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Timestamp: 2017-07-20 12:54:25
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Matched Legal Cases: ['§15', '§15', '§15', '§ 15', '§15', '§42', '§42', 'ART 126', '§ 13', '§42', '§42']

28th Street Seniors
28th Street SeniorsUploaded by Ryan SloanRating and Stats0.0 (0)Document ActionsDownloadShare or Embed DocumentEmbedView MoreCopyright: Attribution Non-Commercial (BY-NC)Download as PDF or read online from ScribdFlag for inappropriate content2010 Federal Low Income Housing Tax Credit ProgramApplication For Reservation
Deadline for Submission 9% Com petltive Credits Must Be Received At VHDA No Later Than 2:00 PM Richmond, VA Time On March 12,2010
Tax Exempt Bonds Applications should be received at VHDA at least one month before the bonds are priced (if bonds issued by VHDA), or 75 days before the bonds are issued (if bonds are not issued by VHDA)
Virginia Housing Development 601 South Belvidere Street Richmond, Virginia
23220-6500
Low Income Housing Tax Credit Application for Reservation
Electronic Copy of the Microsoft Excel Based Application (MANDATORy) Scanned Copy of the ~ Tax Credit Application with Attachments (excluding market study and plans & specs) (MANDATORY) Electronic Copy of the Market Study (MANDATORY-Application will be disqualified if study not submitted with application} Electronic Copy of the Plans (MANDATORy) Electronic Copy of the Specifications (MANDATORY) Electronic Copy of the Unit By Unit Work Writeup (MANDATORY if rehab) $750 Application Fee (MANDATORY) Tab A: A.l A.2 Documentation of Development Location: Qualified Census Tract Certification Revitalization Area Certification Location Map Surveyor's Certification of Proximity To Public Transportation Partnership or Operating Agreement, including chart of ownership structure with percentage of interests (MANDATORY) Virginia State Corporation Commission Certification (MANDATORY) Principal's Previous Participation Certification and Resume (MANDATORY) Nonprofit Questionnaire (MANDATORY for points or pool) The following documents need not be submitted unless requested by VHDA: -Nonprofit Articles of Incorporation -IRS Documentation of Nonprofit Status -Joint Venture Agreement (if applicable) -Por-profit Consulting Agreement (if applicable) Architect's Certification (MANDATORY) PHA I Section 8 Notification Letter Local CEO Letter Homeownership Plan Site Control Documentation & Most Recent Real Estate Tax Assessment (MANDATORY) Plan of Development Certification Letter Zoning Certification Letter Copies of 86095 To Certify Developer Experience (Reserved) Plans and Specifications and Work Write-Up (MANDATORy) Documentation of Rental Assistance Documentation of Operating Budget Documentation of Project Budget Documentation of Financing Sources Documentation To Request Exception To Restriction-Pools With Little/No Increase In Rent Burdened Population Documentation of site location in an urban development area as defined in §15.2-2223.10fthe Code of Virginia Documentation of the development participating in a locally adopted affordable housing dwelling unit program area as described in either §15.2-2304 or §15.2-2305 of the Code of Virginia Nonprofit Dr LHA Purchase Option or Right of First Refusal Attorney's Opinion (MANDATORY) (Reserved) Marketing Plan for units meeting accessibility requirements of HUD section 504
o Tab B: o Tab C: o Tab D: o Tab E: o Tab F: o TabH:
o Tab I:
TabJ:
o TabK: D TabL: o TabM: o TabN: D Tab 0: o TabP: o TabQ: o TabR:
o Tab S: o TabT:
o Tab V:
o TabW:
D Tab X:
v12.31.09
Housing TIIS Credit Application For Reservation
General Informutinn
All eode ·Section" rererenees are U1. nnd the term "IRe" shall he deemed tn mean, the hll~mnl Revenue Cooe uf 1986, &15 nmemled, 3/11/2010
Development Nome and Location: I. Name of Development 2. Address of Development Richmond
28th Street Senior Apartments 1208 N 2Bth Street (Streot) VA (State)
If complete address is not available, provide longitude and latitude coordinates (x,y) from location on site your surveyor deems appropriate. o Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections lire not available. (Coordinates should be the same as those listed on pg 13, if applicable) The Circuit Court Clerk's office in which the deed to the property is or will be recorded: City/County of Richmond City (ie: Richmond City, Chesterfield County; see application manual) Does the site overlap one or more jurisdictional boundaries? 0 Yes 0 No If yes, what other City/County is the site located in besides the one mentioned above? Census Tract the development Is this
II Qualified
is located in: Area?
Census Tract: located in a Difficult Development located in a revitalization area?
Is the development Is the development
(If yes, attach required
form in TAB A)
No (Jfyes,
attach required
Is the development an existing RD or HUD S81236 development? DYes 0 No (If yes, attach required form in TAB Q) Nmull.N.9..: lf there is an identity of interest between the applicant and the seller in [hi, proposnl. and the upplicant is seeking points in [his category. then the applicant mU~1 either waive their rights to Ute developer', fee or other fees assneiuted with uequlslrion and/or rehuhilitution. or obtain a waiver of this requircrueut from VI-IDA r.tioLHLUtmJi£Jtlioll..5.llhmissiQn receive these points. 10 II. Applicant agrees to waive all rights to any developer' 5 fee or other fees associated with acquisition and/or rehab. 0 Yes 0 nla b. Applicant has obtained a waiver of this requirement from VHDA prior to the application submission deadline. DYes 0 n/a Is the development locnted in a census tract with a poverty rate < 10% with no tax credit units currently present? Is the development Is the proposed listed on the RD 515 Rehabilitation Priority List? DYes DYes DYes
No No No (lf'yes, attnch required form in TAll U) form in TAB U)
located in an urban development
area us defined in § 15.2-2223 .Iof the Code of Virginia?
Will the proposed development
either §15.2-2304
participate in a locally adopted affordable housing dwelling unit program area as described in or §I5.2-2305 of the Code nf Virginiu? 0 Yes 0 No (If yes, attach required ----::135~-~!UlI1l:
UhLllu... n·,""II1t~jfW~\,,","
Congressional District Planning District State Senate District State House District
v. u.iconom"I2QQ1 ..,vn..,o"",dr;
lJJ.U,!JJbm!fpdcp!
FPE,/chDnllilw>!ll
~16~ __ 70 (TAB A)
btmNpDC%20MiUJ. 1 POfs/C!Uw1.1i11.wHf1
. uhLlltljLp·.!.!J/lILlIJlIsmn",i.a;
htIO.jhU!JOi'J
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5!PtQ.Y.ilJ.I:;JHQV!j,,12QQ1Ho!!~f.5lChnn.1I.nb..J:KU
Project Description: In the space provided below, give a brief description
A senior hnuslng development
located In Church Hlil In RIchmond. This three-story bul1dlng will consist of 32 apartments all one or two bedrooms. Common meeting{ gathering spaces and common lau ndry facilities will be provided within the building. The project wlilibe EarthCraft certlfted and will Include solar hot water for the common areas and solar photo-voltalc panels to power a portion of the common area's electrical needs.
Low Income Housing Tax Credit Application For Reservation C.
Reservation Request Total annual credit amount request (Must be the same as Part IX-D8) Credits requested from:
21 Nonprofit Set-Aside (All nonprofit owned developments which meet tests
described in Part Il-D hereof may select this)
D Local Housing Authorities
D Planning District 8 (Inner Washington MSA) Pool D Northwest I North Central VA Area Pool D NeB Cemfl8titivIl Pool (Prll58rvaueHj D Tax Exempt Bonds
D new construction,
Richmond MSA Pool Tidewater MSA Pool Balance of State Pool (Remaining Geographic Are, Non-Competitive Pool (Disability)
D rehabilitationnr
Federal Subsidies D The development will not receive federal subsidies.
This development will receive federal subsidies for: D all buildings or
D some buildings.
D. Type(s) of Allocation/Allocation
Regular Allocation
D All of the buildings in the development are expected to be placed
in service this year. For those buildings the owner will, this year, request an allocation of 2008 credits for D new construction, ill
D rehabilitation, QL D acquisition and rehabilitation.
2. Carryforward Allocation
21 All of the buildings in the development are expected to be placed
in service within two years after the end of this calendar year, 2009, but the owner will have more than 10% basis in the development before the end of six months following allocation of credits. For those buildings, the owner requests a carryforward allocation of 2009 credits pursuant to Section 42{h)( l)(E) for: EI new construction, ill
D rehabilitation, Q[ D acquisition and rehabilitation (even if you acquired a building this year and
"placed it in service" for the purpose of the acquisition credit, you cannot receive the 8609 form for it until the rehab 8609 is issued for that building once the rehab work is "placed in service" in 2010 or 2011). 3. Federal Subsidies D The development will not receive federal subsidies.
121 This development will receive federal subsidies for: EI all buildings or D some buildings.
Low-Income Housing Tax Credit Application For Reservation
Acquisition Credit Information
NOTE: If no credits are being requested for existing buildings being acquired for the development. so indicate and go on to Part F: 0 No Acquisition
Ten-Year Rule For Acquisition Credits
All buildings satisfy the lD-year look-back rule of IRC Section 42 (d)(2)(B), including the 10% basis/$15,000.00 rehab costs ($10,000 for Tax Exempt Bonds) per unit requirement. All buildings qualify for an exception to the lO-year rule under IRe Section 42(d)(2)(D)(i), Subsection (I) 0 Subsection (II) 0 Subsection (III) 0 Subsection (IV) 0 Subsection (V) 0 The to-year rule in IRe Section 42 (d)(2)(B) for all buildings does not apply pursuant to IRe Section 42(d)(6). Different circumstances for different buildings: Attach a separate sheet and explain for each building.
Rehabilitation Credit Information NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go on to Section II. [;] No Rehabilitation Minimum Expenditure Requirements
All buildings in the development satisfy the rehab costs per unit requirement of IRe Section 42(e)(3)(A)(ii). All buildings in the development qualify for the IRe Section 42(e)(3)(B) exception to the 10% basis requirement (4% credit only). All buildings in the development qualify for the IRe Section 42(f)(5)(B)(ii)(1I) exception.
explain for each building,
Different circumstances for different buildings. Attach a separate sheet and
Request For Exception The proposed new construction development (including adaptive reuse and rehabilitation that creates additional rental space) is subject to an assessment of up to minus 20 points for being located in a pool identified by the Authority as a pool with little or no increase in rent burdened population. [;] N/A - Does not apply to this proposed development. Applicant seeks an exception to this restriction in accordance with one of the following provisions under 13VACIO-180-60:
Proposed development is specialized housing designed to meet special needs that cannot readily be addressed utilizing existing residential structures. 0 Documentation Attached (TAB U) Proposed development is designed to serve as a replacement for housing being demolished through redevelopment. 0 Documentation Attached (TAB U) Proposed development is housing that is an integral part of a neighborhood revitalization project sponsored by a local housing authority. 0 Documentation Attached (TAB U)
Low-Income II.
