/or mortgage insurance for loans meet these terms.                                  e)          Yes
                        f)    Loans are cash flow or below AFR.                                                                                 f)          No
                        g)    Project-based rental assistance is not used for points in this section.                                           g)          Yes
                        h)    Costs associated w/ waiver of zoning and/or building code reqmts not used for points in this section.             h)          Yes
                         i)   Reductions in annual operating costs occur in each of the first 10 years.                                          i)         No
                         j)   DCA Permanent Supportive Housing Loan is for project that qualifies as “majority” special need project.            j)         No

                 2.           Indicate Qualifying Resource(s) used and provide detail below:                                       <<Select>>                                         Provide amount:

                        a) Government:                         Type:                                                            a) <<Select>>
                                                               Jurisdiction Name:

                                                               Resource Name:                                                      <<Select>>         If Other, specify:
                                                               Resource Type:                                                      <<Select>>
                                                               If resource type is cost reduction, specify:                        <<Select>>
                                                               If cost reduction type is Other, specify:

                                                               Additional Resource Name:                                           <<Select>>         If Other, specify:
                                                               Resource Type:                                                      <<Select>>
                                                               If resource type is cost reduction, specify:                        <<Select>>
                                                               If cost reduction type is Other, specify:

                        b) DCA HOME or PSH HOME:               Project is:                                                      b) <<Select>>
                                                               PSH Loan?
                                                               Resource Type:                                                      <<Select>>




2008 OAH Funding Application - April                                                                Part IX-Scoring Criteria                                                                                   54 of 933
Georgia Department of Community Affairs                                                         2008 Funding Application                                                               Office of Affordable Housing
                                         PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                        Self
                                                                                                                                                                                    Score              Score DCA
                                                                                                                                                                                    Value              Value Score
                                                                                                                                                                    TOTALS:         192                 142    8
                 2.        Indicate Qualifying Resource(s) used (continued) :                                                                                                       Provide amount:
                        c) Unrelated 3rd party:              Name (Foundation or trust):                                     c)
                                                             Resource Type:                                                       <<Select>>
                                                             If resource type is cost reduction, specify:                         <<Select>>
                                                             If cost reduction type is Other, specify:
                        d) Federal Home Loan Bank AHP: Resource Type:                                                        d) <<Select>>
                        e) Local PHA:                        Resource Name:                                                  e) <<Select>>
                                                             If Other PHA resources, specify:
                                                             Resource Type:                                                       <<Select>>
                                                             Development Cost reduction type:                                     <<Select>>
                                                             If cost reduction type is Other, specify:
                                                             Operating Cost reduction type:                                       <<Select>>
                                                             If cost reduction type is Other, specify:
                        f) USDA 515 Loan in form of:                                                                          f) <<Select>>
                        g) Loan Guarantee:                   Type:                                                           g) HUD 221(d)(4)     Amt of underlying insured loan:         2,374,359

          Urban Areas      3% but less than 6% of total project development cost and/or average annual operating cost reduction                                                       4
                           Greater than or equal to 6% but less than 10% of total project development cost and/or average annual operating cost reduction                             6
                           10% or more of total project development cost and/or average annual operation cost reduction                                                              10                   10
          Rural Areas      3% but less than 6% of total project development cost and/or average annual operating cost reduction                                                       6
                           Greater than or equal to 6% of total project development cost and/or average annual operating cost reduction                                              10
       B. Off Site         Unrelated third-party entity type:                                                                    <<Select>>                                           1
                           Name of entity:
                           Resource Description and Amount:
                           Describe Improvement, Amenity and Facility Investment:                                                <<Select>>
                           Investment is not community wide, part of community local action plan nor will it be developed regardless of proposed project?        <Select>
                           Is there a Pre-Determination Letter From DCA included in this application for this criterion?
      Applicant's comments regarding this section of scoring:
 16.A.2. Per Appendix II B.7., the amount of the underlying insured loan will be used to calculate points. Our HUD 221(d)(4) loan represents 21.2% of total project development cost ($2,374,359/$11,192,516); thus, the
 project qualifies for 10 points because the loan represents greater than 10% of total project development cost.




     DCA's Comments:




2008 OAH Funding Application - April                                                              Part IX-Scoring Criteria                                                                                       55 of 933
Georgia Department of Community Affairs                                                        2008 Funding Application                                                                      Office of Affordable Housing
                                          PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                              Self
                                                                                                                                                                                         Score               Score DCA
                                                                                                                                                                                         Value               Value Score
                                                                                                                                                                         TOTALS:          192                 142    8
 17. OPTIONAL AMENITIES                                                                                                                                                                     20                 20
     Is there a Pre-Determination Letter From DCA included in this application for this criterion?
     Is there a Waiver Approval Letter From DCA included in this application for this criterion?                         No                      Total Points selected by Applicant:        20
         List optional amenities below and points associated with each item (amenities selected to satisfy basic amenities are not eligible for points). See scoring criteria for additional information.
         Unit Amenities - for a minimum of six (6) points (See scoring criteria)                Point Value Site Amenities (must be suitable for tenant base)                                               Point Value
         Microwave Oven in every unit                                                                2          Covered pavilion with picnic/barbecue facilities                                                 2

         In-sink disposal in every unit                                                                  2         Furnished Library                                                                            2

         Built in dishwasher in every unit                                                               2         Equipped Computer Center                                                                     2

         (Select a unit amenity from options provided here)                                                        Furnished Exercise/Fitness Center                                                            2

         (Select a unit amenity from options provided here)                                                        Swimming Pool                                                                                2

                                                                                                                   Complete built-in fire sprinkler system                                                      4
         Other Optional Amenities as approved by DCA                                                 Point Value

                                                                                                                   <<Select>>

                                                                                                                   <<Select>>

                                                                                                                   <<Select>>

                                                                                                                   <<Select>>

                                                                                                                   <<Select>>

                                                                                                                   <<Select>>

     Applicant's comments regarding this section of scoring:




     DCA's Comments:




2008 OAH Funding Application - April                                                              Part IX-Scoring Criteria                                                                                                56 of 933
Georgia Department of Community Affairs                                                           2008 Funding Application                                                         Office of Affordable Housing
                                         PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                   Self
                                                                                                                                                                                 Score            Score DCA
                                                                                                                                                                                 Value            Value Score
                                                                                                                                                                       TOTALS:   192               142    8
 18. ARCHITECTURAL ENHANCEMENTS                                                                                                                                                   43               41     0
      A. Energy Efficiency and Indoor Air Quality Requirements                                  (See Scoring Criteria for complete requirements and information)                  14               14     0
         Is there a Waiver Approval Letter From DCA included in this application for this criterion?
                1a.       EPA Energy Star Program construction and certification:               OR                                                                                10       1a.
                1b.       Southface Energy Institute's Earth Craft House construction and certification                                                                           14       1b.
                1c.       Enterprise Foundation's Green Communities standard of construction and certification                                                                    14       1c.
                1d.       US Green Building Council's LEED For Homes construction and certification                                                                               14       1d.
                 2.       Exterior envelope wall systems insulation                                                                                                                2        2.
                 3.       Attic insulation to R-38                                                                                                                                 2        3.     2
                 4.       ARI rated furnace (90% AFUE) or heat pump (HSPF 8.0 for both HP 2 ton and HP 1.5 ton units)                                                              4        4.     4
                 5.       ARI rated SEER 14 cooling equipment with sensible heat ratio less than 0.75                                                                              4        5.     4
                 6.       Locate HVAC ductwork in condtitioned spaces                                                                                                              2        6.     2
                 7.       Installation of two low flow fixtures (must incl toilet and showerhead to qualify for utility self billing option)                                       2        7.
                 8.       Installation of Energystar "Advanced Lighting Package' throughout the property                                                                           2        8.
                 9.       HVAC system designed for controlled introduction of outside air per ASHRAE 62.2                                                                          2        9.
                10.       Common area lighting with Energystar rating and controls                                                                                                 2       10.
                11.       Combustion equipment located in sealed space with outside ventilation                                                                                    2       11.
                12.       Range hood ventilated to the exterior with damper                                                                                                        2       12.
                13.       Energystar ceiling fans in living rooms, sunrooms and all bedrooms                                                                                       2       13.     2
                14.       Energystar bath exhaust with timer and humidistat control                                                                                                2       14.
                15.       Front Loading washers in Community Laundry                                                                                                               2       15.
                16.       Other - describe:                                                                                                                                        2       16.
                17.       Other - describe:                                                                                                                                        2       17.
                18.       Other - describe:                                                                                                                                        2       18.
      B. Sustainable Communities Certification                                                      (See Scoring Criteria for complete requirements and information)               2        B.
      C. Project Design                                                                         (See Scoring Criteria for complete requirements and information)                  20               20     0
         Is there a Waiver Approval Letter From DCA included in this application for this criterion?
                 1        Exterior Wall Finishes                                                                                                                                   4               4      0
                       a. Exterior wall faces have more than 40% masonry on all sides of building                                                                                  4        a.     4
                       b. Rehabilitation of historic structures that elect to maintain/restore exterior wall finishes                                                              4        b.
                        c. Rehabilitation of buildings (with no masonry) that elect to upgrade all exterior finishes                                                               4        c.

                 2        Attractive Features                                                                                                                                      4               4      0
                       a. Recreation of historic decorative elements on historic (non-designated) buildings                                                                        2        a.
                       b. Addition of decorative exterior elements for new and existing buildings                                                                                  2        b.     2
                        c. Addition or redesign of covered building entries for new and existing buildings                                                                         2        c.     2
                       d. Addition or redesign of attractive stair/railings for new and existing buildings                                                                         2        d.

                 3        Major Building Component Materials and Upgrades                                                                                                          4               4      0
                       a. Cementitious siding, hard stucco or wood siding exterior finishes                                                                                        2        a.
                       b. Upgraded roofing materials                                                                                                                               2        b.     2
                        c. Upgraded windows and french doors with lever hardware throughout the property                                                                           2        c.
                       d. Upgraded interior doors with lever hardware throughout the property                                                                                      2        d.     2
                       e. Upgraded interior cabinetry throughout the property                                                                                                      1        e.
                        f. Upgraded flooring materials throughout the property                                                                                                     1         f.


2008 OAH Funding Application - April                                                                 Part IX-Scoring Criteria                                                                           57 of 933
Georgia Department of Community Affairs                                                          2008 Funding Application                                                        Office of Affordable Housing
                                          PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                 Self
                                                                                                                                                                               Score            Score DCA
                                                                                                                                                                               Value            Value Score
                                                                                                                                                                     TOTALS:   192               142    8
      C. Project Design (continued)                                                               (See Scoring Criteria for complete requirements and information)
                 4          Landscaping and Ste Design Features                                                                                                                  8               8      0
                         a. Site entry(ies) delineated with permanent illuminated sign and decorative fencing                                                                    2        a.     2
                         b. Upgraded landscaping at areas of community usea.                                                                                                     2        b.     2
                         c. Freestanding site shelters in addition to the basic requirements - describe:                                                                         2        c.     2
                         d. Additional larger trees, shade plantings and seating at recreational/community use areas                                                             2        d.
                         e. 50% of property (100% of sidewalks) to have porous paving                                                                                            4        e.
                         f. Xeriscaping, areas for native plantings or low water landscaping                                                                                     2         f.
                         g. Reuse of site water run-off for landscaping irrigation                                                                                               4        g.
                         h. Preservation of existing trees and vegetation within the body of the site OR:                                                                        2        h.
                            Substantial replanting of tress and vegetation where none are existing or can be preserved.                                                          2               2
                 5          Other Project Design Options not listed above
                         a. Other - describe:                                                                                                                                    2        a.
                         b. Other - describe:                                                                                                                                    2        b.
                         c. Other - describe:                                                                                                                                    2        c.

      D. Accessibility                                                                            (See Scoring Criteria for complete requirements and information)               7               7     0
               1.          Three third-party construction inspections                                                                                                            5        1.     5
                2.         Third-Party Report from review of construction documents per DCA template and requirements                                                            2        2.     2
                3.         Additional 2% of the units equipped for the mobility impaired (to include a roll-in shower)                                                           2        3.
                4.         All units equipped for the disabled to include front loading washers and dryers                                                                       2        4.
                5.         Maximum length of travel from all first floor units to the parking areas designated for the disabled does not exceed 200'                             2        5.
                6.         All units on all floors shall be modified to be 'visitable' according to the FHA Standards (Senior properties not eligible)                           2        6.

     Applicant's comments regarding this section of scoring:




     DCA's Comments:




2008 OAH Funding Application - April                                                               Part IX-Scoring Criteria                                                                          58 of 933
Georgia Department of Community Affairs                                                        2008 Funding Application                                                        Office of Affordable Housing
                                         PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County
                                                                                                                                                                                                 Self
                                                                                                                                                                           Score                Score DCA
                                                                                                                                                                           Value                Value Score
                                                                                                                                                             TOTALS:        192                  142    8
 19. READINESS TO PROCEED                   (choose one)                                                                                                                     2                    1     0
     A.   Original building permit obtained, dated appropriately                                                                                                             2             A.
     B.   Original letter from the Local Government referencing project’s name, address, nbr of units and, if building permit released, permit number                        1             B.     1
     Applicant's comments regarding this section of scoring:
 19.B. Please see letter in Tab 30.


     DCA's Comments:




 20. 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:
 We received a pre-determination letter on May 29, 2008, saying that John O. Moore, Jr. was deemed experienced as Owner and Developer and that SPM, Inc., was deemed experienced as manager. In that same letter,
 SPM, Inc., received a score of "pass" regarding compliance. On June 4, 2008, we received a pre-determination letter saying that John O. Moore Jr., has a compliance score of 15 as Owner and Developer.




     DCA's Comments:




                                                                                                TOTAL POSSIBLE SCORE                                                        192                 142        8




2008 OAH Funding Application - April                                                             Part IX-Scoring Criteria                                                                               59 of 933
                        [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 2008 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 60 of 933
     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 61 of 933
                                      GEORGIA DEPARTMENT OF COMMUNITY AFFAIRS
                                      AUTHORIZATION FOR RELEASE OF INFORMATION
                                                  Multi-State Release Form

Applicant: Please copy this form, complete page 1, send the entire form to each state in which you have previously
participated in the Low-Income Housing Tax Credit (LIHTC) Program, and or HOME Program and submit a copy of each with
your application for LIHTC and HOME Funding. Complete this process for any Applicant listed in this tax credit application that
has an ownership interest in a tax conducted business under different names.

                                                               By:
(State Housing Finance Agency)                                       (Compliance Manager)



(Street Address)                                                     (City, State & Zip)

The undersigned hereby authorizes you to complete the attached LIHTC/HOME Program Performance Questionnaire and to
release to the Georgia Department of Community Affairs (DCA) any information you have regarding our firm as it relates to
project development, compliance debarment, the curing of or failure to cure any project noncompliance, and any formal or
informal action taken by our agency with respect to our particpation as an owner or management agent in your LIHTC or HOME
program. Other data that may be relevant to DCA in its assessment of our development experience and compliance record is
also appreciated. Thank you in advance for your cooperation.

                                                               By:
(Company Name)                                                       (Signature)


(Printed Name)                                                       (Title)

Properties developed or managed by this company in the above-referenced state (attach additional pages if necessary):
                                      LIHTC                                                        LIHTC
                 Name                              City                              Name                               City
                                    Project No.                                                  Project No.




     ed1ce4ea-052f-4f39-bfc4-3b3c61843cc4.xls             page 62 of 933                            Part XI - MultiState Release
                     TAX CREDIT PROGRAM PERFORMANCE QUESTIONNAIRE
The person or entity identified on page 1 has applied for an allocation of low-income housing tax credits or HOME Funding in
the State of Georgia. They have provided on page 1 a list of tax credit/HOME developments in your state in which they have
developed an ownership interest or perform as management agent. As part of the application review process, DCA examines
the Sponsor's previous participation and performance history. Please review the list of properties and answer the following
questions.
1. Notice(s) of violations has/have been issued in the past 36 months in the following categories:
                                                                    Corrected Non-corrected               Correction(s) Due
Major violations of health, safety and building codes
Refusal to lease to Section 8 voucher holders
Violation under the Fair Housing Act
Leasing to unqualified tenants
Lack of proper documentation
Failure to recertify tenants annually
Rents not properly restricted
Instances of transient occupancy
Failure to maintain minimum housing quality standards
General non-compliance with governing regulations
2. Applicant's attached list does not disclose all of the LIHTC or HOME properties they own or manage in this state.
Please list
additional
properties:

3. Applicant has been involved in bankruptcy, an adverse fair housing settlement, an adverse civil rights settlement, or an
adverse federal or state government proceeding and settlement (please explain ).