Housing Tax Credit Application INFORMATION
NOTE: VHOA may allocate credits only to the ta.-paying entity which owns the "evelopment at the time of the aliocaUon. The tenn "Owner" herein ralars to that enllly. PI•• se fill In the legal name 01 the owner. The ownership anUty must be fnrmad prior to subm!tUng Ihls appllcallon. Any transfer, direct Dr Indirect. of partnership lntarests lexcept those Involving the admission of IImlled partners) prier to the placed-ln-servlce date of the proposed development shall be prohibited, unless the lransfer Is consented to by VHOA in Its sole dlscrnllon. IMPORTANT: Tha Own.r name listed on this page must match oK.ctly tho owner numc listed on tho Virginia State Corporation Commission Certification.
Must be an Individual or legally fanned anuty
Owner Information: Name 1208 North 28th Street, LLC Contact Person First: Lee Address 23 W. Broad Street, Suite 100 Richmond
~~--~~-------Middle:
~----------(State)
Last: Alford
(Street) VA
2322U (Zip Code)
Federal I. D. No. Phone 804-644-0546 x 17 Fax Type of entity: 0 Limited Partnership
Individuahs) 0 Corporation Owner's organizational documents (e.g, Partnership agreements & ownership structure chart) attached (Mandatory TAB B) Certification from Virginia State Corporation Commission attached (Mundatory TAB q
(If not available, obtain prior to Allocation) 804""644"1057 Email address l.alford@betterhousingcoalition.org EI Other Limited Liability Corporation
PrincipalCs) involved (e.g. general partners, LLC members, controlling shareholders, etc.): N.a!Ms ,~* ~ Type Ownership PAD IX(So(e Member of 1208 North 804-644-0546 Managing Member 28th Street, LLC) 100 % of the stock of PAD IX owned by BHC a non-stock 501 (c ) (3) corporation T.K. Somanath, President & CEO or Better Housing Coalition (BHC)
% Ownership 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 100.00%
This should be 100% of [he GP or managing member interest:
** Tbese
sbould he the names of individuals who comprise the up or managing members. not simply the names of separate partnerships or corporatioDs which may comprise those cQmponents. Previous Participation Certification attached (Mandatory TAB D) & resume.
[] Principals'
Seller Information: Name Richmond Affordable Housing Address 23 W. Broad Street, Suite 100 Richmond, VA 23220
TK Somanath Phone
804-644=0546
Is there an identity of interest between the seller and owner/applicant? If yes, complete the following: Principal{s) involved {e.g. general partners, controlling shareholders, etc.)
Type Ownership Non-profit
804-644-0546 x 19
Low-Income Housing Tax Credit Application For Reservation C. Development Team Information:
Complete the following as applicable to your development team. Related Entity? DYes
Tax Attorney: Firm Name: Address: Phone:
Johnson Kanady Kanady & Quinn, P. C 9200 Forest Hill Avenue, Suite C 804-282-8494 Gary Romer Goodman & Company 4510 Cox Road, Suite 200 Glen Allen, VA 23060-3394 804-282-7636
Fax: Related Entity?
804-282-8496 DYes
Tax Accountant: Firm Name: Address: Phone:
Fax: Related Entity? Role: Fax: Related Entity?
804-282-1461 DYes
Consultant: Firm Name: Address: Phone: Management Entity (Contact): Mary Kay Huss Firm Name: Better Housin:-:g--;C"'o':"a"li""ti':"on--'M'a-n-ag-e-m-e-n"'-t --------Address: Phone: PO Box 12117 Richmond, VA 23241 804- 644-0546 x 33 Jeff Reynolds Better Homes Incorporated PO Box 12117 Richmond,
804- 644-1057
Contractor (Contact): Firm Name: Address: Phone:
VA 23241 Fax: Related Entity? 804-644-1057 DYes
804 -644-0546 x 29 Mark Larson Baskervill PO Box 400 Richmond,
Architect: Firm Name: Address: Phone:
VA 23218 804-343-1010 Fax: Related Entity? 804-343-0909
Real Estate Attorney: Firm Name: Address: Phone:
Johnson Kanady Kanady & Quinn, P. C 9200 Forest Hill Avenue, Suite C 804-282-8494
Mortgage Banker: Firm Name: Address: Phone: Other (Contact): Firm Name: Address: Phone:
Fax: Related Entity? Role: Fax: DYes
Low-Income D.
ApplJcatlons For 9% Credits - Mus! be completed In ord er to compete In the nonprofiltax credit pool. All Applicants - Must be completed for points for nonprofit Involvement under the ranking system. Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRC Section 501
(c){3) or 501 (c)(4) and exempt from tuxation under IRC Section 501 (a), whose purposes include the fostering of low-income housing: I. 2. 3. 4. 5. Must "materially puniclpute" in the development and operation of the project throughout the compliance period, Must own all general partnership interests in the development. Must not be affiliated with Or controlled by a fnr-proflt urganization, Must not have been formed for the principal purpose of cornpetitien in the nonprofit pool. and MUSInot have any staff member. or member of the nonprofit's board of directors maierlally participnte in UIC prnpnsed project as a for-profilentity.
All Applicants: To qualify for points under the ranking system, the nonprofit's involvement need not necessarily satisfy all of the requirements for participation in the nonprofit tax credit pool. I. Nonprofit Involvement (All Applicants)
If there is no nonprofit involvement in this development, please indicate by checking here:
and go on to part III Mandatory Questionnaire Ifthere is nonprofit involvement, you must complete the Non-Protit Questionnaire Questionnaire attached (Mnndatory TAll E)
Type of involvement Nonprofit meets eligibility requirement for points only, not pool or
Nonprofit meets eligibility requirements for nonprofit pool and points.
Identity of Nonprofit (All nonprofit uppllcants) The nonprofit organization involved in this development is:
o the Owner [] the Applicant o Other
T.K. Sornannth Richmond
or nonprofit)
23 W. Brood Street, Suite 100
(51""'[ Add"".)
(Contact J1~r.5(]ul
(SI"IO) X
804·644-0545
(Phnne)
(F.x)
23220 [Zip code) 804-644-1057
Percentage of Nonprofit Ownership (All nonprofit applicants) Specify the nonprofit entity's percentage ownership of the general partnership interest:
vI2.31.09
Low-Income Housing Tax Credit Application For Reservation III. DEVELOP.MENT INFORMATION
Structure and Units: L Total number of all units in development Total number at rental units in development Number of low-income rental units Percentage of rental units designated low-income The development's structural teatures are (check all that apply);
Row House/Townhouse Garden Apartments Slab on Grade Crawl space Elevator
Detached Single-tarnily Detached Two-family Basement 0 3
Age of Structure: Number of stories:
Number of new units Number of adaptive reuse units Number of rehab units Total Floor Area For The Entire Development unneateo r-roor Area
(Not eligible for funding) (Breezeways, Balconies, Storage)
-------'0"" bedrooms
2,U55.UU
(Sq. 11.)
(S". f,.)
Nonresidential Commercial Floor Area Total Usable Residential Heated Area Number of Buildings (containing rental units) Commercial Area Intended Use: n!a
0.00 30,337.00
(Sq. fl.)
[1.)
Project consists primarily of a building(s) which is (are) :
Low-Rise (1-5 stories with ~ Mid-Rise (5-7 stories with
structural elements made of wood) structural elements made of wood)
High-Rise (8 or more stories with no structural elements made of wood) 21,053.46 100.00%
a. Total Net Rental Square Feet
b. Percentage of Net Rentable Square Feet Deemed To Be New Rental Space B. Building Systems: Please describe each of the following in the space provided. Community Facilities: Outdoor terrace, community room, laundry room
Exterior Finish: Brick and hardiepanel Heating! AC System: Ductless Split System Heat Pump Architectural Style: Double loaded Corridor ---------------------------------------------------------------
Low-Income C.
Housing Tax Credit Application
Amenities: 1. Specify the average size per unit type: (Including pro rata share of heated common area) Assisted Lvg 0.00 SF IBdrm Eld 883.80 SF 3-Bdrm Gar I-Sty-Eff~Eld 0.00 SF 2Bdrm Eld 1,089.34 SF 4-Bdrm Gar I-Sty lBR-Eld 0.00 SF Eff-Gar 0.00 SF 2+Sty 2BR TH I-Sty 2BR-Eld 0.00 SF l-Bdrm Gar 0.00 SF 2+Sty 3BR TH Eff-Eld 0.00 SF 2-Bdrm Gar 0.00 SF 2+Sty 4BR TH 2. Total gross usable, heated square feet for the entire project less nonresidential commercial area: 30,337.00
121 Documentation
attached (TAB f) Mandatory
.NQIJ;i;_ All developments must meet VHDA 's Minimum
Design and Construction Requirements. By signing and submitting the Application For Reservation of Low Income Housing Tax Credits the applicant certifies that the proposed project budget. plans & specifications and work write-ups incorporate all necessary elements to fulfill these requirements.
3. Check the following items which apply to the proposed project: 121 Documentation attached (TAB F Architect Certification) Mandatory For any project, upon completion of construction/rehabilitation: 100% a(1).Percentage 0% --of2-bedroom units that have 1.5 bathrooms (Optional Point items)
a(2) Percentage of 3 or more bedroom units that have 2 bathrooms b. A community/meeting room with a minimum of 749 square feet is provided Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows) All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirements All windows meet the EPA's Energy Star qualified program requirements Every unit in the development is heated and cooled with either (i) heat pump equipment with both a SEER rating of 15.0 or more and a HSPF rating of 8.5 or more, or (ii) air conditioning equipment with a SEER rating of 15.0 or more, combined with gas furnaces with an AFUE rating of 90% or more Water expense is sub-metered (the tenant will pay monthly or bi-monthly bill) Each bathroom consists only of low-flow faucets (2.2 gpm max.) and showerheads (2.5gpm max.) Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet sevice. AU water heaters meet the EPA's Energy Star qualified program requirements. Every unit in the development wiII be heated and cooled with a geothermal heat pump that meets EPA Energy Star qualified program requirements. The development will have a solar electric system that will remain unshaded year round, be oriented to within 15 degrees of true south, and be angled horizontally within 15 degrees of latitude. Expected Total Electrical Load (kilowatt hours per month): Percent of Expected Load Offset By Solar Electric System: 27,823 15.00%
55% c.
For all projects exclusively serving elderly and/er handicapped tenants, upon completion of construction/rehabilitation: (Optional Point items)
All cooking ranges will have front controls All units will have an emergency call system All bathrooms will have an independent or supplemental heat source All entrance doors have two eye viewers, one at 48" and the other nt standard height
For nil rehabilitation or rehabilitation:
nnd adaptive reuse projects, upon completion (Optional Point items)
The structure is listed individually in the National Register of Historic Places or is located in a registered historic district and certified by the Secretary of the Interior as being of historical significance to the district, and the rehabilitation will be completed in such a manner as to be eligible for historic rehabilitation tax credits
Accessibility Check one or none ot the tollowing point categories, as appropriate:
For any non-elderly properly in which the greater of 5 or 10% of the units will be subject to federal project-based rent subsidies or equivalent assistance in order 10 ensure occupancy by extremely low-income persons; and (ii) the greater of 5 units or 10% of the units wUJ conform to HUD regulations iruerpreting accessibility requirements of section 504 of the Rehabilitation Act; and be actively marketed to people with special needs in accordance with II plan submitted as part of the Application. (All of the units described in (ii) above must include roll-in showers and roll under sinks and front controls for ranges, unless agree lO by the Authority prior to the applicant IS submission of its application). For any non-elderly property in which the greater of 5 or 10% of the units (i} have rents within HUD's Housing Choice Voucher (~HCV") payment standard; (ii) conform to HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with mobility impairments, including HCV holders, in accordance with a plan submitted us part the Application. For any non-elderly property in which at least four percent (4%) of the units conform to HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act and are actively marketed to people with mobility impairments in accordance with a plan submitted as part of the Application.
Earthcraft or LEED Development Certification Applicant agrees to obtain Earthcraft or LEED certification prior to issuance of IRS Form 8609. Architect certifies in tbe Architect Certification that the development's design will meet the criteria for such certification. Yes - 1!:arthcrntl 0 Yes - LKEU If Yes to either, attach appropriate documentation at TAB F
Universal Design - Units Meeting Universal Design Standards a. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards. Yes 0 No it Yes, attach appropriate dccumentauon at TAll .''
b. Number of Rental Units constructed to meet VHDA's Universal Design standards: 32 Units 100% VHDA Certified Property Management Agent Owner agrees to use a VHDA Certified Property Management Agent to manage the property. Yes 0 No
DYes low-income
No 0 N/A The market-rate units' amenities are substantially equivalent to those of the If no, explain differences:
IV. TENANT INFORMATION
Set-Aside Election:
UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINE
POINTS FOR THE BONUS POINT CATEGORY
Nole: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests. Either (I) at least 20% of the units must be rent-restricted and occupied by persons whose incomes are 50% or less of Ihe area median income adjusted for family size (this 15 called the 20/50 test) or (II) at least 40% of the units must be rant-restriclad and occupied by persons Whose Incomes are 60% or less of the area median income adjusted for family size (this is called the 40/60 lest), all as described In SecUon 42 of the IRe. Rent-and Income-restricted units are known as low-Income units. If you have more low-Income units than required, you qualify for more credits. If you serve lower Incomes than required, you receive more points under the ranking system.
Units Provided Per Household Type:
# of Units 0 % of Units
Kent Levels
tI of Units
97,30% 12.50% 0.00%
lUU.OO%
40 % Area Median 50% Area Median 60% Area Median Non-LMI Units Total Preference:
75.00% 12.50% 0.00%
40 % Area Median 50% Area Median 60 % Area Median Non-LMI Units Total
Special Housing Needs/Leasing 1.
If 100% of the low-income units will be occupied by either or both of the following special needs groups as defined by the United States Fair Housing Act, so indicate: D Yes Elderly (age 55 or above) D Yes Physically or mentally disabled persons (must meet the requirements of the federal Americans with Disabilities Act) Specify the number of low-income units that will serve individuals and families with children by providing three or more bedrooms: 0 Number of units 0% of total low-income units
If the development has existing tenants, VHDA policy requires that the impact of economic andlor physical
displacement on those tenants be minimized, in which Owners agree to abide by the Authority's Relocation Guidelines for LIHTC properties.
If leasing preference will be given to applicants on public housing waiting list and/or Section 8
waiting list, so indicate: Yes D No
Locality has no such waiting list; If yes, provide the following information: Richmond Redevelopment and Housing Authority John Hill Required documentation attached (TAB H)
Organization which holds such waiting list: Contact person (Name and Title) Phone Number 5.
804-780-4886
If leasing preference will be given to individuals and families with children. (Less than or equal to 20% of the units must have 1 or less bedrooms). DYes D No
Low-Income V.
LOCAL NEEDS AND SUPPORT
Provide County
the name and the address of the chief executive officer (City Manager, Town Manager, Administrator) of the political jurisdiction in which the development will he located: Officer's Name Officer'S Title
Byron C. Marshall -:C=h-:-ie':::f::-A":d~m~in;;:is":'tr:::a~ti:"'_v-e-=O--ffi=lc-e-r-------------------------Slate
Street Address City Richmond
900 E. Broad Street, Suite 201
-------------VA
804-646-7978
Name and title of local official you have discussed this project with who could answer questions for the local CEO:
Chief Executive Chief Executive Street Address
overlaps another Officer'S Name Officer's Title
Schedule ACTUAL ACTIVITY
NAME OF PERSON RESPONSmLE
Note: Site control by the Owner Identified herein Is a mandatory precondltlon of review of this application. Documentary evidence of II, In the fonm of either a deed, option, purchase contract, or lease for a lerm longer than the period of time the property wilt be subject to occupancy restrictions must be Included herewilh. (9% Competitive Credits - An option or contract must extend beyond the appllcatlnn deadline by a minimum of four months.} Warning: Site control by an entity other than the Owner, even If It Is a closely related party, is not sufficient. Anticipated future transfers to the Owner are not sufficient. The Owner, as identrfled In Subpart II·A, must have site control at the time this AppUcation is submitted. NOTE: If the Owner receives a reservation of credits, the property must be titled In the name of or leased by (pursuant to a lonq-tarrn lease) the Owner before the allocation of credits Is made this year. Contact us before you submlt this application If you have any questions about this requirement.
Type of Site Control by Owner:
Applicant controls site by (select one and attach document - Mandatory TAH KJ
Deed - attached Long-term Lease - attached (expiration (expiration date; date: date:
Option - attached Purchase Contract
- attached (expiration
11 IQ5110
If more than one site for the development and more than one form of site control, please so indicate and auach a separate sheet specifying each site, number of existing buildings on the site, if any,
type of control of each site, and applicable document is required for each site. expiration date of form of site control. A site control
TAll K
Timing of Acquisition by Owner:
OWner already controls site by either deed or long-term
Owner is to acquire property by deed (or lease for period no shorter than period property will be subject to occupancy restrictions) no later than 11/05/10
and more than one expected date of acquisition by Owner, please so indicate 0 and attach separate sheet specifying each site, number of existing buildings on the site, if any, and expected date of acquisition of each site by the Owner.
If more than one site for the development
Market Study Data:
Obtain the following information from the Market Study conducted in connection with this tax credit application and enter below:
Project Wide Capture Rate - LIHTC Units Project Wide Capture Rate - Market Units Project Wide Capture Rate - All Units Project Wide Absorption Period (Months)
4.90% 0.00% 0.00% 9
Housing Tux Credit Application
Exact areu of site in acres
Has locality approved a final site plan Of plan of development? DYes 0 No Required documentation fonn attached (TAD L)
15 site properly zoned for the proposed development? Yes 0 No Required documentation fonn attached (TAD M)
Will the proposal seek to qualify [or points associated with proximity to public trnnsportntion7 Yes 0 No Reqnlred documentation fonn attached (TAD A)
Pions and Specifications Minimum submission requirements for all properties (new construction, rehablllllltion and adaptive reuse)
I. A locution map with property clearly defined. 2. Sketch plan of the site showing overall dimensions of main buildingfs), major site elements (e.g., parking lots and location of existing utilities, and water, sewer, electric, gus in the streets adjacent to the site). Contour Iines and elevations are not required. 3. Sketch plnns of main building(s) reflecting overall dimensions of: a, Typical floor plan(s) showing apartment types and placement b. Ground floor plan(s) showing common areas: c. Sketch floor plants) of typical dwelling unites); d. Typical wall section(s) showing footing, foundntion, wall and floor structure. Notes must indicate basic materials in structure. floor and exterior finish. 4. Required documenlntion fa. rehabllhatinn properties: A unlt-hy-unit work write-up.
Low-Income Housing Tax Credit Application For Reservation VII.
Rental Assistance I. Do or will any low-income units receive rental assistance? DYes 0 No 2. If yes, indicate type of rental assistance:
Section 8 New Construction Substantial Rehabilirntion Section 8 Moderate Rehabilitation Section 8 Certificates Section 8 Project Based Assistance RD 515 Rental Assistnnce Section 8 Vouchers State Assistance Other:
3. Number of units receiving assistance:
Number of years in rental assistance contract: Expiration date of contract: D Contract or other agreement attached (TAB Q)
t. Monthly Utility Allowance
Utilities Heatiug Air Cdnditioning Coo~ing Ligllllllg 1101 Willer Willer Sewer Trash Total
UIIIIII~
Etltl!t 1\110HriLrta::~ by
Type nf Lltillty IGas. Elt:I!trjr;:, Oil.c:tc.) Ell'Clrk: Electrlc E[",,,ic Blectrlc Electric
P,;dby: c::JO c::JOl4'lIer c::::::::JO"'n<:' c::JOwr=r c::JOwrn:, !!::::JOw"", !!::::JOw"e, !!::::J Owner w ner
~Tenalll ~Tt:ull."1 ~Te~t:l.nl
Il-bdr 0 0 0 0 0 0 0 0 SU
I·lld, IU H H 31 17 0 0 0 574
2~bdr
Bedmom Sire 3·bd, [3
+11<
0 0 0 II 0 0 0 0 SO 0 0 II 0 0 0 II 0 SO
~Te""n. ~Tenan. c::JTenanl c:::JT.nant c::::::::JTelkln1
U U 0 59R
Ihr COlts nahl by tenant
2. Source of Utility Allowance Calculation
(Attach Ducumentatlon
TAll Q)
HUD Utility Company (Estimate) Utility Company (Actual Survey)
Local PHA Other:
v12.31.D9
Revenue 1. Indicate the estimated monthly income for Ute Low-Income Unlts: *~
Total Numher of
Unit Type Efficiency Units 1 Bedroom Units 2 Bedroom Units 3 Bedroom Units 4 Bedroom Units Total Number of Tax Credit Units Plus OUter Income Source (list): Laundry. Misc. Fees Equals Total Monthly Income: Twelve Months Equals Annual Gross potential Income Less Vacancy Allowance ( 7.0% Equals Annual Effective Gross Income (EGI) - Low Income Units
Tnx Credit Units
Total Monthly Rental Income SO SII,970 S6,650 SO SO
$150 SI8.770
1(12 )
5225,240 S15,767 $209,473
~~ Beginning at Row 75 enter the appropriate data for both l1l.X...!:i:fil and murllel [lIle units in tile yellow shaded cells.