4.Application has failed to meet tax credit deadlines or compliance standards of a tax credit allocation (includes returning a
reservation of credits aftet the carryover agreement has been signed).



5. Applicant has failed to meet tax credit deadlines or compliance standards of a tax credit allocation (includes returning a
reservation of creduts after the carryover agreement has been signed).



6. Applicant has demonstrated performance issues in the development and construction phase (please explain ).



7. Overall Agency rating of Applicant's performance:                                Excellent                       Good
                                              Average                               Poor                            Barred
8. Additional information/comments:



This response represents this agency's evaluation of the Applicant's performance as of


                        Preparer's Name                                                                   Title

Please return the entire 2-page questionnaire to DCA within 10 days of receipt. Your response is greatly appreciated.
Georgia Department of Community Affairs                                             If you have questions, please contact:
Attention: OAH Legal Affairs Manager                                                Compliance Mgr: Nan Maddux
60 Executive Park South, NE                                                         Phone:          (404) 679-0611
Atlanta, GA 30329                                                                   Email:          nmaddux@dca.state.ga.us


    ed1ce4ea-052f-4f39-bfc4-3b3c61843cc4.xls               page 63 of 933                               Part XI - MultiState Release
PART ONE - PROJECT INFORMATION - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

Please note:                                              Blue cells are unlocked for your use and do not contain references/formulas.
                                                          Purple cells are unlocked for your use and do contain references/formulas that can be overwritten.

I.                      REQUESTED RESOURCES

                        LIHTC Amount                                    $     850,000
                        DCA HOME Amount                                 $           -

II.                     TYPE OF APPLICATION                             Competitive Round

                        If "Additional Credits/Competitive Round", please also provide:
                        Original DCA Project Number                 0
                        Original Award of Credits                    $          -
                        Original DCA Score                          0
                        Original re-scoring requested               0

III.                    APPLICANT CONTACT FOR APPLICATION REVIEW

                        Name                                            Sam Johnston
                        Address                                         33 Inverness Center Parkway, Suite LL130
                        City                                            Birmingham
                        State                                           AL                                             Zip+4     35242-7646
                        Office Phone                                    ##########                                      Ext.        223           E-mail
                        (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)

IV.                     PROJECT LOCATION

                        Project Name                                    Carrollton Crossing Apartments
                        Site Street Address                             West side of N. Park St. & Rome St. Junction
                        City                                            Carrollton                                           Zip+4     30117-0000
                        Within City Limits?                             Yes                                                  County   Carroll
                        In USDA Rural Area?                             No                           HUD MSA/NonMSA name Atlanta-Sandy Springs-Marietta
                                                                       Congressional                State Senate                 State House
                        Legislative Districts                                3                           30                           18
                        If on boundary, other district:                     11                           28                           68

                        Political Jurisdiction                          City of Carrollton
                        Name of Chief Elected Official                  Wayne Garner                                                               Title
                        Address                                         315 Bradley Street                                                         City
                        Zip+4                                           30117-3219                       Phone     ##########
V.              PROJECT DESCRIPTION                      (Note: Purple-shaded cells auto-fill after completion of Rent Chart in Revenues and Expenses)


           A.   Type of Construction: Indicate number of units in each category that applies:
                New Construction                                                           72
                Adaptive Reuse                                                              0
                Acquisition/Rehab                                                           0
                Substantial Rehab                                                           0
                Historic Rehab                                                              0

           B.   Mixed Use                                                                         No

           C.   Buildings
                Number of Residential Buildings                                                    7
                Number of Non-Residential Buildings                                                1
                Total Number of Buildings                                                          8

           D.   Unit Breakdown
                Number of Low Income Units                                                        64         (Include manager units that are income restricted)
                Number of Market Rate Units                                                        8
                Total Residential Units                                                           72
                Common Space Units                                                                 0         (no rent may be charged)
                Total Units                                                                       72

           E.   Unit Area
                Total Low Income Residential Square Footage                                     67044
                Total Market Rate Residential Square Footage                                     8388
                Total Residential Square Footage                                                75432
                Total Common Space Square Footage                                                  0
                Total Square Footage                                                            75432

           F.   Rent Restricted Units                                                                                       Nbr of PBRA Units
                Number of 30% Units                                                                0                                0
                Number of 50% Units                                                               22                                3
                Number of 60% Units                                                               42                                0
                Other:       0                                                                     0                                0

           G.   Total Residential Parking Spaces (min 1.5 per unit)                               144

     VI.        TENANCY CHARACTERISTICS

           A.   Family or Senior                                                            Family
             If Other, please specify:                                                0

        B.   Special Needs/Targeted
             Number of Units Reserved for:                                                 3
             Majority of Units reserved                                                    0
             Will supportive services be provided to the tenants?                         Yes        If Yes, list below:
             Description of Service                                                                                                Name of Service Provider
              Resource Coordination/Case Management                                                                                Pathways Center for Behavioral
             0                                                                                                                     0
             0                                                                                                                     0
             0                                                                                                                     0

        C.   Mobility Impaired                               Nbr of Units Equipped:        4                    % of Total Units       5.6%

        D.   Sight/Hearing Impaired                          Nbr of Units Equipped:        2                    % of Total Units       2.8%


VII.         SET ASIDES

        A.   Tax Credit Only Rent and Income Election                                 40% of Units at 60% of AMI

        B.   DCA HOME and Tax Credit Projects Minimum Set-Aside Requirement (Rent and Income)
             DCA HOME Only Projects Minimum Set-Aside Requirement (Rent and Income)

        C.   Other HOME and Tax Credit Projects Minimum Set-Aside Requirement (Income)

        D.   Other Set Asides                                                         DCA Deeper Targeting Scoring Section III.A. 50% Gross Rent Restrictions/

        E.   Competitive Round Set-Aside(s):
             Nonprofit                                                                     No
             CHDO                                                                          No
             Rural                                                                         No


VIII.        GOVERNMENT FUNDING SOURCES (check all that apply)
             Tax Credits                      Yes                    HUD                   0
             DCA HOME                          0                     HOPE VI               0
             DCA PSH HOME                      0                     FHLB/AHP              0
             Other HOME                        0                     CDBG                  0
             Tax Exempt Bonds                  0                     USDA 515              0
             Taxable Bonds                     0                     USDA 538              0
             Historic Rehab Credits            0                     Other                 0                          (describe) 0
             FHA Insured Mortgage             Yes                    Other                 0                          (describe) 0

IX.          TAX EXEMPT BOND FINANCED PROJECT
            Issuer:                      0
            Office Street Address        0
            City                         0                                                State            0           Zip+4         00000-0000
            Contact Name                 0                                                Title      0
            10-Digit Office Phone        -                                   0            Fax        -                                   Direct line

X.          AWARD LIMITATIONS FOR CURRENT DCA COMPETITIVE ROUND
            Answer the following questions on behalf of the General Partnership Entity and each of its Principals for all Applications involving them that will be s


       A.   Number of Applications Submitted:                                                                                                1
       B.   All Applications produce a combined total of $1,750,000 or less in Federal Tax Credits?                                         Yes
       C.   Names of Projects in which the General Partnership entity and each of its principals has a direct or indirect Ownership interest:
                     1.) Carrollton Crossing Apartments                                                               5.) 0
                     2.) 0                                                                                            6.) 0
                     3.) 0                                                                                            7.) 0
                     4.) 0                                                                                            8.) 0
       D.   Names of Projects in which the General Partnership entity and each of its principals is partnering with an inexperienced unrelated entity

                       1.)   0                                                                                                 5.)   0
                       2.)   0                                                                                                 6.)   0
                       3.)   0                                                                                                 7.)   0
                       4.)   0                                                                                                 8.)   0

XI.         PRESERVATION                                                                                                                     0
       A.   Subsequent Allocation
            Year of Original Allocation                                                                                                      0
            Original GHFA/DCA Project Number                                                                                         0
            First Year of Credit Period                                                                                                      0
            First Building Identification Nbr in Project                                                                             GA-
            Last Building Identification Nbr in Project                                                                              GA-
            Expiring Tax Credit (15 Year)                                                                                                 0
            Date all buildings will complete 15 yr Compliance pd                                                                     ##########
       B.   Expiring Section 8                                                                                                               0
       C.   Expiring HUD or USDA
            HUD funded affordable nonpublic housing project                                                                                  0
            USDA funded affordable nonpublic housing project                                                                                 0

XII.        HOME
        A.   HOME Units will be:         (Choose either Floating or Fixed)                                                  0
        B.   Total Number of HOME Units                                                                                     0

XIII.        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:                                  0
             Nbr of Units Reserved and Rented to PHA Tenants w/ PBRA or Households on Waiting List:                         0
             Local PHA                   0
             Street Address              0
             City                        0                                                         Zip+4   00000-0000
             Area Code / Phone           -                                               Fax   -
        B.   Is there currently an Extention of Cancellation Option?                                                       Yes
        C.   Is there a Tenant Ownership Plan?                                                                             No
        D.   100% HUD PBRA                                                                                                 No
        E.   Is the Project Currently Occupied?                                                                            No
             Total Existing Units                                                                                           0
             Number Occupied                                                                                                0
             % Existing Occupied
        F.   Waivers
             Per-Unit Cost Limit Waiver Approved?                                                                          No
             Operating Expense Waiver Approved?                                                                            No
             Architectural Standards Enhancement Waiver Approved?                                                          No
             Developer Experience Waiver Approved?                                                                         No
             Energy Efficient Waiver Approved?                                                                             No
             Environmental Noise Waiver Approved?                                                                          No
             Manager Experience Waiver Approved?                                                                           No
             Optional Amenities Waiver Approved?                                                                           No
             Owner Experience Waiver Approved?                                                                             No
             Payment & Performance Bond Waiver Approved?                                                                   No
             Public Water/Sewer Requirement Waiver Approved?                                                               No
             Service Requirement Waiver Approved?                                                                          No
             Target Population Project Waiver Approved?                                                                    No
             3rd Party Amenities ( Off-Site Improvement / Amenities / Facilities ) Approved?                               No
             Other (specify waiver):      0                                                                                 0
        G.   Projected Place-In-Service Date
             Acquisition                                                                                                ##########
             Rehab                                                                                                      ##########
             New Construction                                                                                           ##########
XIV.                          APPLICANT COMMENTS AND CLARIFICATIONS                                                         XV.
Section V.F. - Applicant requests PBRA commitment from DCA to support three (3) units for targeted special needs tenants.   0




0                                                                                                                           0




0                                                                                                                           0




0                                                                                                                           0




0                                                                                                                           0




0                                                                                                                           0




0                                                                                                                           0




0                                                                                                                           0




0                                                                                                                           0




0                                                                                                                           0




0                                                                                                                           0
PART TWO - DEVELOPMENT TEAM INFORMATION - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I.         OWNERSHIP INFORMATION

           A.          OWNERSHIP ENTITY                                                    Carrollton Crossing, LLC
                                               Office Street Address                       33 Inverness Center Parkway, Suite LL130
                                               City                                        Birmingham                               Fed Tax ID:
                                               State                                       AL                Zip+4   352427646
                                               10-Digit Office Phone / Ext.                2059813300                                  Fax
                                               (Enter phone numbers without using hyphens, parentheses, etc - ex: 1234567890)
           B.          PROPOSED PARTNERSHIP INFORMATION

                       1.          GENERAL PARTNER(S)

                                   a.          Managing Gen'l Partner                      Carrollton Crossing MM, LLC
                                               Office Street Address                       33 Inverness Center Parkway, Suite LL130
                                               City                                        Birmingham
                                               State                                       AL                Zip+4    352427646
                                               10-Digit Office Phone / Ext.                2059813300                                  Fax

                                   b.          Other General Partner                       0
                                               Office Street Address                       0
                                               City                                        0
                                               State                                       0                  Zip+4      0
                                               10-Digit Office Phone / Ext.                0                                           Fax

                                   c.          Other General Partner                       0
                                               Office Street Address                       0
                                               City                                        0
                                               State                                       0                  Zip+4      0
                                               10-Digit Office Phone / Ext.                0                                           Fax

                       2.          LIMITED PARTNERS (PROPOSED OR ACTUAL)

                                   a.          Federal Limited Partner                     Raymond James Tax Credit Funds, Inc. (Proposed)
                                               Office Street Address                       880 Carillon Parkway
                                               City                                        St. Petersburg
                                               State                                       FL                Zip+4  337160000
                                               10-Digit Office Phone / Ext.                8004388088                                  Fax

                                   b.          State Limited Partner                       Raymond James Tax Credit Funds, Inc. (Proposed)
                                               Office Street Address                       880 Carillion Parkway
                                         City                           St. Petersburg
                                         State                          FL               Zip+4        337160000
                                         10-Digit Office Phone / Ext.   8004388088                                 Fax

                          3. NONPROFIT SPONSOR

                                         Nonprofit Sponsor*             0
                                         Office Street Address          0
                                         City                           0
                                         State                          0                Zip+4        0
                                         10-Digit Office Phone / Ext.   0                                          Fax
II.    DEVELOPER(S)

       A.        DEVELOPER                                              Arbour Valley Development, LLC
                                         Office Street Address          33 Inverness Center Parkway, Suite LL130
                                         City                           Birmingham
                                         State                          AL               Zip+4     352427646
                                         10-Digit Office Phone / Ext.   2059813300                                 Fax

       B.        CO-DEVELOPER 1                                         0
                                         Office Street Address          0
                                         City                           0
                                         State                          0                Zip+4        0
                                         10-Digit Office Phone / Ext.   0                                          Fax

       C.        CO-DEVELOPER 2                                         0
                                         Office Street Address          0
                                         City                           0
                                         State                          0                Zip+4        0
                                         10-Digit Office Phone / Ext.   0                                          Fax

       D.        DEVELOPMENT CONSULTANT                                 0
                                    Office Street Address               0
                                    City                                0
                                    State                               0                Zip+4        0
                                    10-Digit Office Phone / Ext.        0                                          Fax

III.   OTHER PROJECT TEAM MEMBERS

       A.        OWNERSHIP CONSULTANT                                   0
                                    Office Street Address               0
                                    City                                0
                                    State                               0                Zip+4        0
                                    10-Digit Office Phone / Ext.        0                                          Fax

       B.        GENERAL CONTRACTOR                                     Doug Hollyhand Realty, Inc.
                                          Office Street Address                       527-A Main Ave.
                                          City                                        Northport
                                          State                                       AL              Zip+4      354760000
                                          10-Digit Office Phone / Ext.                2053450955                                Fax

      C.            MANAGEMENT COMPANY                                                SPM, Inc.
                                          Office Street Address                       1103 Richard Arrington Jr. Blvd. S.
                                          City                                        Birmingham
                                          State                                       AL                Zip+4     352050000
                                          10-Digit Office Phone / Ext.                2059331020                                Fax

      D.            ATTORNEY                                                          Spain & Gillon, LLC
                                          Office Street Address                       2117 Second Aveune North
                                          City                                        Birmingham
                                          State                                       AL                Zip+4  352030000
                                          10-Digit Office Phone / Ext.                2053284100                                Fax


      E.            ACCOUNTANT                                                        Christian & Denaburg, PC
                                          Office Street Address                       2649 Rocky Ridge Lane
                                          City                                        Birmingham
                                          State                                       AL               Zip+4     352160000
                                          10-Digit Office Phone / Ext.                2059678901                                Fax

      F.            ARCHITECT                                                         McKean & Associates
                                          Office Street Address                       2815-B Zelda Road
                                          City                                        Montgomery
                                          State                                       AL              Zip+4      361062727
                                          10-Digit Office Phone / Ext.                3342724044                                Fax

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

      Participant                                       1. Is this       2. Has any                              3. Does this




      Managing General Partner                                No         No                                      Yes
      Other General Partner 1                                  0         0                                       0
      Other General Partner 2                                  0         0                                       0
      Federal Limited Partner                                 No         No                                      Yes
      State Limited Partner                                   No         No                                      Yes
      Nonprofit Sponsor                                        0         0                                       0
      Developer                                               No         No                                      Yes
      Co-Developer 1                                           0         0                                       0
      Co-Developer 2                                           0         0                                       0
                  Owner Consultant                                              0    0                           0
                  Developer Consultant                                          0    0                           0
                  Contractor                                                   Yes   No                          No
                  Management Company                                           No    No                          No