Indicate Ute estimated monthly income for the Murket Rate Units: ,••, Unit Type Efficiency Units I Bedroom Units 2. Bedroom Units 3 Bedroom Units 4 Bedroom Units Total Number of Market Units Total Number of Market Units
Tolnl Monthly Rental Income SO SO SO
Plus OUter Income Source (list): Equuls Total Monthly Income: Twelve Months Equals Annual Gross Potential Income Less Vacancy Allowance 0.0% Equals Annual Effectlve Gross Income (EGn - Market Rate Units
$0 )(12
Documentation List number
in Support of Operating of units by type:
~VG EFF·ELD
Budget attnched (TAB R) TOTAL UNITS
, BO RM·ELO 22 4 BD RM·GAR :2+ Siory :2IlD RM·ELD EFF·GAR 180 RM·GAR
:2 BD RM·GAR 380
RM·GAR
2 BR·TH 2+ Story
J IlR-TH
2+ Slory
4 BR·TH
, STY ·EFF·ELD
BR·ELD
' STY·'
1 STY-2 BR·ElD
NUfc: J'ft'.u~ch~ sure lo enter the numher ur units In the UllIlOlPd~J.c unit cntegHf),. If nut, ynu will find nn error
tho 5corcslrect II! 50, 60
of units by type:
ASStsTED 0
, BD RM·ELD
0 J BD RM·GAR 0
, Story,' BR·ELD
4 BO RM,GAR 0 , Story.2 BR·ELD
:2 BD RM·ELD 10 :2 + Story 2 BR-TH 0
EfF·GAR 0 2 + Story
, BD RM·GAR
J BR·TH
2 + Slory 4 BR·TH
2 BD RM·GAR
1 Story·EFf·ELD
UnJtTypel
Renl Targeting Efficiency - 40%
Number Unils
Nel Rentable Square Feel
Monlhly Renl Per Unit __'
Total Monthly Renl
'-- __ 0__
--'11'-- __ 0"-.00'--_-'1 .... 1 $'--
Effi~lency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 40% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 50% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% Efficiency - 60% efficiency - 60% Efficiency - 60% EfficIency - 60% Efficiency - 60% EfficIency - 60% EfficIency - 80% Tntal Efficiency Tax Credll Units: Efficiency - Markel Efficiency _ Market Efficiency - Market Efficiency - Market Efficiency - Market Efficiency - Markel Efficiency - Market Efficiency - Market EfficiencY _ Markel Efficiency - Markel Efficiency - Markel Efficiency - Market Efficiency - Market EfficIency - Markel Efficiency - Marlle! Total Efficiency Market Units:
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0,00 0,00 0.00 0,00 0,00 0,00 0,00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0,00 0.00 0.00 0.00 0.00 0.00 0,00 0,00 0,00 0.00
Tatal MDnthly Elf. Tax Credit Renl:
Eft. Market Rent:
Total Eft, Units:
Total Elf. Rent
Net Rentable Renl Targellng 1 BR-40% 1 BR-40% 1 BR-40% t BR-40% 1 BR- 40% t BR-40% 1 BR-40% 1 BR-40% 1 BR-40% 1 BR-40% 1 BR-40% 1 BR-40% 1 BR-40% 1 BR-40% 1 BR-40% 1 BR-50% 1 BR-50% 1 BR-50% 1 BR- 50% 1 BR- 50% 1 BR-50% 1 BR-50% 1 BR - 50% 1 BR -50% 1 BR -50% 1 BR- 50% 1 BR - 50% 1 BR - 50% 1 BR - 50% 1 BR- 50% 1 BR- 60% 1 BR-60% 1 BR -60% 1 BR -60% 1 BR-BO% 1 BR-60% 1 BR-BO% 1 BR-60% 1 BR- 60% 1 BR- 60% 1 BR -60% 1 BR - 60% 1 BR - 60% 1 BR - 60% 1 BR - 00% Tota11-BR Tax Credit Units: 22 12,695.94 Number Units Sguara Faal 550.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 550.05 646.57 B39.69 682.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Monlhly Renl PerUnl1
Tolal Monlhly Renl 475
S S S :5 :5 :5 :5 :5 :5
$ $ :5 :5 :5 :5 $ $
B,600 1,150 1,725 595
$ iii iii :5
$ S S S S :5 :5
Tax Credit Ront:
Total Monthly 1-BR 11,970
1 BR - Market 1 BR - Markel 1 BR - Market 1 BR - Market 1 BR - Market 1 BR - Markel 1 BR- Markel 1 BR- Market 1 BR- Market 1 BR- Market 1 BR - Market 1 BR - Markel 1 BR - Markel 1 BR - Markel
0.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
$ $ S S S
v12.3l.09
1 BR - Marnet Tota11-BR Market Units:
Total Monthly 1-BR Market Rent:
Tcta11-BR Unlls:
Tcla11·BR Rent
Net Rentable Rent Targeting 2 BR·40% 2 BR-40% 2 BR-40% 2 BR-40% 2 BR -40% 2 BR -40% 2 BR -40% 2 BR- 40% 2 BR- 40% 2 BR-40% 2 BR- 40% 2BR-40% 2 BR -40% 2 BR -40% 2 BR -40% 2 BR- 50% 2 BR - 50% 2 BR -50% 2 BR -50% 2 BR -50% 2 BR -50% 2 BR-50% 2 BR-50% 2 BR-50% 2BR-50% 2BR-50% 2 BR-50% 2 BR-50% 2 BR-50% 2BR-50% 2 BR- 60% 2 BR -60% 2 BR -60% 2 BR-50% 2 BR- 50% 2 BR- 60% 2 BR- 50% 2 BR -60% 2 BR -60% 2 BR -60% 2 BR- 50% 2BR-60% 2 BR- 60% 2 BR - 60% 2 BR -60% Tola12-BR Tax Credit Units: 10 6,357.52 Number Units 0 0 0 Square Feel 0.00 0.00 0.00 0.00 0.00 0.00 ··0.00 0.00 0.00 0.00 0.00 0.00
Monthly Rent Per Unit $ $
Tolal Monthlv Rent
0.00 0.00 0.00 629.52 827.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .. 0,00 ·0.00 0.00 B41.15 852.78 851.23 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0.00 0.00 0.00 0.00 0.00
$ /Ii
685 865 555
TnK Credit Ran!:
Total Monthly 2-BR
2 BR- Market 2 SR- Markat 2 BR - Market 2 BR - Markel 2 BR - Markel
2 BR - Market 2 BR- Market 2 BR - Market 2 BR - Market 2 BR- Market 2 BR - Market 2 BR - Market 2 BR - Market 2 BR - Market 2 BR - Market Tola12-BR Marknt Units:
Total Monthly 2-BR Market Rent:
Total 2-BR Units:
Total 2-BR Rent
Net Rentable Rent Targeting 3 BR-40% 3 BR-40% 3 BR-40% 3 BR -40% 3 BR -40% 3 BR-40% 3 BR-40% 3 BR-40% 3 BR- 40% 3 BR- 40% 3 BR-40% 3 BR- 40% 3 BR -40% 3 BR -40% 3 BR -40% 3 BR -50% 3 BR-50% 3 8R- 60% 3 BR- 50% 3 BR- 50% 3 BR -50% 3 BR -50% 3 BR- 50% 3 BR- 50% 3 8R- 50% 3 BR -50% 3 BR -50% 3 BR -50% 3 BR-50% 3 BR- 50% 3 8R- 60% 3 BR -60% 3 BR -60% 3 BR-60% 3 BR- 60% 3 8R- 60% 3 BR -60% 3 BR -60% 3 BR -60% 3 BR- 60% 3 8R- 60% 3 BR -60% Number Units 0 0 0 0 0 Square Feet 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Monthly Rent Per Unit
Iii $
S S $
v12.3L09
3 SR- 60% 3 SR- 60% 3 SR- 60% TotaI3-BR Taa Credit Units:
Total Moothly 3·BR Tax Credit Rant:
3 BR - Market 3 SR- Market 3 SR- Markel 3 SR· Mamet 3 SR- Market 3 SR· Market 3 SR- Market 3 SR- Manlet 3 SR- Market 3 SR- Market 3 SR- Market 3 BR- Market 3 SR· Market 3 SR -Marke] 3 SR-Market TotnIJ·BR Markot Units:
0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0.00 0,00 0.00 0,00 0.00
3·BR Mark.t Ront: Totnl J·SR Units: 0
Total J.BR Ront
Net Rentable Rent Targeting 4 BR ·40% 4 BR ·40% 4 BR-40% 4 SR- 40% 4 SR· 40% 4 BR -40% 4 BR-40% 4 BR-40% 4 BR -40% 4 SR-40% 4 BR-40% 4 SR-40% 4 SR -40% 4 BR -40% 4 SR- 40% 4 SR- 50% 4 SR- 50% 4 SR- 50% 4 SR-50% 4 SR -50% 4 SR -50% 4 BR· 50% 4 SR-50% 4 BR- 50% 4 SR- 50% 4BR-SO% 4 SR· 50% 4 SR· SO% 4 BR· 50% 4 BR·50% 4 BR ·60% 4 BR-60% 4 BR·60% NumberUnlls 0 0 0 Square Feet 0.00 0.00 0.00 0.00 0.00 0.00 0,00 0,00 0.00 0,00 0,00 0.00 0,00 0.00 0,00 0,00 0.00 0,00 0.00 0,00 0.00 0,00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $ $ $ $
Monthly Rent PerUnlt
Tolal Monthly Renl
4 BR- 60%
4 BR - 60%
4 BR - 60% 4 BR - 60% 4 BR - 60% 4 BR -60% 4 BR -60% 4 BR - 60% 4 BR - 600/0 4 BR - 60% 4 BR- 600/0 4 BR -60% Total4-BR Ta~ Credit Unlls:
$ Total Monthly 4-BR Tax Credit Rent:
4 BR - Market 4 BR- Market 4 BR- Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Market 4 BR - Marnet 4 BR - Marnet 4 BR- Marnet 4 BR- Marnet 4 BR- Marne! 4 BR- Marke! Total4-BR Market Units:
4-BR Market Rent:
,.,;.$~====== s
Total 4-BR Unils:
Total 4-BR Rent
Housing Tax Credit Application For Reservation
Adllllnlstmtl ... I. Advertising/Marketing 2~ omee Salaries 3. Omce Supplies 4. Offlce/Mouel Apartment (lype __ ) 5. MOMgemcnl F. e s 6.11 % orEG! ====4=0=0====l'er 6. Manager Snlaries 7. SlaffUnil to) (type __ ) a. Lega[ 9. Auditing 10. Book\(ocpinglAccounting Fees II. Telephnne iii. Answering Service 12. T•• Credit Monitoring Fe. 13. t.1i seellaneous Admlnlstmtive Tottll Admlnl!ilmU,. UtillHes 14. Fuel Oil 15. Electricity 16. Wnwr 17. G as
512.800 Unit
5600 54,300
53,17U 5960 51,200 $.12,130
56,75U 57,296
Tatul UtJIIly Operntlng: 19. Janitor/Cleaning Paymll 20. Janltur/Cleanlng Suppli'" 21. Janltcr/Cleuning Contract 22. Extermlnntlng 23. Trash Removal 24. Security Payrull/Cnru ra ct 25. Ground. Payroll 26. Ground. Supplies 27. Grounds Cuntract 28. Muintennnce/Repalrs Payroll 29. Repairs/Malerial 30. Repairs Contract 31. Elevntor MainlemtncelContr.Jct 32. He.tinglCooling Rep';" iii. Mnimennnce 33. Pool MaintenancefContrnct/SlnfT 34. Snow Remnvul 35. OocorntinglPayruUIContr.Jcl 36. Oecor.J!ing Suppli .. 31. Miscellanenus Operntlng & Mulnteonnce Totals Tuxes & Insurance 38. Real Estate Tax es 39. Payroll Taacs 40. Miscellaneous Ta:Jics/Ucense!i/PenniE.s 41. Property iii. Liability Insurance 42. Fidelity Bond 43. Worknum's Compensntion 44. Health Insurance & Employe. Benefits 45. Other Insurance Total Tn xes & Insurance "Iutal OpemUng 01. Total Oper. E x. Per Unit Expense -=-S4:.:.,4,;:5~2 D2. Totnl Oper. Ex. As \b EGI (Irum £3) 68.01 \b
514.046 $0
$800 $3,432 $3,400
$.ISO
517.000 $4,800
$544 $2,500 $.18,996 517,280 $2.320
5681 $5,510
$37,291 5142,463
Replacement Reserves (Totnl U Units X $300 or $250 New Coast. Elderly Minimum)