V.                              APPLICANT COMMENTS AND CLARIFICATIONS

Column 3 -
Managing
Column 1 - Mrs.
Jane C.
B.1.a. In our
preapplication,
0

0

0




PART THREE - SOURCES OF FUNDS - 2008-050 Carrollton Crossing Apartments, , County

I.                CONSTRUCTION FINANCING

                  Financing Type                                                      Name of Financing Entity   Amount
                  First Mortgage                                                     Prudential Mortgage           2,374,359
                  Second Mortgage                                                    0                                   -
                  Third Mortgage                                                     0                                   -
                  Federal Grant                                                      0                                   -
                  State, Local, or Private Grant                                     0                                   -
                  Deferred Developer Fees                                            0                                   -
                  Federal Housing Credit Equity                                      Raymond James                 5,813,419
                  State Housing Credit Equity                                        Raymond James                 1,759,325
                  Other Source (specify)       0                                     0                                   -
                  Other Source (specify)       0                                     0                                   -
                  Other Source (specify)       0                                     0                                   -
                  Total Construction Financing:                                                                    9,947,103
                  Total Construction Period Costs from Development Budget:                                         9,417,300
                  Surplus/(Shortage) of Construction funds to Construction costs:                                    529,803

II.               PERMANENT FINANCING                                                                              Effective
                                                                                                                              Interest          Term
                 Financing Type                            Name of Financing Entity            Principal Amount                 Rate           (Years)
                 First Mortgage                           Prudential Mortgage                     2,374,359                6.500%         40
                 Second Mortgage                          0                                              -                 0.000%         0
                 Third Mortgage                           0                                              -                 0.000%         0
                 Other:         0                         0                                              -                 0.000%         0
                 Other:         0                         0                                              -                 0.000%         0
                 Deferred Devlpr Fee                      Arbour Valley Development, LLC            403,998                0.000%         12
                 Federal Grant                            0                                              -
                 State, Local, or Private Grant           0                                              -
                 Federal Housing Credit Equity            Raymond James                           6,459,354
                 State Housing Credit Equity              Raymond James                           1,954,805
                 Historic Credit Equity                   0                                              -
                 Invstmt Earnings: T-E Bonds              0                                              -
                 Invstmt Earnings: Taxable Bonds          0                                              -
                 Income from Operations                   0                                              -
                 Other:         0                         0                                              -
                 Other:         0                         0                                              -
                 Other:         0                         0                                              -
                 Total Permanent Financing:                                                     11,192,516
                 Total Development Costs from Development Budget:                               11,192,516
                 Surplus/(Shortage) of Permanent funds to development costs:                             -

                 Proposed                                    Year:         1 -7           8          9               10            11            12
                                                             Rate:       0.000%       0.000%     0.000%           0.000%         0.000%        0.000%
                                                             Year:          19           20         21               22             23            24
                                                             Rate:       0.000%       0.000%     0.000%           0.000%         0.000%        0.000%


III.             APPLICANT COMMENTS AND CLARIFICATIONS                                                                     IV.            DCA COMMENTS

First Mortgage                                                                                                             0
will be a HUD


0                                                                                                                          0




0                                                                                                                          0




0                                                                                                                          0
0                                                                                                       0




0                                                                                                       0




0                                                                                                       0




0                                                                                                       0




0                                                                                                       0




0                                                                                                       0




0                                                                                                       0




0                                                                                                       0




PART FOUR - USES OF FUNDS - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

CERTIFICATION OF ACTUAL COST AND OPINION AS TO ELIGIBLE BASIS

I.          DEVELOPMENT BUDGET                                                                    New
                                                             TOTAL COST

            PRE-DEVELOPMENT COSTS
     Property Appraisal                                                 8,000           8,000
     Market Study                                                       4,500           4,500
     Environmental Report(s)                                            8,250           8,250
     Soil Borings                                                       5,500           5,500
     Boundary and Topographical Survey                                 10,000          10,000
     Zoning/Site Plan Fees                                                -               -
     Other:        0                                                      -               -
     Other:        0                                                      -               -
     Other:        0                                                      -               -
                                                        Subtotal       36,250          36,250

     ACQUISITION
     Land                                                           1,100,000
     Demolition                                                           -
     Acquisition Legal Fees (if existing structures)                      -
     Existing Structures                                                  -
                                                        Subtotal    1,100,000

     SITE IMPROVEMENTS
     Site Preparation (On-site)                                       600,000         600,000
     Site Preparation (Off-site)                                          -
                                                        Subtotal      600,000         600,000

     UNIT/BUILDING CONSTRUCTION
     Unit/Building Construction/New Construction                    5,688,000    5,688,000
     Unit/Building Construction/Rehab                                     -            -
     Project Amenities / Accessory Buildings                           48,000       48,000
     Other:         0                                                     -            -
     Construction Contingency                                         227,520      227,520
                                                        Subtotal    5,963,520    5,963,520

     CONTRACTOR SERVICES
     Builder's Overhead:              2.00%            #VALUE!        126,720         126,720
     Builder Profit:                  6.00%            #VALUE!        380,160         380,160
     General Requirements             6.00%            #VALUE!        380,160         380,160
     Payment/perf                                                         -               -
     letter-of-                                     Subtotal          887,040         887,040
     Total Construction Costs           100,320 per unit
       7,223,040                             96 per sq ft

I.   DEVELOPMENT BUDGET                                                         New
                                                                   TOTAL COST


     CONSTRUCTION PERIOD FINANCING
     Construction Loan Fee                                             24,018          24,018
     Construction Loan Interest                                  99,530          99,530
     Construction Legal Fees                                     15,000          15,000
     Construction Period Real Estate Tax                         25,000          25,000
     Construction Insurance                                      70,000          70,000
     Bridge Loan Fee and Bridge Loan Interest                       -               -
     Other:        FHA Inspection Fee                            11,872          11,872
                                                 Subtotal       245,420         245,420

     PROFESSIONAL SERVICES
     Architectural Fee - Design                                  64,800          64,800
     Architectural Fee - Supervision                             21,600          21,600
     Engineering                                                 50,500          50,500
     Real Estate Attorney                                           -               -
     Accounting                                                  14,000          14,000
     Other:         0                                               -               -
                                                 Subtotal       150,900         150,900

     LOCAL GOVERNMENT FEES
     Building Permits                                            20,920          20,920
     Impact Fees                                                    -               -
     Water Tap Fees     waived?                   No             91,250          91,250
     Sewer Tap Fees     waived?                   No            292,000         292,000
                                                 Subtotal       404,170         404,170

     PERMANENT FINANCING FEES
     Permanent Loan Fees                                         23,744
     Permanent Loan Legal Fees                                      -
     Title and Recording Fees                                   103,734         103,734
     As-Built Survey                                                -               -
     Bond Issuance Premium                                          -               -
     Cost of Issuance / Underwriter's Discount                      -               -
     Other:        FHA MIP & Exam Fee                            30,867          30,867
                                                 Subtotal       158,345         134,601


I.   DEVELOPMENT BUDGET                                                   New
                                                             TOTAL COST


     DCA-RELATED COSTS
     DCA Loan Application Fee (less DCA Mkt Study fee)              -
     Tax Credit Application Fee (less DCA Mkt Study fee)          3,500
     DCA-Commissioned Market Study                                5,000           5,000
     DCA Waiver Fees                                                -
     LIHTC Allocation Processing Fee                    -        59,500
     LIHTC Compliance Monitoring Fee                43,200       43,200
      DCA Front End Analysis Fee (HOME, when ID of Interest)           -
      DCA Final Inspection Fee                                       2,000
      Other:       0                                                   -
                                                Subtotal           113,200             5,000

      EQUITY COSTS
      Partnership Organization Fees                                    -
      Tax Credit Legal Opinion                                         -
      Syndicator Legal Fees                                         25,000
      Other:        0                                                  -
                                                    Subtotal        25,000                -

      DEVELOPER'S FEE
      Developer's Overhead                                             -                  -
      Consultant's Fee                                                 -                  -
      Developer's Fee                                            1,269,391          1,269,391
                                                    Subtotal     1,269,391          1,269,391

      START-UP AND RESERVES
      Marketing                                                     30,000
      Rent -Up Reserves                                             32,000
      Operating Deficit Reserve:                                   100,000
      Replacement Reserve                                           17,280
      Furniture, Fixtures and Equipment                             60,000            60,000
      Other:         0                                                 -                 -
                                                    Subtotal       239,280            60,000

      OTHER COSTS
      Relocation                                                       -                  -
      Other:     0                                                     -                  -
      Other:     0                                                     -                  -
                                                    Subtotal           -                  -

      TOTAL DEVELOPMENT COST                                    11,192,516          9,756,292

      Per Unit                                                  155451.611
      Per Square Foot                                           148.378884

II.   TAX CREDIT CALCULATION - BASIS METHOD                                     New

      Subtractions From Eligible Basis
      Amount of federal grant(s) used to finance qualifying development costs   0
      Amount of federal below market rate loan                                  0
      Amount of nonqualified nonrecourse financing                              0
      Costs of Nonqualifying units of higher quality                            0
      Nonqualifying excess portion of higher quality units                      0
                     Historic Tax Credit (Residential Portion Only)                                                         0
                     Other                                     0                                                            0
                     Total Subtractions From Basis:                                                                                     0

                     Eligible Basis Calculation
                     Total Basis                                                                                                 9,756,292
                     Less Total Subtractions From Basis (see above)                                                                      0
                     Total Eligible Basis                                                                                        9,756,292
                     Eligible Basis Adjustment for DDA/QCT Location                                                                130.00%
                     Adjusted Eligible Basis                                                                                    12,683,180
                     Multiply Adjusted Eligible Basis by Applicable Fraction                                                        88.88%
                     Qualified Basis                                                                                            11,272,816
                     Multiply Qualified Basis by Applicable Credit Percentage                                                        7.80%
                     Maximum Tax Credit Amount                                                                                     879,280
                     Total Basis Method Tax Credit Calculation                                                                     879,280

III.                 TAX CREDIT CALCULATION - GAP METHOD

                     Equity Gap Calculation
                     Total Development Cost (not to exceed Per Unit Cost Limitation or DCA-Approved Per Unit Cost Waiver)     10,832,000
                     Subtract Non-Tax Credit (excluding deferred fee) Source of Funds                                          2,374,359
                     Equity Gap                                                                                                8,457,641
                     Divide Equity Gap by 10                                                                                / 10
                     Annual Equity Required                                                                                      845,764
                     Enter Final Federal and State Equity Factors (not including GP contribution)                                 0.9900
                     Total Gap Method Tax Credit Calculation                                                                     854,307

IV.                  TAX CREDIT ALLOCATION                                                                                        850,000



V.                   APPLICANT COMMENTS AND CLARIFICATIONS                                                                                   VI.       DCA COMMENTS
III. The Total                                                                                                                                     0
Development



                 0                                                                                                                                 0




                 0                                                                                                                                 0




                 0                                                                                                                                 0
          0                                                                                                                        0




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          0                                                                                                                        0




PART FIVE - UTILITY ALLOWANCES - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I.            UTILITY ALLOWANCE SCHEDULE #1                  Source of Utility Allowances                DCA Utility Allowance - Middle Region
                                                             Date of Utility Allowances                  June 1, 2008                   Structure

                                                             Paid By (check one)            Tenant-Paid Utility Allowances by Unit Size (No. of Bedrooms)
              Utility                Fuel                       Tenant       Owner               0              1           2             3
      Heat                       Natural Gas                               0              0               0               0              0          0
      Heat                       Electric                                  0              0               0               0              0          0
      Heat                       Propane                                   0              0               0               0              0          0
      Heat                       78% + AFUE Gas                            0              0               0               0              0          0
      Heat                       Electric Heat Pump                        X              0               0               6              8         12
      Air Conditioning           Electric                                  X              0               0              28             36         44
      Cooking                    Natural Gas                               0              0               0               0              0          0
      Cooking                    Electric                                  X              0               0               8             10         13
      Cooking                    Propane                                   0              0               0               0              0          0
      Hot Water                  Natural Gas                               0              0               0               0              0          0
      Hot Water                  Electric                                  X              0               0              25             32         39
      Hot Water                  Propane                                   0              0               0               0              0          0
      Lights                     Electric                                  X              0               0              23             29         36
      Water & Sewer              Submetered?                               X              0               0              41             53         63
      Refuse Collection                                                    0              X               0               0              0          0
      Total Utility Allowance by Unit Size                                                                0             131            168        207

            0         Election to use Electric Utility Provider's Allowance as outlined in the 2008 QAP (TAX CREDIT ONLY)
                      *Elderly allowances cannot be used except at properties that have 100% PBRA and satisfy the DCA definition of "elderly"

      APPLICANT COMMENTS AND CLARIFICATIONS
                  0

                  0


      DCA COMMENTS
                  0

                  0


II.   UTILITY ALLOWANCE SCHEDULE #2                                 Source of Utility Allowances                            0
                                                                    Date of Utility Allowances                     ##########                   Structure

                                                                    Paid By (check one)            Tenant-Paid Utility Allowances by Unit Size (No. of Bedrooms)
      Utility                        Fuel                              Tenant       Owner               0              1           2             3
      Heat                           Natural Gas                         0            0                 0              0           0             0
      Heat                           Electric                            0            0                 0              0           0             0
      Heat                           Propane                             0            0                 0              0           0             0
      Heat                           78% + AFUE Gas                      0            0                 0              0           0             0
      Heat                           Electric Heat Pump                  0            0                 0              0           0             0
      Air Conditioning               Electric                            0            0                 0              0           0             0
      Cooking                        Natural Gas                         0            0                 0              0           0             0
      Cooking                        Electric                            0            0                 0              0           0             0
      Cooking                        Propane                             0            0                 0              0           0             0
            Hot Water                  Natural Gas                               0              0               0              0               0           0
            Hot Water                  Electric                                  0              0               0              0               0           0
            Hot Water                  Propane                                   0              0               0              0               0           0
            Lights                     Electric                                  0              0               0              0               0           0
            Water & Sewer              Submetered?                               0              0               0              0               0           0
            Refuse Collection                                                    0              0               0              0               0           0
            Total Utility Allowance by Unit Size                                                                0              0               0           0

                 0          Election to use Electric Utility Provider's Allowance as outlined in the 2008 QAP (TAX CREDIT ONLY)
                            *Elderly allowances cannot be used except at properties that have 100% PBRA and satisfy the DCA definition of "elderly"

            APPLICANT COMMENTS AND CLARIFICATIONS
                        0

                        0


            DCA COMMENTS
                        0

                        0




PART SIX - PROJECTED REVENUES & EXPENSES - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I.          RENT SCHEDULE                                                 DO NOT cut, copy or paste cells in this Rent Schedule.                      Assign a Rent Type of "N/A-CS

                Rent           Nbr of          No. of           Unit            Unit         HOME          Max Gross       Proposed         Utility     PBRA
                Type           Bdrms           Baths           Count           Area           Unit         Rent Limit     Gross Rent      Allowance     Source
              50% AMI            1                      1.0       5             825         Not HOME          667             667             131         0
              50% AMI            2                      2.0       2            1,041        Not HOME          801             801             168         0
              50% AMI            2                      2.0       3            1,041        Not HOME          801             801             168        PHA
              50% AMI            2                      2.0       5            1,041        Not HOME          801             801             168         0
              50% AMI            3                      2.0       7            1,205        Not HOME          925             925             207         0
              60% AMI            1                      1.0       9             825         Not HOME          801             726             131         0
              60% AMI            2                      2.0       6            1,041        Not HOME          961             863             168         0
              60% AMI            2                      2.0      13            1,041        Not HOME          961             863             168         0
              60% AMI            3                      2.0      14            1,205        Not HOME         1,110           1,002            207         0
               Market            1                      1.0       2             825             0              0              659              0          0
               Market            2                      2.0       3            1,041            0              0              750              0          0
               Market            3                      2.0       3            1,205            0              0              850              0          0
                  0              0                      -         0              0              0              0               0               0          0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
           0          0                   -             0        0             0       0         0            0            0
                                        TOTAL               72   75,432                                                        MONTHLY TOTAL
                                                                                                                                ANNUAL TOTAL