S8.800
S[51.263
Low-Income Housing Tax Credit Application For Reservation E. Cash Flow (First Year)
1. 2. 3. Annual EGI Low-Income Units from (Cl) Annual EGI Market Units {from C2} Total Effective Gross Income 4. Total Expenses (from D) 5. Net Operating Income 6. Total Annual Debt Service (from Page 21 B2) 7. Cash Flow Available for Distribution
$109.473 Sl5l.263 $58,2(0 S44,728 $13,482
Projections for Financial Feasibility - 15 Year Projections of Cash Flow Stabilized Year 1 Eff. Gross Income Less Oper. Expenses Net Income Less Debt Service Cash Flow Debt Coverage Ratio
209,473 151,263 58,210 44,728 13,482 1.30
213,663 156,179 57,484 44,728 12,755 1.29
217,936 161,255 56,681 44,728 11,953 1.27
222,295 166,496 55,799 44,728 11,070 1.25
226,741 171,907 54,834 44,728 10,105 1.23
Year 6 Eff. Gross Income Less Oper. Expenses Net Income Less Debt Service Cash Flow Debt Coverage Ratio
231,275 177,494 53,782 44,728 9,053 1.20
235,901 183,262 52,639 44,728 7,910 1.18
240,619 189,218 51,401 44,728 6,672 1.15
245,431 195,368 50,063 44,728 5,335 1.12
250,340 201,717 48,623 44,728 3,894 1.09
Year 11 Eff. Gross Income Less Oper. Expenses Net Income Less Debt Service Cash Flow . Debt Coverage Ratio
255,347 208,273 47,073 44,728 2,345
260,454 215,042 45,412 44,728 683 1.02
265,663 222,031 43,632 44,728 -1,097
270,976 229,247 41,729 44,728 -2,999
276,395 236,697 39,698 44,728 -5,030 0.89
1.05 Estimated Annual Percentage Increase in Revenue Estimated Annual Percentage Increase in Expenses
0.98 0.93 2.00% (Must be .s, 2 %) ----_;_ 3.25% (Must be _2_ 3%)
Housing Tax Credit Application BUDGET Allowable Credit
Cost/Basis/Maximum
Complete cost column and basis column(s) as appropriate through A12. documentation is attached at TAB S: Executed Construction Contract Executed Trade Payment Breakdown Appraisal Other Cost Documentation Environmental Studies
Check if the following
NOTE: Attorney must opine, among other things, as to correctness of the inclusion of each cost item in eligible basis, type of credit and numerical calculations of this Part VIII.
Amount of Cost up to 100% Includable in Eligible Basis-Use Applicable Column(s): (D) "30% Present Vulue Credit" "70 % Present (B) Acquisition (e) Reh.b' Value Credit" New Construction
Item 1. Contractor Cost
Off-Site Improvements Site Work Geothermal System Unit Structures (New) E. Unit Structures (Rehab) Solar Electric System F. Asbestos Removal G. H. Demolition I. Commercial Space Costs 1. Structured Parking Garage K. Subtotal A: (Sum lA .. lJ) General Requirements L. M. Builder's Overhead ( 1.9% Contract) N. Builder's Profit ( ~Contract) D. Bonding Fee P. Other Contractor Cost Q. Subtotal (Sum IK .. IP) Owner Costs Building Permit Arch.fEngin. Design Fee ( 3,563 /Unit) Arch. Supervision Fee ( l,125/Unit) Tnp Fees Soil Borings
0 365,000 0 2,599,998
263.584 0 40,000 0 0 3,268.582 150,000 61,BOO 163,429 5,000 0 $3,648,811
0 255,500 0 2,599,998 0 263,584 0 0 0 0 3,119,082 150,000 61,800 163,429 5,000 0 $3,499,311
20,000 114,000 36,000 35,000 3,500
Item 2. Owner Costs Continued F. Construction Loan Origination Fee Construction Interest ( 7.5 % for 12 months) Tuxes During Construction Insurance During Construction Cost Certification Fee Title and Recording Legal Fees for Closing Permanent Loan Fee ( 0.5% ) Other Permanent Loan Fees Credit Enhancement Mortgage Banker Environmental Study Structural/Mechanical Study Appraisal Fee Market Study Operating Reserve Tax Credit Fee OTHER [SEE PAGE 19A) Owner Cost Subtotal (Sum 2A .. 2W)
Amount of Cost up to 100% Includable in Eligible Basis-Use Ajl2Iicnble Column(s): (D) "30% Present Value Credit" "70 % Present (B) Acquisition (CI Rehabl Value Credit" New Construction
12,000 65,000 4,000 15,000 6,000 20,000 40,000 3,375 0 0 0 2,500 0 5,000 3,000 100,000 35,836 $143,238
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 SO
12,000 65,000 4,000 15,000 0 20,000 20,000 0 0 0 0 0 0 0 3,000 0 0 $76,700
S663,449 $4,312,260
S424,200 S3,9~3,511
Subtotal 1 + 2 (Owner + Contractor Costs) 3. Developer's Fees
4. Owner's AcquisItion Costs Land Existing Improvements Subtotal 4:
240,000 0 $240,000
Subtotal 1+2+3+4: $4,952,260 SO SO $4,323,511
If this application
seeks rehab credits only, in which there is no acquisition and no change in ownership, enter the greater of $0 $0 Land Buihllng
appraised value or tax assessment value here: (Attach documentation at Tab K)
Amount of Cost up to [00% Includable in Eligible Basis-Use Applicable Column(s): (D) "30% Present Value Credit" "70 % Present (B) Acquisition (Cl Rehabl Value Credit" New Construction
OTIlER OWNER COSTS Contingency Reserve (Rehab or Adaptive Reuse only) LIST ADDITIONAL ITEMS Surveys and Reports Zoning Costs Soft Cost Contigency Land Carrying Costs FFE Mise sort Costs 0 0
12.000 5,000 12,000 48,038 20,000 15,000 11,200 20,000 0 0 0 0 0 0 0 $143,238
vs, Power
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0
0 0 0 0 0 0 0 0 0 0 0 0 $0
12,000 0 6,000 0 20,000 7,500 11.200 0 20,000 0 0 0 0 0 0 0 $76,700
Subtotal (Other OWner Costs)
Amount of Cost up to 100% Includable in Eligible Basis-Use Applicable Column(s}: "30 % Present Value Credit" (D) (C) Rehab! "70 % Present New Value Credit" Construction (8) Acquisition 4,952,260 0 0 4,323,511
Total Development Subtotal 1+2+3+4
in Eligible Basis
Subtract the following: A. Amount of federal grant{s} used to finance qualifying development costs Amount of nonqualified, nonrecourse
4,283,974
Costs of nonqualifying units of higher quality (or excess portion thereat) Historic Tax Credit (residential portion)
7. Total Eligible Basis (5 minus 6 above) 8. Adjustment(s)
to Eligible Basis (For non-acquisition costs in eligible basis)
(i) For Earthcraft or LEED Certification AND 60 Bonus Points (ii) For QCT or DDA (Eligible Basis x 30%) Total Adjusted Eligible basis
1,285,192 5,569,166
Fraction Basis (Same as Part IX-C)
10. Total Qualified
5,569,166
(Eligible Basis x Applicable Fraction)
11. Applicable
(Fr«
credits. use the ~1:trth 2010 -Il-pplicnh1ell;!'tcCnlJ_gt!"S Inr acq.) J
(F~Jr:!O1{19~1'cnmrh';tiliv~
9'-':; ncn-competlrlve & tm exempt humb. use tilt! most rKt!IUJy published tille;>;}
Maximum Allowable Credit under IRC §42 (Qualified Basis x Applicable Percentage) (Same as Part lX-C and equal to or more than credit amount requested)
$501,2251=]
$501,1251
C<lm!,lncd lO%
1U% P. V. Credil
Low-Income B. 1. Sources
Housing Tax Credit Application of Funds
List individually the sources of construction financing, including any such
loans financed through grant sources:
1. 2. 3. Cnpital One
SI,900,000 SO SO
Name of Contact Person Ed Delany
Commitments or letterts) of intent attached (TAB T) Financing: List individually the sources of all permanent financing in order of lien position:
5.25% 0.00% 0.00% 0.00% 0.00% 0.00%
r\murt1nLt~oll
$675.000 SO $0
Annual Debt Service Cost
544,728 SO $0 SO SO SO
Perknl IN\'EMIS 30 1000 1000 1000 1000 1000
Tenn of Lonn (years)
VHDA (REACH)
S675,000
Commitments or letter(s) of intent attached (TAB 'I') List all grants provided for the development:
Date of Source of Funds Application Date of Commitment
03101110 06101/09
Amount of Funds Name of Contact Person
$250,000 Bill Martin, city of Richmond 579,075 Section 48 of Ihe IRC 550,000 Bill Martln, City of Richrnnnd SO SO SO
3. CBDG·R 4.
o Commitments or Ietterts)
Total Permanent Grants: of intent attached (TAB T)
4. Portion of Syndication Proceeds Attributable Amount of Federal historic credits Amount of Virginia historic credits to Historic Tax Credit _______
S_O_xEquity % SO x Equity %
Equity that Sponsor will Fund: Cash Investment Contributed Land/Building Deferred Developer Fee Other:
----"$
$0 $0 0 Gr89",2;-i;Sn9 SO
essment Atm<horl (TAB S)
Total of All Sources (B2 + B3 + B4 + B5 + B6) (not including syndication proceeds except for historic tax credits) Total Development (From VIll-A5) Cost
S89,259 $1,143,334
$4,952,260
Less Total Sources of Funds (From B7 above) Equals equity gap to be funded with low-income tax credit proceeds (must equal IX-D3) Syndication Information Of Applicable)
$1,143,334
$3,808,926
Actual or Anticipated Name of Syndicator Contact Person Street Address City Raleigh Brian Oxford 7700 Falls of Neuse Rd. Suite 200
Affordable Housing Equity Corp. Phone 919-532-1796 Zip S3,808,928 SO.76 99.99% $501,175 27615
NC ------------
4. a. b. c. d. e. 5.