II.   UNIT SUMMARY

      Units:                                                                        Efficiency       1BR          2BR          3BR
               Low-Income                                                 60% AMI          -             9            19           14
                                                                          50% AMI          -             5            10            7
                                                                          30% AMI          -         -            -            -
                                                                          Total            -             14           29           21
               Market Rate                                                                 -              2            3            3
               Total Residential                                                           -             16           32           24
               Common Space                                                                -         -            -            -
               Total                                                                       -             16           32           24

               HOME                             Fixed                     60% AMI          -         -            -            -
               (included in LI above)                                     50% AMI          -         -            -            -
                                                                          30% AMI          -         -            -            -
                                                                          Total            -         -            -            -
                                            Floating           60% AMI             -          -              -               -
                                                               50% AMI             -          -              -               -
                                                               30% AMI             -          -              -               -
                                                               Total               -          -              -               -

                   PBRA-Assisted                               60% AMI             -          -              -               -
                   (included in LI above)                      50% AMI             -          -                  3           -
                                                               30% AMI             -          -              -               -
                                                               Total               -          -                  3           -
                   Construction:
                                            New Construction   Low Inc             -              14             29              21
                                                               Mkt Rate            -               2              3               3
                                            Acq/Rehab          Low Inc             -          -              -               -
                                                               Mkt Rate            -          -              -               -
                                            Rehab Only         Low Inc             -          -              -               -
                                                               Mkt Rate            -          -              -               -

       Square Footage:
                   Low Income                                  60% AMI             -      7,425         19,779          16,870
                                                               50% AMI             -      4,125         10,410           8,435
                                                               30% AMI             -        -              -               -
                                                               Total               -     11,550         30,189          25,305
                   Market Rate                                                     -      1,650          3,123           3,615
                   Total Residential                                               -     13,200         33,312          28,920
                   Common Space                                                    -        -              -               -
                   Total                                                           -     13,200         33,312          28,920

III.   ANCILLARY AND OTHER INCOME (annual amounts)

       Ancillary Income                                              11,963            Laundry, vending, app fees, etc. Will be exactly 2% of potentia

       Other Income (by Year)                                        1        2          3               4              5
       Property Tax Abatement                                        0        0          0               0              0
       Property Tax Exemption                                        0        0          0               0              0
       Operating Subsidy                                             0        0          0               0              0
       Other:        0                                               0        0          0               0              0
       Total                                                              -        -          -              -               -

                                                                     11       12         13             14              15
       Property Tax Abatement                                         0        0          0              0               0
       Property Tax Exemption                                         0        0          0              0               0
       Operating Subsidy                                              0        0          0              0               0
       Other:        0                                                0        0          0              0               0
       Total                                                              -        -          -              -               -
                                                        21       22        23       24             25
             Property Tax Abatement                      0        0         0        0              0
             Property Tax Exemption                      0        0         0        0              0
             Operating Subsidy                           0        0         0        0              0
             Other:        0                             0        0         0        0              0
             Total                                           -        -         -        -              -

IV.          ANNUAL OPERATING EXPENSE BUDGET

             On-Site Staff Costs                                                             Professional Services
             Management Salaries & Benefits                       57,000                     Legal
             Maintenance Salaries & Benefits                      41,000                     Accounting
             Support Services Salaries & Benefits                 22,000                     Advertising
             Other                       0                             0                     Other
                                             Subtotal            120,000

             On-Site Office Costs                                                            Utilities
             Office Supplies & Postage                             4,500                     Electricity
             Telephone                                             4,800                     Natural Gas
             Travel                                                1,200                     Water & Sewer
             Leased Furniture / Equipment                          5,000                     Trash Collection
             Activities Supplies / Overhead Cost                  10,000                     Other
             Other                        0                            0
                                             Subtotal             25,500

             Maintenance Expenses                                                            Taxes and Insurance
             Contracted Repairs                                   10,000                     Real Estate Taxes
             General Repairs                                       2,500                     Insurance
             Grounds Maintenance                                  23,000                     Other
             Extermination                                         1,200
             Maintenance Supplies                                  3,600
             Elevator Maintenance                                      0                     Management Fee:
             Redecorating                                              0                     (Amount entered here must match P
             Other                      0                              0
                                            Subtotal              40,300                     TOTAL OPERATING EXPENSE

             On-Site Security                                                                Replacement Reserve
             Contracted Guard                                          0
             Electronic Alarm System                               6,000
                                            Subtotal               6,000                     TOTAL ANNUAL EXPENSES

V.           APPLICANT COMMENTS AND CLARIFICATIONS                                           VI.

Section I.                                                                                   0
Applicant
0   0




0   0




0   0




0   0




0   0




0   0




0   0




0   0




0   0




0   0




0   0
PART SEVEN - OPERATING PRO FORMA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

I. OPERATING ASSUMPTIONS

Revenue Growth 2.00%                       Asset Management Fee Amount                        -       Yr 1 Asset Mgt Fee Percentage of EGI:        0.00%
Expense Growth 3.00%                       Incentive Management Fee Amount                    -       Yr 1 Incent Mgt Fee Percentage of EGI:       0.00%
Reserves Growth3.00%                       Property Mgt Fee Growth Rate (choose one):                 Yr 1 Prop Mgt Fee Percentage of EGI:         5.00%
               7.00%
Vacancy & Collection Loss                     Expense Growth Rate (3.00%)                      No
               2.00%
Ancillary Income Limit                        Percent of Effective Gross Income               Yes    <-- If Percent of EGI, indicate percentage:     5.000%

II. OPERATING PRO FORMA

Year                      1            2              3            4             5               6            7              8              9              10
Revenues           598,128      610,091        622,292      634,738       647,433         660,382      673,589        687,061        700,802         714,818
Ancillary Income    11,963       12,202         12,446       12,695        12,949          13,208       13,472         13,741         14,016          14,296
Vacancy            (42,706)     (43,560)       (44,432)     (45,320)      (46,227)        (47,151)     (48,094)       (49,056)       (50,037)        (51,038)
Other Income           -            -              -            -             -               -            -              -              -               -
                  (299,442)
Expenses less Mgt Fee          (308,425)      (317,678)    (327,208)     (337,025)       (347,135)    (357,549)      (368,276)      (379,324)       (390,704)
Property Mgmt      (28,369)     (28,937)       (29,515)     (30,106)      (30,708)        (31,322)     (31,948)       (32,587)       (33,239)        (33,904)
Reserves           (17,280)     (17,798)       (18,332)     (18,882)      (19,449)        (20,032)     (20,633)       (21,252)       (21,890)        (22,546)
NOI                222,293      223,571        224,781      225,916       226,974         227,948      228,836        229,631        230,328         230,922
D/S First Mortgage(166,810)    (166,810)      (166,810)    (166,810)     (166,810)       (166,810)    (166,810)      (166,810)      (166,810)       (166,810)
D/S Second Mortgage -               -              -            -             -               -            -              -              -               -
D/S Third Mortgage     -            -              -            -             -               -            -              -              -               -
D/S Other Source       -            -              -            -             -               -            -              -              -               -
D/S Other Source       -            -              -            -             -               -            -              -              -               -
DCA HOME Cash Resrv.   -            -              -            -             -               -            -              -              -               -
DDF                (33,667)     (33,667)       (33,667)     (33,667)      (33,667)        (33,667)     (33,667)       (33,667)       (33,667)        (33,667)
Asset Mgmt             -            -              -            -             -               -            -              -              -               -
Incentive Mgmt         -            -              -            -             -               -            -              -              -               -
Cash Flow           21,817       23,095         24,305       25,439        26,497          27,472       28,359         29,154         29,851          30,446
DCR First Mortgage 1.33            1.34           1.35         1.35          1.36            1.37         1.37           1.38           1.38            1.38
DCR Second Mortgage
DCR Third Mortgage
DCR Other Source
DCR Other Source
                 2,361,504
First Mortgage Balance        2,347,787      2,333,153    2,317,538     2,300,877       2,283,100    2,264,133      2,243,896     2,222,303        2,199,264
Second Mortgage Balance
Third Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance       370,332      336,665      302,999      269,332      235,666      201,999      168,333      134,666      101,000       67,333

Year                     11           12           13           14           15           16           17           18           19           20
Revenues           729,115      743,697      758,571      773,742      789,217      805,002      821,102      837,524      854,274      871,360
Ancillary Income    14,582       14,874       15,171       15,475       15,784       16,100       16,422       16,750       17,085       17,427
Vacancy            (52,059)     (53,100)     (54,162)     (55,245)     (56,350)     (57,477)     (58,627)     (59,799)     (60,995)     (62,215)
Other Income           -            -            -            -            -            -            -            -            -            -
                  (402,425)
Expenses less Mgt Fee          (414,498)    (426,933)    (439,741)    (452,933)    (466,521)    (480,517)    (494,932)    (509,780)    (525,073)
Property Mgmt      (34,582)     (35,274)     (35,979)     (36,699)     (37,433)     (38,181)     (38,945)     (39,724)     (40,518)     (41,329)
Reserves           (23,223)     (23,920)     (24,637)     (25,376)     (26,138)     (26,922)     (27,729)     (28,561)     (29,418)     (30,301)
NOI                231,408      231,780      232,032      232,156      232,148      232,001      231,706      231,258      230,648      229,869
D/S First Mortgage(166,810)    (166,810)    (166,810)    (166,810)    (166,810)    (166,810)    (166,810)    (166,810)    (166,810)    (166,810)
D/S Second Mortgage -               -            -            -            -            -            -            -            -            -
D/S Third Mortgage     -            -            -            -            -            -            -            -            -            -
D/S Other Source       -            -            -            -            -            -            -            -            -            -
D/S Other Source       -            -            -            -            -            -            -            -            -            -
DCA HOME Cash Resrv.   -            -            -            -            -            -            -            -            -            -
DDF                (33,667)     (33,667)         -            -            -            -            -            -            -            -
Asset Mgmt             -            -            -            -            -            -            -            -            -            -
Incentive Mgmt         -            -            -            -            -            -            -            -            -            -
Cash Flow           30,932       31,303       65,221       65,346       65,338       65,191       64,896       64,448       63,838       63,059
DCR First Mortgage 1.39            1.39         1.39         1.39         1.39         1.39         1.39         1.39         1.38         1.38
DCR Second Mortgage
DCR Third Mortgage
DCR Other Source
DCR Other Source
                 2,174,683
First Mortgage Balance        2,148,455    2,120,470    2,090,611    2,058,753    2,024,761    1,988,492    1,949,795    1,908,505    1,864,451
Second Mortgage Balance
Third Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance         33,667          -            -            -            -            -            -            -            -            -

Year                     21           22           23           24           25           26           27           28           29           30
Revenues          888,787       906,562      924,694      943,188      962,051      981,292    1,000,918    1,020,937    1,041,355    1,062,182
Ancillary Income    17,776       18,131       18,494       18,864       19,241       19,626       20,018       20,419       20,827       21,244
Vacancy            (63,459)     (64,729)     (66,023)     (67,344)     (68,690)     (70,064)     (71,466)     (72,895)     (74,353)     (75,840)
Other Income           -            -            -            -            -            -            -            -            -            -
                 (540,826)
Expenses less Mgt Fee          (557,050)    (573,762)    (590,975)    (608,704)    (626,965)    (645,774)    (665,147)    (685,102)    (705,655)
Property Mgmt      (42,155)     (42,998)     (43,858)     (44,735)     (45,630)     (46,543)     (47,474)     (48,423)     (49,391)     (50,379)
Reserves           (31,210)     (32,146)     (33,110)     (34,104)     (35,127)     (36,180)     (37,266)     (38,384)     (39,535)     (40,721)
NOI               228,913       227,771      226,434      224,894      223,141      221,165      218,957      216,506      213,802      210,831
                 (166,810)
D/S First Mortgage             (166,810)    (166,810)    (166,810)    (166,810)    (166,810)    (166,810)    (166,810)    (166,810)    (166,810)
D/S Second Mortgage -               -            -            -            -            -            -            -            -            -
D/S Third Mortgage     -            -            -            -            -            -            -            -            -            -
D/S Other Source       -            -            -            -            -            -            -            -            -            -
D/S Other Source       -           -            -            -            -            -           -           -           -           -
DCA HOME Cash Resrv.   -           -            -            -            -            -           -           -           -           -
DDF                    -           -            -            -            -            -           -           -           -           -
Asset Mgmt             -           -            -            -            -            -           -           -           -           -
Incentive Mgmt         -           -            -            -            -            -           -           -           -           -
Cash Flow          62,103       60,961       59,624       58,084       56,331       54,355      52,147      49,696      46,991      44,021
DCR First Mortgage 1.37           1.37         1.36         1.35         1.34         1.33        1.31        1.30        1.28        1.26
DCR Second Mortgage
DCR Third Mortgage
DCR Other Source
DCR Other Source
                1,817,446
First Mortgage Balance        1,767,293    1,713,782    1,656,686    1,595,767    1,530,768   1,461,416   1,387,419   1,308,467   1,224,227
Second Mortgage Balance
Third Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance            -            -            -            -            -            -           -           -           -           -

Year                     31           32           33           34           35
Revenues         1,083,426    1,105,095    1,127,196    1,149,740    1,172,735
Ancillary Income    21,669       22,102       22,544       22,995       23,455
Vacancy            (77,357)     (78,904)     (80,482)     (82,091)     (83,733)
Other Income           -            -            -            -            -
                  (726,824)
Expenses less Mgt Fee          (748,629)    (771,088)    (794,221)    (818,047)
Property Mgmt      (51,387)     (52,415)     (53,463)     (54,532)     (55,623)
Reserves           (41,943)     (43,201)     (44,497)     (45,832)     (47,207)
NOI                207,584      204,047      200,210      196,059      191,579
D/S First Mortgage(166,810)    (166,810)    (166,810)    (166,810)    (166,810)
D/S Second Mortgage -               -            -            -            -
D/S Third Mortgage     -            -            -            -            -
D/S Other Source       -            -            -            -            -
D/S Other Source       -            -            -            -            -
DCA HOME Cash Resrv.   -            -            -            -            -
DDF                    -            -            -            -            -
Asset Mgmt             -            -            -            -            -
Incentive Mgmt         -            -            -            -            -
Cash Flow           40,773       37,237       33,400       29,249       24,769
DCR First Mortgage 1.24            1.22         1.20         1.18         1.15
DCR Second Mortgage
DCR Third Mortgage
DCR Other Source
DCR Other Source
                 1,134,345
First Mortgage Balance        1,038,444     936,119      826,943      710,454
Second Mortgage Balance
Third Mortgage Balance
Other Source Balance
Other Source Balance
DDF Balance          -            -         -            -           -

III. Applicant Comments & Clarifications                                 IV. DCA Comments

II. The deferred                                                         0
developer fee



0                                                                        0




0                                                                        0




0                                                                        0




0                                                                        0




0                                                                        0




0                                                                        0




0                                                                        0




PART EIGHT - THRESHOLD CRITERIA - 2008-050 Carrollton Crossing Apartments, Carrollton, Carroll County

Preliminary Rating: Incomplete
FINAL THRESHOLD DETERMINATION (DCA Use Only)

DCA's Comments / Approval Conditions:
1.)
2.)
3.)
4.)
5.)
6.)
7.)


1             Project Feasibility, Viability Analysis, and Conformance with Plan

                     A.       Are original preliminary financial commitments for all sources of financing included with this application submission?
                     B.       Do the preliminary commitments disclose, at a minimum, the purpose, property, address, amount, interest rate, terms, conditions, and fees?
                     C.       Do the terms of the commitments correspond to the Application?
                     D.       Are any commitments submitted as "under consideration" which need Final Approval submitted before August 15, 2008?
                              If Yes, then state the applicable financial assistance/funding (select one):

                     E.       Does this application include an Assumption of Existing Debt? If Yes:
                              1)                Does the application include a letter signed by an officer of the lender whose debt is being assumed?
                              2)                Does the application include a copy of the original Promissory Note and any amendments and/or modification to said Promissory Note?
                              3)                Does the application include a copy of the original Loan Agreement and any amendments and/or modification to said Loan Agreement?
                              4)                Does the
                                                application
                     F.       Is there a Deferred Developer Fee? If Yes:
                              1)                Is the deferred Developer Fee payable within fifteen years from available cash flow?
                              2)                Does the deferred Developer Fee exceed 50% of the total amount of Developer Fee at initial application?

                     G.       Is there a guarantor fee?
                              If Yes, what is the amount?

                     H.       Debt Coverage Ratio:
                     I.       Total Development Cost Limit per the Unit Cost Limitation is:
                     J.       Per unit waiver is included?
                     K.       Operating Cost Waiver Approval Letter From DCA is included?
                     L.       Utility Allowances utilized (select one)
                     M.       If rehab, average per unit rehab is $:
              Applicant's comments regarding this section of Threshold:
0
0
0
0
              DCA's Comments:
2                Tenancy Characteristics

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



3                Required Services

                               A. Applicants must
                               B. certify at
                                  Specify below at
                                  least 1 basic 1) Social and recreational programs planned and overseen by project mgr
                                                2) Semi-monthly classes conducted on site
                                                3) After school or adult day care located on site
                                                4) Waiver (small rural projects only)
                 Applicant's comments regarding this section of Threshold:
0
0
0
                 DCA's Comments:




4                Market Feasibility

                               A. Is there a Pre-Determination Letter From DCA included in this application for this criterion?
                                  If Yes, has there been any change in the unit mix or information submitted in the Pre-Application?
                               B. Has Applicant included market information?
                                 If Yes, then provide the name of the analyst used by applicant:
                 Applicant's comments regarding this section of Threshold:
John Wall &
Associates was
0
0
0


                 Market Feasibility (continued)
                 DCA's Comments:
5   Appraisals

                  A. Is there is an identity of interest between the buyer and seller of the project?
                  B. Is an appraisal included in this application submission?
                                         If an appraisal is included, indicate Appraiser's Name and answer the following questions:                           Appraiser's Name:
                                      1) Does it include
                                         Does the value,
                                      2) the “as is”“as is” value delineate the value of the land and building?
                                   3) Does the total hard cost of the project exceed 90% of the as completed unencumbered appraised value of the property?
    Applicant's comments regarding this section of Threshold:
0
0
0
    DCA's Comments:




6   Environmental Requirements

    Is there a Pre-Determination Letter From DCA included in this application for this criterion?
    Did the Applicant receive a DCA Noise Waiver?
                   A. Name of Consultant that prepared the Phase I Assessment:
                   B. Was the original Phase I Environmental Report for the subject property prepared after November 1, 2007 in accordance with the new ASTM standards?
                   C. Is a Phase II Environmental Report included?
                   D. Was a Noise Assessment performed?
                      If "Yes", provide the maximum noise level on site in decibels:
                      If "Yes", what are the contributing factors in decreasing order of magnitude?
                      Traffic on N.
                   E. Park St. (aka property located in a:
                      Is the subject
                                    1) Brownfield?
                                    2) 100 year flood plain / floodway?
                                       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?
                                       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?
                                F. Has the Environmental Professional identified any of the following on the subject property:
                                                    1) Asbestos?                                 No                        3) PCB's?                  No                        5) Lead in water?
                                                    2) Lead-based paint?                         No                        4) Mold?                   No                        6) Radon?
                                                    7) Other (e.g., endangered species, Native American burial grounds, etc.):                                 0
                                G. Is all additional environmental documentation required for a HOME application included?
                                                    1) Eight-Step Process completed for Wetlands and/or Floodplains?
                                                    2) Has Applicant/PE completed the HOME and HUD Environmental Questionnaire?
                                                    3) Owner agrees that they must refrain from undertaking any activities that could have an adverse effect on the subject property?
                                H. If HUD approval has been previously granted, has the HUD Form 4128 been included?

                 Applicant's comments regarding this section of Threshold:
6.E.2. - The
southern edge
6.F. - Cahaba
Valley - Carroll
6.F.6)
County is in
6.G. No HOME
funds are being DCA's Comments:




7                 Site Control
                                A. Is site control provided through September 30, 2008?
                                B. Form of site control:
                                C. Name of Entity with site control:                                                                                                              Carrollton Crossing, LLC
                  Applicant's comments regarding this section of Threshold:
Cahaba Valley
Development
Please see Tab
4.             DCA's Comments:




8                 Site Access
                                A. Is this site legally accessible by paved roads and are drawings included showing these roads?
                                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?
                  Applicant's comments regarding this section of Threshold:
As shown in the
site survey and
0
                  DCA's Comments:




9                 Site Zoning
                                A. Is Zoning in place at the time of this application submission?
                                B. Is Zoning conformance in writing by the authorized Local Government official, and includes the zoning & land use classifications?
                               C. Is documentation provided that demonstrates that the site layout conforms to any moratoriums, density, setbacks or other requirements?
                               D. Is this information included on the Architectural Site Conceptual Development Plan?
                               E. Are all issues and questions surrounding the zoning and land use classification clearly defined prior to this application submission?
                Applicant's comments regarding this section of Threshold:
The site is
zoned R-M for
0
                DCA's Comments:




10              Operating Utilities
                Check applicable utilities:                                                                 Gas
                                                                                                            Electric
                Applicant's comments regarding this section of Threshold:
Carrollton
Crossing
0
                DCA's Comments:




11              Public Water/Sanitary Sewer/Storm Sewer

                Is there a Waiver Approval Letter From DCA included in this application for this criterion as it pertains to Rural projects?
                Check all that are available to the site:                                                  Public water
                                                                                                           Public sewer
                                                                                                           Waiver
                Applicant's comments regarding this section of Threshold:
Water and
sewer will be
0

                DCA's Comments:




12              Required Amenities

                               A. Applicant agrees to provide all required Project Amenities?

                               B. Applicant agrees to provide the following required Project Amenities in conformance with the DCA Amenities Manual (select one in each category):
                                                1) Community area (select either community room or community building):
                                                2) Exterior gathering area:
                                                3) On site laundry type:
                                                4) Equipped recreation area (specify and describe):
                                 C. Applicant agrees to provide the following required Unit Amenities in conformance with the DCA Amenities Manual:
                                                  1) HVAC
                                                  2) Refrigerator (Energy Star rated)
                                                  3) Stove
                                                  4) Carbon Dioxide Fire Suppression system installed above the range cook top

                                 D. Applicant agrees to provide the following additional required Amenities for Senior projects:
                                                  1) Elevators are installed for access to all units above the ground floor.
                                                  2) Buildings more than two story construction have interior gathering areas in several locations in the lobbies and/or corridors
                                                  3) 100% of the units are accessible and adaptable
                                                     If No, was a waiver granted?
                                                  4) All units are equipped with an installed call system, including a buzzer/bell and a light to the exterior.

                                 E. Applicant agrees to provide the following three required Amenities for 4% Tax Credit projects, per the Amenities Guidebook:
                                           1)        <<Select>>
                                           2)        <<Select>>
                                           3)        <<Select>>
                   Applicant's comments regarding this section of Threshold:
D. This is not a
senior project.a
E. This is not
4% tax credit
0
                   DCA's Comments:




13                 Physical Needs Assessment (Rehabilitation Projects Only)

                                 A.Type of rehab (choose one):
                                 B.Date of PNA:
                                 C.Name of consultant preparing PNA:
                                 D.Is 20-year replacement reserve study included?
                                 E.Applicant
                                   understands that
                   Applicant's comments regarding this section of Threshold:
0
0
0

                   DCA's Comments:




14                 Site Information and Conceptual Site Development Plan

                                 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?
                                B. Are all site related amenities required and selected in this application indicated on the Conceptual Site Development Plan?
                                C. Is the Desirable/Undesirable Certification included in this application with all supporting documentation as set forth in the QAP and Manual?
                                D. If this is a 4% deal is the Desirable/Undesirable Certification included in this application?
                  Applicant's comments regarding this section of Threshold:
A. The
D. This is site
conceptualnot a
4% deal.
0

                  DCA's Comments:




15                Energy Standards

                  Is there a Waiver Approval Letter From DCA included in this application for this criterion?

                                A. Does the project meet Georgia Energy Codes?
                                B. Do the basic design and equipment meet the requirements of the Architectural Manual, including those for Energy Star rated appliances?
                                C. If a 4% deal, select 4 energy components for project, two (2) of which must contribute to the increased efficiency of the HVAC systems:
                                           1)        (Select an
                                           2)        energy standard
                                                     (Select an
                                           3)        energy standard
                                                     (Select an
                                           4)        energy standard
                                                     (Select an
                                                     energy standard
                  Applicant's comments regarding this section of Threshold:
A and B.
Carrollton Star
for Energy
rated is not a
C. This
4% deal.
                  DCA's Comments:




16                Accessibility Standards

                                A. Does this project
                                B. comply with all comply with applicable DCA accessibility requirements detailed in the Accessibility Manual of the 2008 Application Manual?
                                   Does this project
                                C. Are at least 5% of the total units equipped for the mobility disabled, including wheelchair restricted residents?
                                D. Are at least 2% of the total units equipped for hearing and sight-impaired residents?

                  Applicant's comments regarding this section of Threshold:
Carrollton
Crossing
in the
Architectural
0
                  DCA's Comments:
17                  Architectural Design & Quality Standards

                    Is there a Waiver Approval Letter From DCA included in this application for this criterion?

                                  A. Does this
                                  B. application meet
                                     If a 4% deal, are
                                              4
                                     at least 1)       Select exterior
                                              2)       material /finish
                                                       Select exterior
                                              3)       material /finish
                                                       Select site
                                              4)       Select choice
                                                       design site
                                                       design choice
                    Applicant's comments regarding this section of Threshold:
A. The design
willThis is the a
B. meet not
4% deal.
0
0
0
                    DCA's Comments:




18                  Experience

                    Is there a Pre-Determination Letter From DCA included in this application for this criterion?
                    Is there a Waiver Approval Letter From DCA included in this application for this criterion?

                                   A. Have all entities and individuals in the Owner and Developer organizational structure been identified on an organizational chart?
                                      Please disclose any conflict of interest between the parties:
                                      There is no
                                      conflict of
                                  B. Is there a Development fee sharing arrangement between the Owner, Developer or any other party?
                                     If Yes, disclose details in box below:
                                     0

                                  C. Is there any Guarantee Agreement?
                                     If Yes, disclose details in box below:
                                0

                           D. Please disclose all owner and development consultants, direct or indirect, paid or unpaid.
                              There are no
                              consultants on
                           E. This Application meets Owner Experience through (select one):
                                             1) Name of Experienced Owner, Partner or Consultant:
                                             2) Was this individual or entity determined to be experienced by DCA prior to 2008 Application Submission?
                                             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?

                           F. This Application meets Developer Experience through (select one):
                                             1) Name of Experienced Developer, Partner or Consultant:
                                             2) Was this individual or entity determined to be experienced by DCA prior to 2008 Application Submission?
                                             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?

                           G. This Application meets Manager Experience through (select one):
                                             1) Name of Experienced Manager, Partner or Consultant:
                                             2) Was this individual or entity determined to be experienced by DCA prior to 2008 Application Submission?
                                             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?

                           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.

                            I. Is the applicant applying to DCA under the Probationary Participation provision?

             Applicant's comments regarding this section of Threshold:
The Owner,
Carrollton
0
0

             DCA's Comments:




19           Eligibility for Credit under the Nonprofit Set-Aside

                           A.   Name of Qualified Nonprofit:                                                                                                                   A.                 0
                           B.   Is the
                           C.   organization a
                                Does the qualified nonprofit materially participate in the project as described in IRC Section 469(h)?
                           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?
                           E. If the nonprofit is
                              Is a a developer
                           F. also copy of the GP joint venture agreement that indicates the nonprofit's general partnership interest and developer fee amount included in the application?
             Applicant's comments regarding this section of Threshold:
0
0

               DCA's Comments:




20             Eligibility for HOME Loans under the CHDO Set-Aside*

                             A. Name of CHDO:                                                                                                                               A.         0
                             B. Is a copy of the State CHDO pre-qualification/renewal letter included in the Application?
                             C. Is the CHDO either the sole general partner of the ownership entity or the managing general partner of the ownership entity?
                             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?
                             E. Does the CHDO
                             F.       wholly
                                (oraacopy of the
                                Is
                                GP/joint venture
                             G. Do all parties understand that the CHDO must exercise effective control of the partnership throughout the period of affordability?
               Applicant's comments regarding this section of Threshold:
0
0

               DCA's Comments:




21             Additional HOME/HUD Requirements

               Is there a Pre-Determination Letter From DCA included in this application for HOME/HUD Site and Neighborhoos Standards?

                             A. The Census
                                Tract for the
                                Please list all contiguous Census Tracts:                                9905.01, 9906, 9911
                             B. Is Contract Addendum included in Application?
               Applicant's comments regarding this section of Threshold:
There are no
HOME funds
0
0

               DCA's Comments:




22             Required Legal Opinions
               State legal                                                                          A.   Credit Eligibilty for Acquisition
               opinions                                                                             B.   Credit Eligibilty for Assisted Living
                                                                                                    C.   Nonprofit Federal Tax Exempt Status
                                                                                                    D.   Accessibility Standards
                                                                                                          E. Other (If Yes, then also describe):                      0         0
                   Applicant's comments regarding this section of Threshold:
0
                   DCA's Comments:



23                 Georgia Housing Search
                                  A. Applicant agrees
                                 B. that if
                                    Has Applicant registered all available affordable Housing Units previously funded by DCA on the Georgia Housing Search website?
                   Applicant's comments regarding this section of Threshold:                                                                                                    DCA's Comments:
0


24                 Relocation and Displacement of Tenants
                                 A. Does the Applicant anticipate displacing or relocating any tenants?
                                 B. Have the completed and executed tenant household data forms been submitted with the Application for every occupied unit in each building to be rehabilitated?
                                 C. Is a relocation
                                 D. plan (including a
                                    If the Applicant
                                    anticipates
                                 E. If the project has HOPE VI or other master relocation plans, were those plans submitted with their Application?
                   Applicant's comments regarding this section of Threshold:
This is new
construction and
0

                   DCA's Comments:




25                 Compliance History Summary
                   Is there a Pre-Determination Letter From DCA included in this application for this criterion?

                                 A.   Has the principal
                                 B.   and five fullyof
                                      Are entities
                                 C.   executed DCA compliance questionnaire for each General Partner, Developer, and project consultant(s) included in the application?
                                      Is the completed
                                 D.   Has Applicant included appropriate documentation or releases from other state housing agencies (both the MultiState Release Form and the Uniform Release Form)?
                   Applicant's comments regarding this section of Threshold:
B. Per Posting
#2 Q&A #44,
0
0

                   DCA's Comments:
PART NINE - SCORING CRITERIA - 2008-050 Carrollton Crossing Apartments, , County




1.                   APPLICATION COMPLETENESS/ORGANIZATION

                     A.               Missing or Incomplete Documents (Completeness)
                     B.               Financial and Other Adjustments (points entered here will be subtracted from the total score)
                     C.               Organization

                     Applicant's comments regarding this section of scoring:
A. All application
forms and
C. The
application is
                     DCA's Comments:                               Nbr of missing or incomplete documents:                      Nbr of financial adjustments/revisions requested:
2.                 DESIRABLE/UNDESIRABLE ACTIVITIES CHARACTERISTICS
                                    (Applicants need to complete Desirable/Undesirable Certification form)

                   A.              Desirable Sites (1 pt each)
                   B.              Undesirable Sites (1 pt subtracted for each - points entered here will be subtracted from the total score)
                   Applicant's comments regarding this section of scoring:
Tab 13 contains
a site location
0
0
0

                   DCA's Comments:




3.                 DEEPER TARGETING / RENT AND INCOME RESTRICTIONS

                   A.               50% Gross Rent Restrictions / 50% Income Restrictions:                Nbr units to have these restrictions:   22     Percent of Residential Units:
                   B.               30% Gross Rent Restrictions / 30% Income Restrictions:                Nbr units to have these restrictions:   0      Percent of Residential Units:

                   Applicant's comments regarding this section of scoring:
A. 30.6% of the
units will be at
0

                   DCA's Comments:




4.                 MIXED INCOME PROJECTS
                                                                                                             Total market rate units:             8    Pct of Mkt to Residential Units:
                   Applicant's comments regarding this section of scoring:
11.1% of the
units will be
                   DCA's Comments:
5.            QUALITY GROWTH INITIATIVES                                              See scoring criteria for further requirements and information

              A.               Infill and Smart Growth Rural Development
                               Indicate Quality Growth Initiative to be used (choose one):                                                  Infill

                               How does the       The City of
                               site maximize      Carrollton has a
                                                  0
                                                  0

                               Describe                              Clustered
                               Adjacent                              residential
                               Additional information for Infill Option:

                               Indicate Infill Type (choose one):                                                                           New Construction
                               Describe                              The site is
                               Adjacent                              bounded on the