Total to be paid by anticipated users of credit (e.g., limited partners) Equity Dollars Per Credit (e.g .. $0.85 per dollar of credit) Percent of ownership entity (e.g., 99% or 99.9%) Net credit amount anticipated by user of credits Syndication costs not included in VIII-AS (e.g., advisory fees) Net amount which will be used to pay for Total Development Cost (4a-4e) as listed in Part VIII-AS (same amount as Part IX-D3)
$3,808,92B
Amount of annual credit required for above amounts (same amount as Part IX-D6) Net Equity Factor [C5 / (C6 X 10)] (same amount as Part IX-D4) Must be equal to or greater than 85% 75.99% [] or [] Private Corporate $501,225
Syndication; Investors;
Weighted Average Credit Price Cnlcullltion
Exchange Component Market Component 40% 60%SO.70 $0.85
$0.34 $0.42 $0.76
Weighted Average Credit Price:
Recap of Federal, State, and Local FundslAny Credit Enhancements I. Are any portions of the sources of funds described above for the development financed directly or indirectly with Federal, State, or Local Government Funds? 0 Yes D No If yes, then check the type and list the amount of money involved. Below-Market Lonns Mnrket-RlIle LODDS SO SO SO SO
D D D D D 0 D D D
Tax Exempt Bonds RD515 Section 221(d)(3) Section 312 Section 236 VHDA SPARC/REACH HOME Funds
$675,000 SO SO SO
Taxable Bonds Section 220 Section 221(d)(3) Section 221(d)(4) Section 236 Section 223(0 Other:
llinnts D COBO D UDAO
.Grnnt5
2] Other:
SO SO S::;.7;.:9.!;,0:..;7..::c5_
This means grants to the Dilflnershjp. If you received a loan financed by a locality which received one of the listed grants, please list it in the nppropriate loan column as "other" and describe the applicable grant program which funded it. 2. Subsidized Funding: list all sources of funding for points.
Source or Fund. 1. City or Richmond HOME fund. City of Richmond CDBG-R Funds
(TAD T)
Commitment date 03/01/10 06/01/09
szso.eco
$50,000 SO SO SO
3. Does any of your financing have any credit enhancement? If yes, list which financing and describe the credit enhancement:
4. Other Subsidies Section 8 Rent Supplement or Rental Assistance Payment
(TAB Q)
Tax Abatement Other
5. Is HUD approval for transfer of physical asset required? DYes 0 No
For Transactions Using Tax-Exempt Bonds Seeking 4% Credits: For purposes of the 50 % Test, and based only on the data entered to this application, the portion of tlte aggregate basis of buildings and land financed with tax-exempt funds is:
Im~l);mm:m~iNi~m~mi;~:lmiml
Low-Income Housing Tax Credit Application For Reservation IX. A. ADDITIONAL INFORMATION Extended Use Restriction
NOTE: Each recipient of an allocation of credits will be required to record an extended use agreement as required by the IRC governing the use of the development for low-income housing for at least 30 years. However, the IRC provides that, in certain circumstances, such extended use period may be terminated early.
121 This development will be subject to the standard extended use agreement which permits early
termination (after the mandatory 15-year compliance period) of the extended use period.
D This development will be subject to an extended use agreement in which the owner's right to any
early termination of the extended use provision is waived for 25 additional years after the 15year cnmpliance period for a total of 40 years. Do not select if IX.B is checked below.
early termination of the extended use provision is waived for 35 additional years after the 15year compliance period for a total of 50 years. Do not select if IX.B is checked below. Housing Authority Purchase Option/Right of First Refusal
B. Nonprofit/Local L
After the mandatory I5-year compliance period. a qualified nonprofit as identified in the attached nonprofit questionnaire. or local housing authority will have the option to purchase or the right of first refusal to acquire the development for a price not to exceed the outstanding debt and exit taxes. Such debt must be limited to the original mortgagees) unless any refinancing is approved by the nonprofit. Do not select if extended compliance is selected in IX.A above. Option or Right of First Refusal in Recordable Form Attached (TAB V) Enter name of qualified nonprofit: Better Housing Coalition
D A qualified nonprofit or local housing authority submits a homeownership plan committing to
sell the units in the development after the mandatory IS-year compliance period to tenants whose incomes shall not exceed the applicable income limit at the time of their initial occupancy. Do not select if extended compliance is selected in IX.A above. D Homeownership Plan Attached (TAB J)
U<E~~~l~Q-C~e~o~o~-~c~~~c~c~c~o~~o~~
~~88888888~~~~~988 fi ~ ~ Q ~ 0 c ci ~ ~ 0 C 0 ~ll
~ ~* ~~ ~~ ~~ ~~~ ~~ ~~
~~--------+------------------------------------1
<"d!
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ :7.:
s; ~ ~
c ceQ
~ ~~ ~g ~~ ~ ~~--------+------------------------------------1 ~ ::..,s_
~ <~--------+------------------------------------4
~] ~u
Determination of Reservation Amount Needed
The followIng calculation of the amount of credits needed is substantially the same as the calculation which will be made by VHDA to determIne, as requIred by the iRe, the amount of credIts which may be allocated for the development. However, VHDA at all times retains the right to substitute such information and assumptions as are determined by VHDA to be reasonable for the informatIon and assumptions provIded hereIn as to costs (Including development fees, profits, etc.), sources for fundIng, expected equlty, etc. Accordingly, If the development Is selected by VHDA for a reservation of credits, the amount of such reservation may differ significantly from the amount you compute below.
1. Total Development Costs (from VUI-AS, Column A page 20)
2. Less Total Sources of Funds (from VIII-B7 page 22) Equals Equity Gap Divided by Net Equity Factor (VIII-C7 page 22) (Percent of lO-year cred it expected to be raised as equity investment) Equals Ten-Year Credit Amount Needed to Fund Gap Divided by ten years
$4,952,260 51,143.334 $3,808,926 75.99%
$5,012,245
S501,225
6. Equals Annual Tax Credit Required to Fund the Equity Gap 7.
The Maximum Allowable Credit Amount (from VIII-Al2-combined figure) (This amount must be equal to or more than 6 above)
Reservation Amount (Lesser of 6 or 7 above)
Credit per Unit Credit per Bedroom 15.663 11,934
L'umhlrlCll 3D!;; &. 10~
rv (,~lt
c"mp,~;~~l ,225
b,-_-'[
10~ PV Cmill
Attorney's Opinion Attached in Mandatory TAD W)
oal Se,;k Function If you incur. the error message that your reservation amount is not equal to the equity gap amount you may use the goal seek function within the Excel preudsheet to eliminate the error message. To use the "Goal Seck" function first lace the curser box on cell V2S. Using the mouse arrow, point nnd click on
Low-Income Housing Tax Credit Application For Reservation F. Statement of OWner
The undersigned hereby acknowledges the following: 1. that, to the best of its knowledge and belief, all factual information provided herein or in connection herewith is true lind correct, and all estimates are reasonable. that it wiII at all times indemnify and hold harmless VHDA and its assigns against all losses, costs, damages, VHDA's expenses, and liabilities of any nature directly or indirectly resulting from, arising out of, or relating to VHDA' s acceptance, consideration, approval, or disapproval of this reservation request and the issuance or nonissuance of an allocation of credits, grants and/or loan funds in connection herewith. that points will be assigned only for representations made herein for which satisfactory documentation is submitted herewith and that no revised representations may be made in connection with this application once the deadline for applications has passed. that this application form, provided by VHDA to applicants for tax credits, including all sections herein relative to basis, credit calculations. and determination of the amount of the credit necessary to make the development financially feasible, is provided only for the convenience of VHDA in reviewing reservation requests; that completion hereof in no way guarantees eligibility for the credits or ensures that the amount of credits applied for has been computed in accordance with IRe requirements; and that any notations herein describing IRe requirements are offered only as general guides lind not as legal authoriry.
is responsible for ensuring that the proposed development will be comprised of qualified low-income buildings and that it will in all respects satisfy all applicable requirements of federal tax law and any other requirements imposed upon it by VHDA prior to allocation, should one be issued. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of the undersigned as to Ute inclusion of costs in eligible basis und as to all of the figures and calculations relative to the determination of qualified basis for the development as a whole and/or each building therein individually as well as the amounts and types of credit applicable thereof, but that the issuance of a reservation based on such representation in no way warrants their correctness or compliance with IRe requirements. that VHDA may request or require changes in the information submitted herewith, may substitute its own figures which it deems reasonable for any or all figures provided herein by the undersigned and may reserve credits, if any, in an amount significantly different from the amount requested. that reservations discretion. of credits are not transferable without prior written approval by VHDA at its sole
that the requirements for applying for the credits and the terms of any reservation or allocation thereof are subject to change at any time by federal or state law, federal, state or VHDA regulations, or other binding authority.
that reservations may be made subject to certain conditions to be satisfied prior to allocation and shall in all cases be contingent upon the receipt of a nonrefundable application fee of $750 and a nonrefundable reservation fee equal to 7% of the annual credit amount reserved.
11. that a true, exact, and complete copy of this application, including all the supporting documentation enclosed herewith, has been provided to the tax attorney who has provided the required attorney's opinion accompanying this submission, and
12. that the applicant has provided a complete list of all residential real estate developments in which the general partner(s) has (have) or had a controlling ownership interest and, in the case of those projects allocated credits under Section 42 of the IRC, complete information on the status of compliance with Section 42 and an explanation of any noncompliance. The applicant hereby authorizes the Housing Credit Agencies of states in which these projects are located to share compliance information with the Authority.
that the information in this application may be disseminated to others for purposes of verification or other purposes consistent with the Virginia Freedom of Information Act. However. all information will be maintained, used or disseminated in accordance with the Government Data Collection and Dissemination Practices Act. The applicant may refuse to supply the information requested, however, such refusal will result in VHDA' s inability to process the application. The original or copy of this application may be retained by VHDA. even if tax credits are not allocated to the applicant.
In Witness Whereof, the undersigned, being authorized, has caused this document to be executed in its
name on this 6. day of March ,2010.
Legal Name ofO~.
By". Its: ChiefExecu
L~eet,
've Officer (Title)
L1-C by PAD IX its Managing:
2010 LlHTC SELF SCORE SHEET:
Self Scoring Process his worksheet Is intended to provide you with an esllmale of your application score based on the selection criteria described In th pAP. Mosl of Ihe data used In the scoring process Is aulomallca1!y entered below as you fill In Ihe application. Other items ~enoled below In the green shaded calls, are items that are typically evaluated by VHDA's staff during the application review an easibillty analysis. For purposes of self scoring, it will be necessary for you to make certain decisIons and assumpllons about you ~ppllcaUon and enter the appropriate responses In the green shaded cells of this score sheet. All but twa require yes/no response~ 'n which case enler Y or N es appropriate. llem 2b pertaIning to the Loca! CEO LeUer will require one of the (allowing responses: , the leller Indicates uncondltlonat support: N - the letler Indicates apposition to Ihe project: NC - no comment from the locality, a any other response which Is neither uncondltlonat support nor opposition. Item 5el requires a numeric velue to be enlered. Please emember that the score Is only an estimate based an the selectfon crllaria using the reservation application data and the esponses you've entered on this scare sheet. VHDA reserves the right to change application data and/or score sheet response where appropriate, which may change the finat score.