              B.               Community Transportation Options                       (choose only one)

                            1. Rapid Transit Authority (choose only one) :            Transit Oriented Development                                             OR
                                                                                      Adjacent to a rapid rail transit station

                            2. Bus (choose only one):                                 Bus route with defined, regularly scheduled bus service                  OR
                                                                                      “On call” bus system (for Majority Special Needs projects)

                            3. “On call” bus system (Rural)

              C.               Economic Investment Areas                              County:                                               << Select one >>

              Applicant's comments regarding this section of scoring:
5.A. Tab 14
contains
0
0

              DCA's Comments:




6.            REDEVELOPMENT AND REVITALIZATION STRATEGIES

              A.               Difficult to Develop Sites
                            1. State EZ, Federal EC or a HUD or USDA EZ or a Renewal Community:                                             State Enterprise Zone
                               2. Difficult Development Area or Qualified Census Tract :                                                    Qualified Census Tract

                 B.               Community Redevelop/Revitalization Plans and Strategies                                     Name of Plan:  Quality Growth
                               1. Is there a Pre-Determination Letter From DCA included in this application for this criterion?              Resource Team
                                                                                                                                             Yes
                               2. Indicate whether the Community Redevelop/Revitalization Plan includes the following:
                                                                                   a) A discussion of potential sources of funding for the plan
                                                                                   b) A clearly delineated target area that includes the proposed project site
                                                                                   c) Detailed policy goals (one of which must be housing)
                                                                                   d) Implementation measures along with specific time frames for the achievement of such policies and housing activities
                                                                                   e) A copy of the entire plan must be included in the Application.
                                                                                    f) Evidence that the proposed development project supports at least one of the goals of the redevelopment or revitalization plan

                 C.               PHA Community Building Initiative                    Investment Type:                                     << Select one>>

                 D.               DCA Community Initiatives                            Project site is in:                                  Georgia Mainstreet Community

                 Applicant's comments regarding this section of scoring:
A. and D.
Please see
B. From the
Preapplication
0
                 DCA's Comments:




7.               ADAPTIVE REUSE AND BROWNFIELD / GREYFIELD REDEVELOPMENT

                 A.               Adaptive Reuse of entire existing building           (with Physical Needs Assessment and supporting documentation)
                 B.               Brownfields Redevelopment                            (With EPA/EPD Documentation)
                 C.               Greyfields Redevelopment                             (with supporting documentation)

                 Applicant's comments regarding this section of scoring:
0
0
                 DCA's Comments:




8.               PREVIOUS PROJECTS / PHASED PROJECTS                                                                                                          (choose only one)

                 A.               Proposed development site is w/in boundaries of a Local Govt in which a 9% Credit, 4% Credit and/or HOME project not awarded w/in last three (3) DCA funding cycles
                 B.               Proposed project is part of a Master Planned Community in which one or more phases received an allocation of 9% tax credits
                 C.               Proposed development site is w/in boundaries of a Local Govt in which a 9% Credit, 4% Credit and/or HOME project not awarded w/in last two (2) DCA funding cycles
                 D.               Proposed development site is w/in boundaries of a Local Govt in which a 9% Credit project not awarded w/in last three (3) DCA funding cycles
                  Applicant's comments regarding this section of scoring:
8.A. No 9%
credit, 4% credit DCA's Comments:



9.               WAIVER OF QUALIFIED CONTRACT RIGHT OR TENANT OWNERSHIP PLAN                                                                                  (choose only one)

                 A.                The owner is willing to forgo the cancellation option after the close of the compliance period for at least five (5) years:
                 B.                Tenant ownership plan

                 Applicant's comments regarding this section of scoring:
Carrollton
Crossing, LLC,
0

                 DCA's Comments:




10.              PRESERVATION OF EXISTING AFFORDABLE HOUSING                                                                                                  (choose either A or B for points)

                 A.                Application proposes the preservation of an affordable housing project with low-income housing tax credits where the credit period has ended.
                                   Application proposes the preservation of an affordable housing project with low-income housing tax credits which are beyond the 14th year of the compliance period.
                 B.                Application proposes the preservation of a HUD funded or USDA funded affordable non-public housing project.
                                   Application proposes the preservation of a project that currently has a Project Based Section 8 contract but is eligible to opt out.

                 Applicant's comments regarding this section of scoring:
0
0

                 DCA's Comments:




11.              HISTORIC DESIGNATION
                               A. Has the Applicant received a Historic Designation for the subject property?
                               B. Federal Historic Credits have or will be submitted?
                 Applicant's comments regarding this section of scoring:
0
0
                 DCA's Comments:
12.             SPECIAL NEEDS TARGETED UNITS                                           (choose only one)
                Is there a Waiver Approval Letter From DCA included in this application for this criterion?

                              A. Name of Service Provider                                                                                                                  A. Pathways Center for Behavioral & Deve
                              B. Is Service Provider approved by DCA?
                                 Is there a Pre-Determination Letter From DCA included in this application for this criterion?
                              C. Number of Units that are:                        1. 30% Rent Restricted:
                                                                                  2. PBRA-assisted:
                              D. Developments with a Portion of Units Designated as Targeted                                     Nbr Trgtd Units in Set Aside         3       Pct of Tot Units:
                              E. Developments w/ Majority of Units Designated for Targeted Population Tenants                    Nbr Trgtd Units in Set Aside         0       Pct of Tot Units:
                Applicant's comments regarding this section of scoring:
Applicant will
target 5% of the
vouchers. The
predetemination DCA's Comments:




13.             CHDO / NONPROFIT                                                      (choose only one)
                              A. Name of CHDO:                                                                                                                             A. 0
                              B. GP is at least 51% owned by Georgia CHDO and is both applying and eligible for the HOME CHDO Loan Program set-aside
                                 GP comprised of 100% nonprofit organizations and the project is applying for and is eligible for the nonprofit set-aside
                              C. GP is for-profit entity partnering with a nonprofit that is applying (and eligible) under the Plan’s Credits nonprofit set-aside
                Applicant's comments regarding this section of scoring:
0
0
                DCA's Comments:




14.             RURAL PROJECTS                                                          (75 units or less)
                Applicant's comments regarding this section of scoring:                                                                                         DCA's Comments:
0


15.             LOCAL GOVERNMENT SUPPORT

                              A. Name of Community:                                                                                                                     A. City of Carrollton
                              B. Local Government adopts resolution of support for the proposed project                                                  OR (choose only one)
                                 Letter from the elected official if Local Government is governed by only one elected official (as specified in its Charter)
                              C. Project has a letter from a designated DCA Signature Community clearly identifying the project as indicative of the community’s affordable housing goals.

                Applicant's comments regarding this section of scoring:
15.B. See Tab
27 for the
0

                DCA's Comments:
16.   FINANCIAL ASSISTANCE / LEVERAGING OF RESOURCES / REDUCTION OF RISK

              A. On Site
                        1.         Indicate applicable General Conditions met by the assistance or resources:                                                           Applicant
                                                                                                                                                                        Yes / No
                             a)    Funding or assistance provided will be binding and unconditional except as set forth in this section.                       a)         Yes
                             b)    Funding or assistance must be from an unrelated party.                                                                      b)         Yes
                             c)    Resources will be utilized if the project is selected for funding by DCA.                                                   c)         Yes
                             d)    Loans are for both construction and permanent phases and are for a minimum period of ten years.                             d)         Yes
                             e)    Government loan guarantees and/or mortgage insurance for loans meet these terms.                                            e)         Yes
                             f)    Loans are cash flow or below AFR.                                                                                           f)         No
                             g)    Project-based rental assistance is not used for points in this section.                                                     g)         Yes
                             h)    Costs associated w/ waiver of zoning and/or building code reqmts not used for points in this section.                       h)         Yes
                              i)   Reductions in annual operating costs occur in each of the first 10 years.                                                    i)        No
                              j)   DCA Permanent Supportive Housing Loan is for project that qualifies as “majority” special need project.                      j)        No

                        2.         Indicate Qualifying Resource(s) used and provide detail below:                                                 <<Select>>

                             a) Government:                            Type:                                                                 a) <<Select>>
                                                                       Jurisdiction Name:                                                       0

                                                                       Resource Name:                                                             <<Select>>         If Other, specify:
                                                                       Resource Type:                                                             <<Select>>
                                                                       If resource type is cost reduction, specify:                               <<Select>>
                                                                       If cost reduction type is Other, specify:                                  0

                                                                       Additional Resource Name:                                                  <<Select>>         If Other, specify:
                                                                       Resource Type:                                                             <<Select>>
                                                                       If resource type is cost reduction, specify:                               <<Select>>
                                                                       If cost reduction type is Other, specify:                                                0

                             b) DCA HOME or PSH HOME:                  Project is:                                                           b) <<Select>>
                                                                       PSH Loan?                                                                                0
                                                                       Resource Type:                                                             <<Select>>

                        2.         Indicate Qualifying Resource(s) used (continued) :

                             c) Unrelated 3rd party:                   Name (Foundation or trust):                                           c)                 0
                                                                       Resource Type:                                                             <<Select>>
                                                                       If resource type is cost reduction, specify:                               <<Select>>
                                                                       If cost reduction type is Other, specify:                                                0

                             d) Federal Home Loan Bank AHP:            Resource Type:                                                        d) <<Select>>
                                                     e) Local PHA:                           Resource Name:                                                         e) <<Select>>
                                                                                             If Other PHA resources, specify:                                                          0

                                                                                             Resource Type:                                                            <<Select>>
                                                                                             Development Cost reduction type:                                          <<Select>>
                                                                                             If cost reduction type is Other, specify:                                                 0
                                                                                             Operating Cost reduction type:                                            <<Select>>
                                                                                             If cost reduction type is Other, specify:                                                 0

                                                      f) USDA 515 Loan in form of:                                                                                  f) <<Select>>

                                                     g) Loan Guarantee:                      Type:                                                                  g) HUD 221(d)(4)         Amt of underlying insured loan:

                                      Urban Areas       3% but less than 6% of total project development cost and/or average annual operating cost reduction
                                                        Greater than or equal to 6% but less than 10% of total project development cost and/or average annual operating cost reduction
                                                        10% or more of total project development cost and/or average annual operation cost reduction

                                      Rural Areas       3% but less than 6% of total project development cost and/or average annual operating cost reduction
                                                        Greater than or equal to 6% of total project development cost and/or average annual operating cost reduction

                                  B. Off Site           Unrelated third-party entity type:                                                                         <<Select>>
                                                        Name of entity:                                                                                                           0
                                                        Resource Description and Amount:                                                                                          0
                                                        Describe Improvement, Amenity and Facility Investment:                                                     <<Select>>
                                                        Investment is not community wide, part of community local action plan nor will it be developed regardless of proposed project?
                                                        Is there a Pre-Determination Letter From DCA included in this application for this criterion?

                    Applicant's comments regarding this section of scoring:
16.A.2. Per
Appendix II B.7.,
0
0
0
                    DCA's Comments:




17.                 OPTIONAL AMENITIES
                    Is there a Pre-Determination Letter From DCA included in this application for this criterion?                                           0
                    Is there a Waiver Approval Letter From DCA included in this application for this criterion?                                            No                          Total Points selected by Applicant:

                                      List optional amenities below and points associated with each item (amenities selected to satisfy basic amenities are not eligible for points). See scoring criteria for additional informati
                                      Unit Amenities - for a minimum of six (6) points (See scoring criteria)                    Point Value    Site Amenities (must be suitable for tenant base)
                                      Microwave Oven                                                                                    2       Covered pavilion
                                      in every unit
                                      In-sink disposal                                                                                  2       with
                                                                                                                                                Furnished
                                      in every unit                                                                                             Library
                       Built in                                                                                                2          Equipped
                       dishwasher in
                       (Select a unit                                                                                          0          Computer
                                                                                                                                          Furnished
                       amenityafrom
                       (Select unit                                                                                            0          Exercise/Fitness
                                                                                                                                          Swimming Pool
                       amenity from Amenities as approved by DCA
                       Other Optional                                                                                    Point Value      Complete built-
                       0                                                                                                      0           in fire sprinkler
                                                                                                                                          <<Select>>
                       0                                                                                                      0           <<Select>>
                       0                                                                                                      0           <<Select>>
                       0                                                                                                      0           <<Select>>
                       0                                                                                                      0           <<Select>>
                       0                                                                                                      0           <<Select>>
      Applicant's comments regarding this section of scoring:
0
0
0
      DCA's Comments:




18.   ARCHITECTURAL ENHANCEMENTS

             A.        Energy Efficiency and Indoor Air Quality Requirements                                      (See Scoring Criteria for complete requirements and information)
                       Is there a Waiver Approval Letter From DCA included in this application for this criterion?
                               1a.       EPA Energy Star Program construction and certification:                  OR
                              1b.        Southface Energy Institute's Earth Craft House construction and certification
                              1c.        Enterprise Foundation's Green Communities standard of construction and certification
                              1d.        US Green Building Council's LEED For Homes construction and certification
                               2.        Exterior envelope wall systems insulation
                               3.        Attic insulation to R-38
                               4.        ARI rated furnace (90% AFUE) or heat pump (HSPF 8.0 for both HP 2 ton and HP 1.5 ton units)
                               5.        ARI rated SEER 14 cooling equipment with sensible heat ratio less than 0.75
                               6.        Locate HVAC ductwork in condtitioned spaces
                               7.        Installation of two low flow fixtures (must incl toilet and showerhead to qualify for utility self billing option)
                               8.        Installation of Energystar "Advanced Lighting Package' throughout the property
                               9.        HVAC system designed for controlled introduction of outside air per ASHRAE 62.2
                              10.        Common area lighting with Energystar rating and controls
                              11.        Combustion equipment located in sealed space with outside ventilation
                              12.        Range hood ventilated to the exterior with damper
                              13.        Energystar ceiling fans in living rooms, sunrooms and all bedrooms
                              14.        Energystar bath exhaust with timer and humidistat control
                              15.        Front Loading washers in Community Laundry
                              16.        Other - describe: 0
                              17.        Other - describe: 0
                              18.        Other - describe: 0

             B.        Sustainable Communities Certification                                                          (See Scoring Criteria for complete requirements and information)
C.   Project Design                                                                                (See Scoring Criteria for complete requirements and information)
     Is there a Waiver Approval Letter From DCA included in this application for this criterion?
              1        Exterior Wall Finishes
                    a. Exterior wall faces have more than 40% masonry on all sides of building
                    b. Rehabilitation of historic structures that elect to maintain/restore exterior wall finishes
                    c. Rehabilitation of buildings (with no masonry) that elect to upgrade all exterior finishes

             2            Attractive Features
                     a.   Recreation of historic decorative elements on historic (non-designated) buildings
                     b.   Addition of decorative exterior elements for new and existing buildings
                     c.   Addition or redesign of covered building entries for new and existing buildings
                     d.   Addition or redesign of attractive stair/railings for new and existing buildings

             3            Major Building
                  a. Component siding, hard stucco or wood siding exterior finishes
                      Cementitious
                  b. Upgraded roofing materials
                  c. Upgraded windows and french doors with lever hardware throughout the property
                  d. Upgraded interior doors with lever hardware throughout the property
                  e. Upgraded interior cabinetry throughout the property
                   f. Upgraded flooring materials throughout the property
C.   Project Design (continued)                                                          (See Scoring Criteria for complete requirements and information)

             4            Landscaping
                     a.   and Ste Design
                          Site entry(ies) delineated with permanent illuminated sign and decorative fencing
                     b.   Upgraded landscaping at areas of community usea.
                     c.   Freestanding site shelters in addition to the basic requirements - describe:             0
                     d.   Additional larger trees, shade plantings and seating at recreational/community use areas
                     e.   50% of property (100% of sidewalks) to have porous paving
                     f.   Xeriscaping, areas for native plantings or low water landscaping
                     g.   Reuse of site water run-off for landscaping irrigation
                     h.   Preservation of existing trees and vegetation within the body of the site OR:
                          Substantial replanting of tress and vegetation where none are existing or can be preserved.

             5            Other Project
                     a.   Design Options 0
                          Other - describe:
                     b.   Other - describe: 0
                     c.   Other - describe: 0

D.   Accessibility                                                                                     (See Scoring Criteria for complete requirements and information)
           1.             Three third-party construction inspections
           2.             Third-Party Report from review of construction documents per DCA template and requirements
           3.             Additional 2% of the units equipped for the mobility impaired (to include a roll-in shower)
           4.             All units equipped for the disabled to include front loading washers and dryers
           5.             Maximum length of travel from all first floor units to the parking areas designated for the disabled does not exceed 200'
           6.             All units on all floors shall be modified to be 'visitable' according to the FHA Standards (Senior properties not eligible)
                    Applicant's comments regarding this section of scoring:
0
0
0
0

                    DCA's Comments:




19.                 READINESS TO PROCEED                                  (choose one)

                    A.                Original building permit obtained, dated appropriately
                    B.                Original letter from the Local Government referencing project’s name, address, nbr of units and, if building permit released, permit number

                    Applicant's comments regarding this section of scoring:
19.B. Please
see letter in Tab
0
                    DCA's Comments:




20.                 COMPLIANCE HISTORY STATUS

                    Is there a Pre-Determination Letter From DCA included in this application for this criterion?

                    A.                Owner/Developer

                    B.                Manager (Pass or Fail)

                    Applicant's comments regarding this section of scoring:
We received a
pre-
0
0
                    DCA's Comments:
TOTAL POSSIBLE SCORE
           DCA Use Only - Project Nbr:
                                 2008-050




               Title           Member
               Direct Line                  ##########
               Fax                          ##########
               Cellular                     ##########
     sam@cahabavalley.net




                  Phased Project?           No
                  Scattered Site?           No
                  Acreage                   7.51
                  Census Tract #            9905.02
Marietta          QCT?           Yes              DDA?   -




     Mayor
     Carrollton
         Fax      ##########
e restricted)
Service Provider
 Center for Behavioral & Developmental Growth




               40% of Units at 50% of AMI in each building   0
               20% of Units at 50% of AMI in each building   0

               40% of Units at 50% of AMI in each building   0

ross Rent Restrictions/50% Income Restrictions
                  Inducement Date:            ##########
                  Applicable QAP:             0

         E-mail   0
     -                             Cellular   -



ving them that will be submitted in the current DCA OAH Competitive Round:




hip interest:




nced unrelated entity for purposes of meeting DCA Experience Requirements:
                           % of Total Residential Units   0%
                           % of Total Residential Units   0%
Contact        0
Email          0
Direct line    -
Cellular       -
If yes, expiration year:                       5




 If Yes, new Limit is:        $0.00
 If Yes, new Limit is:        $0.00
DCA COMMENTS
                    Name of Principal          John O. Moore, Jr.
                    Title of Principal         Member - Carrollton Crossing MM, LLC
0                   Direct line                2052509012
                    Cellular                   2052660272
2059919674   E-mail chip.moore@capmark.com




                    Name of Principal          John O. Moore, Jr.
                    Title of Principal         Member
                    Direct line                2052509012
                    Cellular                   2052660272
2059919674   E-mail chip.moore@capmark.com

                    Name of Principal          0
                    Title of Principal         0
                    Direct line                0
                    Cellular                   0
0            E-mail 0

                    Name of Principal          0
                    Title of Principal         0
                    Direct line                0
                    Cellular                   0
0            E-mail 0



                    Name of Principal        Craig Descalzi
                    Title of Principal       Director of Acquisitions
                    Direct line              7275671962
                    Cellular                 0
7275678455   E-mail craig.descalzi@raymondjames.com

                    Name of Principal          Craig Descalzi
                    Title of Principal         Director of Acquisitions
                    Direct line              7275671962
                    Cellular                 0
7275678455   E-mail craig.descalzi@raymondjames.com



                    Name of Principal        0
                    Title of Principal       0
                    Direct line              0
                    Cellular                 0
0            E-mail 0


                    Name of Principal        John O. Moore, Jr.
                    Title of Principal       Managing Member
                    Direct line              2052509012
                    Cellular                 2052660272
2059919674   E-mail chip.moore@capmark.com

                    Name of Principal        0
                    Title of Principal       0
                    Direct line              0
                    Cellular                 0
0            E-mail 0

                    Name of Principal        0
                    Title of Principal       0
                    Direct line              0
                    Cellular                 0
0            E-mail 0

                    Name of Principal        0
                    Title of Principal       0
                    Direct line              0
                    Cellular                 0
0            E-mail 0



                    Name of Principal        0
                    Title of Principal       0
                    Direct line              0
                    Cellular                 0
0            E-mail 0

                    Name of Principal        Douglas P. Hollyhand
                            Title of Principal            President
                            Direct line                   0
                            Cellular                      0
2057585605           E-mail cindy@hollyhand.com

                            Name of Principal             William B. Welden
                            Title of Principal            President
                            Direct line                   0
                            Cellular                      0
2059304508           E-mail billw@spm.net

                            Name of Principal             Paul S. Leonard
                            Title of Principal            Attorney
                            Direct line                   0
                            Cellular                      0
2053248866           E-mail psl@spain-gillon.com


                            Name of Principal        Steven A. Christian
                            Title of Principal       CPA/Accountant
                            Direct line              0
                            Cellular                 0
2059672378           E-mail sac@christiandenaburg.com

                            Name of Principal      Rory McKean
                            Title of Principal     President
                            Direct line            0
                            Cellular               0
3342440347           E-mail rmckean@mckeanarch.com



4. Does this   5. Has this                6. Applicable                7. Project




No             No                         For Profit                         0.0100%
0              0                          0                                  0.0000%
0              0                          0                                  0.0000%
No             No                         For Profit                        99.9900%
No             No                         For Profit                        99.9900%
0              0                          0                                  0.0000%
No             No                         For Profit                         0.0000%
0              0                          0                                  0.0000%
0              0                          0                                  0.0000%
0    0                         0                  0.0000%
0    0                         0                  0.0000%
No   No                        For Profit         0.0000%
No   No                        For Profit         0.0000%

     VI.           DCA COMMENTS

     0

     0

     0

     0

     0

     0




     Effective Interest Rate   Term (In Months)
     6.500%                    480
     0.000%                    0
     0.000%                    0
        Amort.    Annual Debt Service
        (Years)   Per Terms Given          Loan Type             Balloon?
   40             166,810                  Amortizing              No
   0                                       0                         0
   0                                       0                         0
   0                                       0                         0
   0                                       0                         0
   12             33,667                   Cash Flow               No




           13          14            15         16         17       18
        0.000%      0.000%        0.000%     0.000%     0.000%   0.000%
           25          26            27         28         29       30
        0.000%      0.000%        0.000%     0.000%     0.000%   0.000%


MMENTS
Acquisition                  Rehabilitati   Amortizable


              PRE-DEVELOPMENT COSTS
       -                                      -             -
       -                                      -             -
       -                                      -             -
       -                                      -             -
       -                                      -             -
       -                                      -             -
       -                                      -             -
       -                                      -             -
       -                                      -             -
       -                                      -             -

                       ACQUISITION
                                                      1,100,000
                                                            -
       -                                                    -
       -                                                    -
       -                                              1,100,000

                   SITE IMPROVEMENTS
       -                                      -             -
                                                            -
       -                                      -             -

               UNIT/BUILDING CONSTRUCTION
       -                                -                   -
       -                                -                   -
       -                                -                   -
       -                                -                   -
       -                                -                   -
       -                                -                   -

                  CONTRACTOR SERVICES
       -                                      -             -
       -                                      -             -
       -                                      -             -
       -                                      -             -
       -                                      -             -



Acquisition                          Rehabilitati   Amortizable




              CONSTRUCTION PERIOD FINANCING
       -                                 -                  -
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -

               PROFESSIONAL SERVICES
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -

              LOCAL GOVERNMENT FEES
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -

              PERMANENT FINANCING FEES
                                                   18,996
                                                      -
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -             -
       -                                -          18,996


Acquisition                    Rehabilitati   Amortizable




                 DCA-RELATED COSTS
                                                      -
                                                    3,500
       -                                -             -
                                                      -
                                                   59,500
                                                   43,200
                                            -
                                          2,000
                                            -
     -                           -      108,200

             EQUITY COSTS
                                            -
                                            -
                                         25,000
                                            -
     -                           -       25,000

            DEVELOPER'S FEE
     -                           -           -
     -                           -           -
     -                           -           -
     -                           -           -

         START-UP AND RESERVES
                                         30,000
                                         32,720
                                        100,000
                                         17,280
     -                           -          -
     -                           -          -
     -                           -      180,000

             OTHER COSTS
     -                           -           -
     -                           -           -
     -                           -           -
     -                           -           -

     -                           -     1,432,196




4%                      Rehabilitati


                        0
                        0
                        0
                        0
                        0
                                     0
                                     0
                                             0


                 0                            0
                                              0
                 0                            0
                                          0.00%
               0                              0
          88.88%                         88.88%
               0                              0
           0.00%                          0.00%
               0                              0




   Enter the lesser
   of the Total



                      Federal                     State
          =                 0.7600       +                0.2300




MMENTS
    MF

of Bedrooms)
         4     5
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0




               0

of Bedrooms)
         4         5
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0         0
         0           0
         0           0
         0           0
         0           0
         0           0
         0           0
         0           0




Rent Type of "N/A-CS" to Common Space units.

   Monthly Net Rent            Employee      Building      Type of        Efficiency 60% 1 BR 60%   2 BR 60%   3 BR 60%   4 BR 60%   5 BR 60%   Efficiency
     Per Unit       Total        Unit          Type        Activity             Units      Units      Units      Units      Units      Units    50% Units
            536        2,680     No                    New Construction
                                          2-Story Walkup
            633        1,266     No                    New Construction
                                          2-Story Walkup
            633        1,899     No          3+ Story New Construction
            633        3,165     No          3+ Story New Construction
            718        5,026     No          3+ Story New Construction
            595        5,355     No       2-Story Walkup
                                                       New Construction                         9
            695        4,170     No       2-Story Walkup
                                                       New Construction                                    6
            695        9,035     No          3+ Story New Construction                                    13
            795       11,130     No          3+ Story New Construction                                               14
            659        1,318     No                    New Construction
                                          2-Story Walkup
            750        2,250     No          3+ Story New Construction
            850        2,550     No          3+ Story New Construction
            -             -       0              0            0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
          -         -     0             0           0
MONTHLY TOTAL    49,844                                         0         0       9         19            14        0   0       0
 ANNUAL TOTAL   598,128

                                                                    II.       UNIT SUMMARY - BASED ONLY ON RENT CHART ENTRIES!!!!

         4BR      5BR         Total         Discrepancy Check                 Units:                                                  Efficie
          -        -               42              OK                                  Low-Income                           60% AMI
          -        -               22              OK                                                                       50% AMI
          -        -           -                   OK                                                                       30% AMI
          -        -               64              OK                                                                       Total
          -        -                8              OK                                  Market Rate
          -        -               72              OK                                  Total Residential
          -        -           -                   OK                                  Common Space
          -        -               72              OK                                  Total

          -        -           -                   OK                                  HOME                     Fixed       60% AMI
          -        -           -                   OK                                  (included in LI above)               50% AMI
          -        -           -                   OK                                                                       30% AMI
          -        -           -                   OK                                                                       Total
               -               -                -                 OK                                         Floating           60% AMI
               -               -                -                 OK                                                            50% AMI
               -               -                -                 OK                                                            30% AMI
               -               -                -                 OK                                                            Total

               -               -                -                 OK                PBRA-Assisted                               60% AMI
               -               -                    3             OK                (included in LI above)                      50% AMI
               -               -                -                 OK                                                            30% AMI
               -               -                    3             OK                                                            Total
                                                                                    Construction:
               -               -                    64            OK                                         New Construction   Low Inc
               -               -                     8            OK                                                            Mkt Rate
               -               -                -                 OK                                         Acq/Rehab          Low Inc
               -               -                -                 OK                                                            Mkt Rate
               -               -                -                 OK                                         Rehab Only         Low Inc
               -               -                -                 OK                                                            Mkt Rate

                                                                           Square Footage:
               -               -           44,074                 OK                Low Income                                  60% AMI
               -               -           22,970                 OK                                                            50% AMI
               -               -              -                   OK                                                            30% AMI
               -               -           67,044                 OK                                                            Total
               -               -            8,388                 OK                Market Rate
               -               -           75,432                 OK                Total Residential
               -               -              -                   OK                Common Space
               -               -           75,432                 OK                Total



be exactly 2% of potential gross income.

           6               7               8             9        10
           0               0               0             0         0
           0               0               0             0         0
           0               0               0             0         0
           0               0               0             0         0
               -               -                -             -        -

          16              17               18            19       20
           0               0                0             0        0
           0               0                0             0        0
           0               0                0             0        0
           0               0                0             0        0
               -               -                -             -        -
            26            27            28             29             30
             0             0             0              0              0
             0             0             0              0              0
             0             0             0              0              0
             0             0             0              0              0
                 -             -             -              -              -



onal Services
                                                                       2,500
                                                                       2,700
                                                                       3,000
                     0                                                     0
                         Subtotal                                       8,200


                                                                       4,800
                                                                       9,500
Sewer                                                                  4,500
llection                                                                   0
                     0                                                     0
                         Subtotal                                      18,800


 d Insurance
ate Taxes                                                             50,792
                                                                      29,850
                     0                                                     0
                         Subtotal                                      80,642

ment Fee:                                               -28369        28,369
ntered here must match Property Mgt Fee amount shown in Year 1 of Proforma.)

OPERATING EXPENSES                    4,552.93 per unit               327,811

ment Reserve                            240.00 per unit               17,280


ANNUAL EXPENSES                                                       345,091

     DCA COMMENTS
Applicant   DCA USE
                                       Pass?

                            A.    Yes
                            B.    Yes
                            C.    Yes
                            D.    No
  << Select >>

                             E.   No
                             1)    0
                             2)    0
                             3)    0
                             4)    0

                             F.   Yes
                             1)   Yes
                             2)   No

                            G.     0
                          0.00

             H.           1.33
              I. 10,832,000.00
                             J.   No
                            K.    No
L. DCA
             M.           0.00
                                          Pass?

                                       Yes
ments:



                                          Pass?

                                       Agree

                                  1)   Yes
                                  2)   No
                                  3)   No
                                  4)   No




                                          Pass?

                                  A.    0
                                        0
                                  B.   Yes
         John Wall & Associates




                                          Pass?
                                                    Pass?

                                      A.       No
                                      B.       No
Name:     0
                                                0
                                                0
                                                0




                                                    Pass?

                                                0
                                                0
        A. Environmental Compliance & Maintenance, Inc.
                                      B.      Yes
                                      C.       No
                                      D.      Yes
                                              63.4




                                       1)       No
                                       2)      Yes
                                               10%
                                                No
                                                 0
                                       3)       No
                                                0%
                                                 0
                                                 0
                                       4)       No
            No
            No
                                            0
                                     G.    Yes
                                     1)    No
                                     2)    Yes
                                     3)    Yes
                                     H.     0




                                             Pass?
                                           Yes
                         Contract/Option
Crossing, LLC




                                             Pass?
                                           Yes
on of such paved road?                      0




                                             Pass?
                                     A.    Yes
                                     B.    Yes
                                C.    Yes
                                D.    Yes
                                E.    Yes




                                         Pass?
                                      No
                                      Yes




                                         Pass?

                                       0
                                      Yes
                                      Yes
                                      No




                                         Pass?

                                A.    Agree

                                 B.   Agree
               1) Building
               2) Covered Porch
3) Washer and dryer in each unit
4) Playground
               C.    Agree
               1)     Yes
               2)     Yes
               3)     Yes
               4)     Yes

               D.     0
               1)     0
               2)     0
               3)     0
                      0
                4)    0

                E.    0




                          Pass?

A. <<Select>>
B. January 0, 1900
C.               0
                D.    0
                E.    0




                          Pass?

                A.   Yes
B.   Yes
C.   Yes
D.    0




          Pass?

      0

A.   Yes
B.   Yes
C.    0




          Pass?

A.   Yes
B.   Yes
C.   Yes
D.   Yes
          Pass?

      0

A.   Yes
B.    0




          Pass?

     Yes
      0

A.   Yes




B.   No




C.   No
                                    E. Owner
                                    1) Carrollton Crossing, LLC
                                                     2)      Yes
operation of the project?                            3)      Yes

                                     F. Developer
                                     1) Arbour Valley Development, LLC
                                                     2)      Yes
operation of the project?                            3)      Yes

                                    G. Manager
                                    1) SPM, Inc.
                                                    2)      Yes
operation of the project?                           3)      No

ate the
                      Name of Property: 0

                                                     I.      0




                                                                 Pass?



                                                    B.       0
                                                    C.       0
                                                    D.       0
                                                    E.       0
                                                    F.       0
                             Pass?