MANDATORY ITEMS: a. Signed, completed appllcallon b. Ouplica!e copy of applcatlon c. Partnership agreement d. SCC CertificaUon e. Previous participation form f. Site control document g. Architect's Certification h. Attorney's opinion 1. Nonprofit questionnaire (if NP) 1. READINESS: a. Plan of development b. Zoning approval Total: 2. HOUSING NEEDS CHARACTERISTICS: a. VHDA notification leiter to CEO b. Local CEO letter c. Location In a revitalization area d. Location In a Qualified Census Tract e. Sec 8 or PHA waiting list preference f. Subsldl4ed funding commitments g. Existing RD, HUD Section 8 or 236 program h. Tax abatement or new project based rental subsidy (HUD or RDJ r. Census tract with "10% poverty rate, no tax credit unlts J. Development listed on the Rural Development Rehab Priority LIst k. Dev. located In area with little or no lnerease In rent burdened population I. Dev. located In area with Increasing rent burdened population Total 3. DEVELOPMENT CHARACTERISTICS: a. Unit size (5•• cDlculatlons belowl b. Amenities lSee cal""laUDru;bolowl c. Project subsldleslHUD 504 accessibility for 5 or 10% of units or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of unils or e. HUD 504 accesslblllty for 4% of units f. Proximity to public transportalion g. Development will be Earthcrart or LEED certified h. VHDA Certified Property Management Agent I. Units constructed to meet VHDA's Universal Design standards j. Developments with less than 100 unils Total 4. TENANT POPULATION CHARACTERISTICS: a. 20% of units having 1 or less bedrooms b. Percent of units with 3 or mote bedrooms Total
Scoro YarN YorN YarN YorN YorN YorN YorN YorN Y,N, NIA
0.00 0.00 40.00 40.00
o or40
o or 40
o or -50
(Y,NC,N)
~~JEl\l ·:.N
00r25or50 or 30 o or 5 Oor 10 Up t040 00r20 o or 10 00r25 or 15 Up to -20 Upto 20
0.00 50.00 30.00 5.00 10.00 12.12 0.00 0.00 0.00 0.00 0.00 0.00 107.12
Up 10 100 Up to 70 00r50 00r30 Oor 15 0,10 or 20 n or30 o or25 Up to 15 Up to 20
100.00 68.50 0.00 0.00 0.00 10.00 30.00 25.00 15.00 20.00 288.50
a or 15
5. SPONSOR CHARACTERISTICS: a. Developer experience - 3 developments wilh 3 x units or 6 developments or b. Developer experience - 1 development with 1 x units c. Developer experience - uncorrected major violation d. Developer experience - noncompliance el. Developer experience - did not build as represented e2. Developer experience - termination of credits by VHDA f. Management company rated Unsatisfactory Total 6. EFFICIENT USE OF RESOURCES: a. Credit per unit b. Cost per unit Total 7. BONUS a. Units b. Unns or c. Unils or d. Units
with 1 x units
o or 10 o or-50 o or -15 o nr -x
00r-l0 or-25
o or 50
If #tJ/A or c3la:godes
#REFI "PP""'" In the SCDIl'column of th •• o point
t:heek sp-eUing nf Clcrll+s Ofrl:en en P9 1. Il must match
rHUtlE!5
Up to 180 Upto75
e.J.or:Uy with the Jurisdiction
listed in the Apptlcattcn
MBnu~1.
43.09 16.68 80.35
POINTS: It:'~:!lOCil.ll!it\Mlm~ri,JgS®gF:8.M1llfii1]j with renls at or below 40% of AMI 573,200 $53,100 with rent and Income at or below 50% of AMI with rents at or below 50% rented to tenants at or below 60% of AMI In Low Ineorne Jurisdictions with rents 50% rented to tenants with <= 60% of AMI
e" T!~~r~~d compliance
13% 88% 88% BB%
Up 10 10 Up to 50 Up to 25 Upto 50 40 or50
10.00 43.75 0.00 0.00 0.00
or f. Nonprofit or LHA purchase option or g. Nonprofit or LHA Home Ownership Total 500 Point Threshold - 9% Credits
y option N
OorBO o or5
60.00 0.00 113.75 639.71
475 Point Threshold - TaK Exempt Bond Credits
Unit SlzlI Calculations:
~-A5I.VG E·EFF 0 0 0 0.00% 0.00 F·I:FF-G High Sq.F!.1 BDRM Low Sq.F!./ purcenteqe BDRM PltljDc1 Sq.F!.1 BDRM 0 0 0 0.00% 0.00 1'-4 BDRM-G 1'·28DRM-TIi 0 0 0 0.00% 0.00 1 ST~L[)'eFF High Sq.!'!. I BDRM Low Sq.fl/8DRM PltljDc1 Sq.F!.I BDRM Poroontagaof Units Ptlinm put Booro-om 0 0 0 0.00% 0.00 1 STELlJ.I 0 0 0 0.00% 0.00 BDRM 0 0 0 0.00% 0.00 1'·1 BDRM-G 0 0 0 0.00% 0.00 1'·3 BDRM-TIi 0 0 0 0.00% 0.00 1 STELlJ.Z8DRM 0 0 0 0.00% 0.00 ..:.1::.0::.0.::0:::.101 0 0 0 0.00% 0.00 F·28DRM-G 0 0 0 0.60% 0.00 F-4 8DRM·TIi 0 0 0 0.00% 0.00
If V-ij1J do nal ~n tecnlvu a numeric pclnt
piDilS<l:
E·18DRM 825 660 884 00.75% OB.75
~·2BDRM 1.015 860 1.089 31.25% 31.25 F.J 80RM-G 0 0 0 0.0!l% 0.00
High Sq.F!.1 BDRM
Low Sq.!'ll PD-I'contaga BDRM PltljDc1 Sq.F!. leDRM
nf UnitB
Po1nts par B-odroom
of UnUs
Polnln per Bedroom
HIOhSq.F!.1 BDRM
Low Sq.F!./ PDrcontagD BDRM of Unilo PltljDc1 Sq.Ft./BDRM P.cints ~:l!:rBedroom
¥!1luo.!
unit eue
ca!-cu~olLionD.
~h-il--ck th41 vnfuen 'l-n1nrlJd on PJ.g& 8, C1. Thuse mUGI ba whoiD nun;blH numerle vulul'!!li crtly. AIGU
chfll:.~~ p~gii'It
ttem :J~
Ihe number 01 uniltt mU:!l~ bo utlhur nnw. ,:ICJOIipt or rah-ab only. COll1htnrsth~I':!Ioell} emt enleulata
omn>.Uy.
IL..:.T,;:o,:;ta::I..:U::n,:;l.:.t,;:S.:,:lz::o:..;p:_::o:;_ln::ts::.::.._ AmcnlllllS! AI! units have:
a. 1.5 or 2 Balhrooms
b. c. d. e. Community Room Brick Walls KItchen/laundry Appl.Energy Star Windows·Energy Star f. HaaUAC..5EER·AFUE g. Sub-metared water expensa h. Low flow faucets & showerhead. i. High speed cable, DSL, wireless Inlemet I. Waler heaters meat EPA Energy Star requirements k, Geolhermal Heat Pump· EPA Energy Star requirements I. Solar Eleclric Syslem - EPA Energy Star requirements
15.00 5.00 11.00 5.00 5.00 10.00 0.00 3.00 1.00 0.00 0.00 7.50
Tolal All elderly units have: a. b. c. d. Fronl-<:onlrnl ranqas Emergency call syslem Independenllsuppl. heat source Two eye viewers Total All rehab or adaptive reuse units:
g§Q
.1.:.QQ ti.oa
b. Historic slructura
!!:!l!l
Total amenities: 68.50
SISF~ TYPE OF PROJECT LOCAllON TYPE OF CONSTRUCllON FAMILY;:::
~ 111l1l0; ELDERLY:; 12000
~c.on:Slllunlt=
If RIC=JDD; np=4ll~i 5MAa500~ SMA..c=5'D~ REHABI15,ODD-15,"iHl-CI}:4 ELDEfilI.Y
en ERllaR
mm: .. u)'j;&
IIppG,oru
BELT;101l1 NVM=110: NVNM=2CO: N C=1i ADPTa2;REHABIJS,OOQ+)=l:
RUR=8nO
m.a.;'l:h u.Qr:IIV
lip-ailing Q1 Clulk's OfficII en pg 1, wllh ttl"" JuriDIHclhm 11Mu d ~" U ru AppllC:lLjan ''''anual 1 BR.E-1 sf 0 D D 0 0 0 0 0
.c:11I:lc:I~ It must
nGmllill!lo
AVo UNIT SIZE NUMBER OF UN~TS
AS LVD 0 0 D D 0
EFF·E
1BR·E 66. 22 I~B,BI3
lBA·E ,+0&9 1. 200.Ir.lB 0
EFf-E-1 0 0 D 0 0 0 0 0 0
2~R-I'i-1 Sf 0 0 D 0 0 0 D 0 0
PARAMETER-(COSTS=::.:J5,DDDJ PARAMiITER·(COSTS<l5.DDD) COST PARAMETER PROJ.CT COST PER UNIT PARAMinER·(CREOITS=J5.0DOI PARAMETER·(CREDITS<l5,DDDI CREDIT PARAMImlR PROJECT CREDIT PER UNIT COST PER UNIT PDltlTS CREDIT PER UHtf 5:iOltcrs
156,813 125iBfiit
200.'38
154.085 18,001 0 1[1,UCl1 13,845 •• Bi 15.20 FAMILY
14,5!!2
0 D 0,00 0.00
14,5a:! 11.232 10.76 28.4J
D,IlD D.DD
48R·TH D 0 0 D 0 0 0 0 0 0 0,00 D.~D
Il.DO O,DD
O,DO 0.00
AVG UNIT SIZE NUMBER OF UWTS
!:!fF-G D D D D 0 D 0
18R,G 0 0 0 0 D 0 D D D
ZBR·G 0
lBR·Q u
0 0 0 0 0 0 0 0 0 O.OD G.DO
04 eR~G D 0 D D
2.BR-TH
0 0 0 0 0 0 0 0 0 0 0.00 0.00
laR·TIl D D 0
PARAMETER'lcoST5~JS,OQO) PARAMETER'(COSTS<l5,DDD) COST PARAMETER PROJECT COST PER UNIT
0 0 0 0 0 0,00 D.D-[J
PARAMiITER,(CREDITS=>J5,DDDI PARAMinER·(CREOIT5<J5,DOOI CREDIT PARAMiITER PROJECT CR.OIT PER UNIT COST PER UIIITPOIHTS CREDIT PER UNIT POINTS
0,00 ODD
D+DD O.DD
{I,OO D,DO
0.00 D,DD
TOTAL COST P);R UNIT POllfTS TOTAL CREDIT PER UNIT POINTS
16.66 43.69
SUmdutd Car;.! Par.i:lmn~lI:f -low me F'arilmelMAdjr.mtmc-nt ...mid rb:i PArilml!ller Adjl.l:Wnllrlt- hIilh rUG AdJuat.d Caal P.Qr=mllllllr
ASLVG 0
CtlIj,t Pllrlll;lalaJ1lEFF.E
Eldlfl 1SR,E
aeR-E 200.Ir.lB 0 D 200,Ir.lB
l!iB,B13
0 0 iSS,!513
EFF-E·l 0
1 BR·.·1
ZBR·E·1
As LIJG SIaMilrd Credit ParamoUlt-lowtl&o!l PDt.litl'latGt MjWilmanJ - m~ r~ "'al'Dmll:!:ftrAd-JU;Im'!lnt·h1gh~ Adju:statJ Ctldlt Parametllf D 0
C;l'Qd~t Piln:lmGlefBEFF~E
Eldljrl .. BfiI-E 14,582
2BR·E 1b,(]{l1 0 0 1ROO1
E~-~-' BT
1 BR~E~1 ST 0
2 SR-E-l
14,58.2