             B.          0
             C.          0
             D.          0
             E.          0
             F.          0
             G.          0




                             Pass?

                         0

Minority concentration

                         0




                             Pass?
             A.          0
             B.          0
             C.          0
             D.          0
                        Pass?
                  Agree
                    0
ments:



                        Pass?
             A.    No
ated?        B.     0
             C.     0
             D.     0
             E.     0




                        Pass?
                  Yes

             A.   Yes
             B.    0
             C.   Yes
ase Form)?   D.   Yes
          Score Value                            Self
                                                Score          DCA
                                                Value          Score

TOTALS:      192                                 142            8

               8                                  8             8

               7                        A.        0             0
               0                        B.        0             0
               1                        C.        0             0




                   Nbr of documents not organized correctly:
          10           10   0


        various   A.   10   0
        various   B.    0   0




          10           10   0

30.6%     10      A.   10   0
 0.0%      5      B.    0   0




          2            2    0
11.1%
7         3   0

3    A.   3   0




2    B.   0   0

2    1.   0   0
2         0   0

2    2.   0   0
2         0   0

2    3.   0   0

2    C.   0   0




15        9   0

5
2    1.   2   0
                              3   2.      3          0

                              3   B.      3          0
                                       Applicant    DCA
                                       Yes / No    Yes / No
                                  a)     Yes         0
                                  b)     Yes         0
                                  c)     Yes         0
 ousing activities                d)     Yes         0
                                  e)     Yes         0
ment or revitalization plan       f)     Yes         0

                              6   C.      0          0

                              1   D.      1          0




                              6           0          0

                              2   A.      0          0
                              2   B.      0          0
                              2   C.      0          0




                              6           6          0

 unding cycles                6   A.      6          0
                              5   B.      0          0
nding cycles                  4   C.      0          0
                              3   D.      0          0
              1         1     0

                   A.   Yes
                   B.    0




              10        0     0

              5    A.   0     0
nce period.   5         0     0
              5    B.   0     0
              1         0     0




              4         0     0
                   A.    0
                   B.    0
                            10                     3     0
                                                    0

enter for Behavioral & Developmental Growth
                                              B.   Yes
                                                   Yes
                                              1.    0
                                              2.    3
              4.2%           3                D.   3     0
              0.0%          10                E.   0     0




                             3                     0     0

      OR                     3                B.   0     0
      OR                     3                     0     0
                             1                C.   0     0




                             4                     0     0



                             5                     3     0


                             3                B.   3     0
                             3                     0     0
sing goals.                  2                C.   0     0
                    11           10   0

                     10          10   0
     DCA
    Yes / No
       0
       0
       0
       0
       0
       0
       0
       0
       0
       0

               Provide amount:




0                            0




0                            0




                             0

               Provide amount:



                             0




                             0
                                             0

                                             0



                                             0

nderlying insured loan:               2,374,359


                                   4                  0         0
                                   6                  0         0
                                  10                 10         0

                                   6                  0         0
                                  10                  0         0

                                      1               0         0

                                             0

       <Select>
                        0




                                  20                 20         0

elected by Applicant:             20

riteria for additional information.
                                                  Point Value
                                                       2
                                                       2
               2
               2
               2
               4
               0
               0
               0
               0
               0
               0




    43         41   0

    14         14   0
0
    10   1a.   0    0
    14   1b.   0    0
    14   1c.   0    0
    14   1d.   0    0
     2    2.   0    0
     2    3.   2    0
     4    4.   4    0
     4    5.   4    0
     2    6.   2    0
     2    7.   0    0
     2    8.   0    0
     2    9.   0    0
     2   10.   0    0
     2   11.   0    0
     2   12.   0    0
     2   13.   2    0
     2   14.   0    0
     2   15.   0    0
     2   16.   0    0
     2   17.   0    0
     2   18.   0    0

    2    B.    0    0
    20        20   0
0
    4         4    0
    4    a.   4    0
    4    b.   0    0
    4    c.   0    0

    4         4    0
    2    a.   0    0
    2    b.   2    0
    2    c.   2    0
    2    d.   0    0

    4         4    0
    2    a.   0    0
    2    b.   2    0
    2    c.   0    0
    2    d.   2    0
    1    e.   0    0
    1    f.   0    0


    8         8    0
    2    a.   2    0
    2    b.   2    0
    2    c.   2    0
    2    d.   0    0
    4    e.   0    0
    2    f.   0    0
    4    g.   0    0
    2    h.   0    0
    2         2    0


    2    a.   0    0
    2    b.   0    0
    2    c.   0    0

    7         7    0
    5    1.   5    0
    2    2.   2    0
    2    3.   0    0
    2    4.   0    0
    2    5.   0    0
    2    6.   0    0
2          1     0

2    A.    0     0
1    B.    1     0




15        15     0

          Yes

     A.   15     0

     B.   Pass
    192         142   8

Per Applicant   142   8
1 BR 50%   2 BR 50%   3 BR 50%   4 BR 50%   5 BR 50%   Efficiency   1 BR 30%   2 BR 30%   3 BR 30%   4 BR 30%   5 BR 30%   Efficiency   1 BR Mkt   2 BR Mkt
  Units      Units      Units      Units      Units    30% Units      Units      Units      Units      Units      Units    Mkt Units      Units      Units
       5
                  2
                  3
                  5
                             7




                                                                                                                                               2
                                                                                                                                                          3
     5       10        7            0            0       0       0                 0             0             0             0   0   2   3




Efficiency    1BR      2BR          3BR          4BR     5BR     Total
         -        9            19           14       -       -           42 (Include mgr units that are income restricted)
         -        5            10            7       -       -           22
         -    -            -            -            -       -       -
         -        14           29           21       -       -           64
         -         2            3            3       -       -            8
         -        16           32           24       -       -           72
         -    -            -            -            -       -       -        (no rent may be charged)
         -        16           32           24       -       -           72

         -    -            -            -            -       -       -
         -    -            -            -            -       -       -
         -    -            -            -            -       -       -
         -    -            -            -            -       -       -
-      -           -           -        -   -      -
-      -           -           -        -   -      -
-      -           -           -        -   -      -
-      -           -           -        -   -      -

-      -           -           -        -   -      -
-      -               3       -        -   -          3
-      -           -           -        -   -      -
-      -               3       -        -   -          3

-          14          29          21   -   -          64
-           2           3           3   -   -           8
-      -           -           -        -   -      -
-      -           -           -        -   -      -
-      -           -           -        -   -      -
-      -           -           -        -   -      -


-    7,425      19,779      16,870      -   -   44,074
-    4,125      10,410       8,435      -   -   22,970
-      -           -           -        -   -      -
-   11,550      30,189      25,305      -   -   67,044
-    1,650       3,123       3,615      -   -    8,388
-   13,200      33,312      28,920      -   -   75,432
-      -           -           -        -   -      -
-   13,200      33,312      28,920      -   -   75,432
                                  Efficiency                                                   Efficiency
3 BR Mkt   4 BR Mkt   5 BR Mkt   PBRA 30% 1 BR PBRA 2 BR PBRA 3 BR PBRA 4 BR PBRA 5 BR PBRA PBRA 50% 1 BR PBRA 2 BR PBRA 3 BR PBRA 4 BR PBRA
  Units      Units      Units       Units    30% Units 30% Units 30% Units 30% Units 30% Units   Units    50% Units 50% Units 50% Units 50% Units
                                                                                                                 5
                                                                                                                           2
                                                                                                                           3
                                                                                                                           5
                                                                                                                                     7




       3
3   0   0   0   0   0   0   0   0   0   5   10   7   0
                                                                        Efficiency    1 BR     2 BR     3 BR     4 BR     5 BR
           Efficiency                                                   Common       Common   Common   Common   Common   Common
5 BR PBRA PBRA 60% 1 BR PBRA 2 BR PBRA 3 BR PBRA 4 BR PBRA 5 BR PBRA     Space        Space    Space    Space    Space    Space   Efficiency
 50% Units   Units    60% Units 60% Units 60% Units 60% Units 60% Units   Units       Units    Units    Units    Units    Units    60% SF




                             9
                                       6
                                      13
                                                 14
0   0   9   19   14   0   0   0   0   0   0   0   0   0
1 BR 60%   2 BR 60%   3 BR 60%   4 BR 60%   5 BR 60%   Efficiency   1 BR 50%   2 BR 50%   3 BR 50%   4 BR 50%   5 BR 50%   Efficiency   1 BR 30%   2 BR 30%
   SF         SF         SF         SF         SF       50% SF         SF         SF         SF         SF         SF       30% SF         SF         SF
                                                                        4125
                                                                                   2082
                                                                                   3123
                                                                                   5205
                                                                                              8435
    7425
               6246
              13533
                         16870
7,425   19,779   16,870   0   0   0   4,125   10,410   8,435   0   0   0   0   0
3 BR 30%   4 BR 30%   5 BR 30%   Efficiency   1 BR Mkt   2 BR Mkt   3 BR Mkt   4 BR Mkt   5 BR Mkt   Efficiency 1 BR PBRA 2 BR PBRA 3 BR PBRA 4 BR PBRA
   SF         SF         SF       Mkt SF         SF         SF         SF         SF         SF      PBRA SF        SF        SF        SF        SF
                                                                                                                   4125
                                                                                                                             2082
                                                                                                                             3123
                                                                                                                             5205
                                                                                                                                        8435
                                                                                                                   7425
                                                                                                                             6246
                                                                                                                            13533
                                                                                                                                       16870
                                                  1650                                                             1650
                                                             3123                                                            3123
                                                                        3615                                                            3615
0   0   0   0   1,650   3,123   3,615   0   0   0   13,200   33,312   28,920   0
                                                                            Efficiency                                                             Efficiency
          Efficiency     1 BR       2 BR       3 BR       4 BR       5 BR      New     1 BR New 2 BR New 3 BR New 4 BR New 5 BR New                   New
5 BR PBRA Common       Common     Common     Common     Common     Common Constructio Constructio Constructio Constructio Constructio Constructio Constructio
    SF    Space SF     Space SF   Space SF   Space SF   Space SF   Space SF n LI Units n LI Units n LI Units n LI Units n LI Units n LI Units n Mkt Units
                                                                                                  5
                                                                                                             2
                                                                                                             3
                                                                                                             5
                                                                                                                         7
                                                                                                  9
                                                                                                             6
                                                                                                            13
                                                                                                                        14
0   0   0   0   0   0   0   0   14   29   21   0   0   0
1 BR New 2 BR New 3 BR New 4 BR New 5 BR New Efficiency                  1 BR       2 BR       3 BR       4 BR       5 BR     Efficiency    1 BR        2 BR
Constructio Constructio Constructio Constructio Constructio LI Acq/Rhb Acq/Rhb LI Acq/Rhb LI Acq/Rhb LI Acq/Rhb LI Acq/Rhb LI Acq/Rhb      Acq/Rhb     Acq/Rhb
n Mkt Units n Mkt Units n Mkt Units n Mkt Units n Mkt Units    Units     Units      Units      Units      Units      Units    Mkt Units    Mkt Units   Mkt Units




         2
                    3
                                3
2   3   3   0   0   0   0   0   0   0   0   0   0   0
 3 BR        4 BR        5 BR       Efficiency    1 BR       2 BR       3 BR       4 BR       5 BR      Efficiency  1 BR      2 BR      3 BR      4 BR
Acq/Rhb     Acq/Rhb     Acq/Rhb     Rehab LI     Rehab LI   Rehab LI   Rehab LI   Rehab LI   Rehab LI   Rehab Mkt Rehab Mkt Rehab Mkt Rehab Mkt Rehab Mkt
Mkt Units   Mkt Units   Mkt Units     Units       Units      Units      Units      Units      Units       Units     Units     Units     Units     Units
0   0   0   0   0   0   0   0   0   0   0   0   0   0
            Efficiency    1 BR       2 BR       3 BR       4 BR       5 BR
  5 BR      Adaptive     Adaptive   Adaptive   Adaptive   Adaptive   Adaptive   Efficiency     1 BR       2 BR       3 BR       4 BR       5 BR
Rehab Mkt    Reuse        Reuse      Reuse      Reuse      Reuse      Reuse     Adaptive     Adaptive   Adaptive   Adaptive   Adaptive   Adaptive   0 BR MF
  Units       Units       Units      Units      Units      Units      Units     Reuse SF     Reuse SF   Reuse SF   Reuse SF   Reuse SF   Reuse SF     Units
0   0   0   0   0   0   0   0   0   0   0   0   0   0
                                                        0 BR       1 BR       2 BR       3 BR       4 BR       5 BR

 1 BR       2 BR       3 BR       4 BR       5 BR      SF Det'd   SF Det'd   SF Det'd   SF Det'd   SF Det'd   SF Det'd    0 BR       1 BR       2 BR
MF Units   MF Units   MF Units   MF Units   MF Units    Units      Units      Units      Units      Units      Units     MH Units   MH Units   MH Units
0   0   0   0   0   0   0   0   0   0   0   0   0   0
                                 0 BR     1 BR     2 BR     3 BR     4 BR     5 BR       0 BR     1 BR     2 BR     3 BR     4 BR

 3 BR       4 BR       5 BR      Duplex   Duplex   Duplex   Duplex   Duplex   Duplex   Townhome Townhome Townhome Townhome Townhome
MH Units   MH Units   MH Units    Units    Units    Units    Units    Units    Units     Units    Units    Units    Units    Units
0   0   0   0   0   0   0   0   0   0   0   0   0   0
  5 BR      0 BR      1 BR      2 BR      3 BR      4 BR      5 BR      0 BR      1 BR      2 BR      3 BR      4 BR      5 BR       0 BR

Townhome   1-Story   1-Story   1-Story   1-Story   1-Story   1-Story   2-Story   2-Story   2-Story   2-Story   2-Story   2-Story    2-Story
  Units     Units     Units     Units     Units     Units     Units     Units     Units     Units     Units     Units     Units    Wlkp Units
0   0   0   0   0   0   0   0   0   0   0   0   0   0
  1 BR       2 BR       3 BR       4 BR        5 BR       0 BR       1 BR       2 BR       3 BR       4 BR       5 BR      Effic 60%   1 BR 60%    2 BR 60%
                                                                                                                            HOME         HOME        HOME
 2-Story    2-Story    2-Story    2-Story    2-Story     3+ Story   3+ Story   3+ Story   3+ Story   3+ Story   3+ Story    Floating    Floating    Floating
Wlkp Units Wlkp Units Wlkp Units Wlkp Units Wlkp Units    Units      Units      Units      Units      Units      Units       Units        Units       Units
    5
               2
                                                                                  3
                                                                                  5
                                                                                             7
    9
               6
                                                                                 13
                                                                                            14
    2
                                                                                  3
                                                                                             3
16   8   0   0   0   0   0   24   24   0   0   0   0   0
3 BR 60%    4 BR 60%    5 BR 60%    Effic 50%   1 BR 50%    2 BR 50%    3 BR 50%    4 BR 50%    5 BR 50%    Effic 30%   1 BR 30%    2 BR 30%    3 BR 30%    4 BR 30%
  HOME        HOME        HOME       HOME         HOME        HOME        HOME        HOME        HOME       HOME         HOME        HOME        HOME        HOME
 Floating    Floating    Floating    Floating    Floating    Floating    Floating    Floating    Floating    Floating    Floating    Floating    Floating    Floating
   Units       Units       Units      Units        Units       Units       Units       Units       Units      Units        Units       Units       Units       Units
0   0   0   0   0   0   0   0   0   0   0   0   0   0
5 BR 30%
  HOME       Effic 60%  1 BR 60%   2 BR 60%   3 BR 60%   4 BR 60%   5 BR 60%   Effic 50%  1 BR 50%   2 BR 50%   3 BR 50%   4 BR 50%   5 BR 50%   Effic 30%
 Floating   HOME Fixed HOME Fixed HOME Fixed HOME Fixed HOME Fixed HOME Fixed HOME Fixed HOME Fixed HOME Fixed HOME Fixed HOME Fixed HOME Fixed HOME Fixed
   Units       Units      Units      Units      Units      Units      Units      Units      Units      Units      Units      Units      Units      Units
0   0   0   0   0   0   0   0   0   0   0   0   0   0
 1 BR 30%   2 BR 30%   3 BR 30%   4 BR 30%   5 BR 30%
HOME Fixed HOME Fixed HOME Fixed HOME Fixed HOME Fixed
   Units      Units      Units      Units      Units
0   0   0   0   0

								
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