Caal Pl.r.amDea re- Fornil EFF·O Stummi'd ParnmlltDf Poramotm
Paramatw-Iow
18R·G 0
lBR·Q
AdJu~lm-!lnt - m~d t~!;lI Adjulllllltltlt· hfgh rise Adjusfad co .. t Pl'lmrnllblf
lBR·G 0 0
4 BR-O
2BR-TH 0
3 SR·TIl 0
4 SR·TIl
SlandarU CrodJl ParlUI1I!Ul-t - law rise Paf1lnlCljct Ad}tmimant ·mi::j I~ Peramlli1!r Adj-Ultml':'l1~-h':l:h nee AdjI-At8d Cr.dlt P-ILt.atn.. lIr
Cl'9dll 1HR·B
Par.JImGt.als -Femll 2 BR·I]
3BR·G
CSR·O
2BR·TH
3eR·TIl
C BR·TH
v12_3L09
SI"F = TYPE OF PROJECT tocAnoN TYPE of CoN5TRucnON
1142.1D
NVNM=200:
CllIdlblSF
~CUh.DtS(Uhit=
fANILY::; 11DOO;EUlERl.Y=
BELT=z100; NVM-=1101
Rlc=Jaa; TIO=4oo: SMA=50a; SMA-C=5'D~ RUR~oa
tf.111 ERROR mll~Do
1'10=1: ADPTc2:REHABI35,DDD+I=l; REHABll0,DD"35,00D):4 ElDERLY 1 BR·E 22
AVOUNITSIZ£
PARMIETER-.{COSTS=:>:!5i.OOO) PARAMETER--{costS-oCS,[l[](l)
EFF·E 0 0 0 0
spoiling af Clark'!I- Olllc.e en pg 1. m~lch GlUICtli' wilh Ih!t Jutill-dlclJ(ln II llld j In PI II~II c, M.IIIIIIII ~ cc
:lFpClo4rnham ctmc:k U mur.1
2BR·E
EFF·E~1
1. 215,779
0 D D D
1 BR·E~1 5T
28R·E·l 0 0 0 0 0 0 0
165,5;;e
COST PARAMETER PROJECT COST P.R UNIT PARAMETER'ICREDITS~:l5,DOD) PARAMETER·ICREOIT5<l5.000) CREDIT PARAMETER PROJECT CREDIT PER UNIT
C"OST PER UtiiT CREDlT PER
D 0 IlllG IUlD
Hl.5,5ga t25,669
17.787 D
215.770 154.0"" 23,177
D 0 0 D.DD D,OO
11,1a1 11.232 12.43 45.6D FAMILY
23,177 13.645 e, 81
D,IlD D,IlIl
D.!lll a.CD
D,no
INa UNIT SIZE NUMBER OF UNITS PARAMETER·ICOSTS<>:l5,OOO) PAAAMETER·IC05T5<J5.0DDI COST PARAMETER PROJECT COST PER UNIT
EFf-G 0 0 0 0 0 0
1 BR·O
2BR·0 0 0 0 0 0 0 0 0 0 0
3 BR·a 0 0 0 0 0 0
48R·0 0 0 0 0 0 0 0 0 0
2 BR·TIl
3 BR·TH 0 0 0
4 BR·TIl
~~~.-~.'
IiR·ICREDITS<l5.DDD) 0 0 ARAMETER CREDIT PER UNIT UN/TPDlfITS
ER UNIT PoINtS
D D D D 0
0 D.-IlD
D D,DD
D,no 0,00
-li,D-tI
COST PER UNIT POINTS CREDIT PER UNIT POINTS
eDll f1a:f.llmlllbf!l·
Eldarl
Asl.VIJ
S'till1allm Paramllll!r P.Uiil1lalct co;; l'.;Lr.Im~l.I!r-bwlt""flI mldmcAdjustm'!!nl· AaJ..m.d
EFF,E 0
1BR·E
165,51l:!l.
Z8R·E 215.719 0
D :;mi>17g
EFF·E·l ST
1 BR·E·l ST
2BR·E·l ST
Adjustm"llnl.hlgt'l rtsa
Cast P';U":lImIlWr
t55.51!a
CRidit ASLVG Stloo.artl CtL!ldllParumllltitP';lIolmlllcr AdJU:llmllnt-mlrl bwria ree
P4ramehus
- E1d .. tI
1BFHi
17.7Cl7 D
18R,E 23,177 0
EFF·E,1 ST
1 BR·E-15T
2 BR·E~1ST
P.afillml!.~rMJ"lQlmllnt-h:I!l-h IiJ.e AdJusLad C!'iIdil PJlIiUilllwt
0 17.7a7
51arolltd i=lummoter PDmmllt~
ri:G.II Adjl.!~maf1lml-d: nee Adju!itmo~lhlch rl'!.o Adlaa ....d Cast Paramllwr
PutJllnll-lut
EFf-G 0
Coat Plltlltnulata- Famll 2BR·a 1 BR'" 0 D 0 0
J BR.o D
" BR-G
28R·TIl
, BR·TH
EFF·G
S~I'IdJrd Crfld:tPamml!ll-!!r· bwtl:la D Parameter Adj"!llmlln!·m~ ~ .pDrnme~r Ad-I~tm!!ln%+~h ratI Ad[usLad Ct.dU P.afilm .... r
Crvdlt ParDmolofllo. Famll :'2 EiR·c; 1 BR·O 0
J6R·G
4 BR·G 0
Z BR·TIl 0
4 BH·TIl
vI2,31.09
Qualified Census Tract Certification
Development Name: 28th street Senior Apartments Tracking #: __.:2=O:...:_1..:::.0-....:::C::,_-=-31'-_ 1. Generallnstructions • This Certification must be included with the Application 3/12/10). The Owner!Developer completes this Certification. (by Application Deadline,
Any change in this form may result in a reduction of points under the scoring system. If you have any questions, please call Jim Chandler at VHDA (804) 343-5786.
Definition of Qualified Census Tract
Pursuant to §42(d) (5)(C) (ii) of the IRC, a qualified census tract is, "(I) Any census tract which is designated by the Secretary of Housing and Urban Development and, for the most recent year for which census data are available on household income in such tract, either in which 50% or more of the households have an income which is less than 60% of the area median gross income (AMGI) for such year or which has a poverty rate of at least 25%. If the Secretary of Housing and Urban Development determines that sufficient data for any period are not available to apply this clause on the basis of census tracts, such Secretary shall apply this clause for such period on the basis of enumeration districts. (II) The portion of a metropolitan statistical area (MSA) which may be designated shall not exceed an area having 20% of the population of such MSA. (III) Each MSA shall be treated as a separate area and all non-metropolitan areas in a State shall be treated as one area."
3. Census Tract #(5): 207
To determine the development's census tract. go to http://map.sbo.qov/hubzone/lnit.asp and put in the development address or county. The census tract number will be revealed after pressing the "search" button. On a rare occasion, when a development spans more than one census tract, this website may show incomplete information. IFthe subject development is across census tracts, please list each census tract by number and provide supporting documentation. Attach a map showing census tract boundaries and the development's location!
Attach a copy of the development's legal description; the legal description should correspond to the site control document in the Application.
SBA HUBZone Locator
Address-Town-County Search.
Text-Onlv Version
OF \VHETHER AN ADDRESS IS IN A HUBZONE
VA is located in Census Tract "51760020700" which IS HUBZone qualified.
1208 N 28th Street, Richmond
The map below shows the relationship of this address (marked with a star) to qualified HUBZone areas. Below the map, you may find information on why the address was found to be in a HUBZone Area.
User can also define display area by employing the dragging function of the mouse/cursor. Dragging can be used to recenter the map.
llaUflOO
Hiili IrdianCounliy DI3RACFOrnEr r.'lltBry Bas4l ~ Pcr"j{iIM by Maplitudo for tho WIlb~bJ Calipor
D1ffkultOllve~rtArea
BASIS OF HUBZONE
Is the address located in a Metropolitan Area? Is the address located in a qualified or redesignated census tract?
Is the address located in a BRAC Commission-closed former military base? Is the address located in a Difficult Development Area? Is the address located in an Indian Country area?
If yourfirm's
principal office is located in this area which is qualified as a HUBZone (Principal office means the location where the greatest number of the concern's employees at allY one location perform their work; 13 CFR PART 126.103), YOli are encouraged to apply for the HUBZone Empowerment Contracting Program.
://map.sba.gov/hubzone/hzqrv.asD
112712010
ALL that piece or parcel of land with all the improvements thereon and the appurtenances thereto belonging, lying and being in the City of Richmond, Virginia, known as 1224 N. 2SthStreet, and more particularly described as follows: Beginning at a stone on the southwest corner ofN. 28th Street and S Street; Thence, (1) in a southwardly direction along the western line ofN. 28th street, S. 37" 02' 27" W. - 242.49' to an old rod; Thence, (2) in a westwardly direction, N. 52' 59' IS" W. - 133.19' to an old cross cut; Thence, (3) in a northwardly direction along the eastern line of an alley, N. 37" 02' 57" E. - 242.75' to an old rod on the southern line of S Street; Thence, (4) in an eastwardly direction along the southern line ofS Street, S. 52" 52' 43" E. -133.16' stone, the point of beginning. There herein described parcel ofland contains 0.742 acre. to a
Being a portion of the same property conveyed to Richmond Affordable Housing, a Virginia nonstick corporation ,by deed from 1209 N 28th Street, LLC a Virginia limited liability company, dated August 6, 200S and recorded August 14, 2008 in the Clerk's Office, Circuit Court, City of Richmond, Virginia in Instrument - No. 08-22282.
"SIC ITUR AD A
SUCHJSTHEWAYTO HESTARS
REVITALIZATION AREA CERTIFICATION
Virginia Housing Development Authority 601 South Belvidere Street Richmond, Virginia 23220
VHDA Tracking Number: Development Name: Development Jurisdiction: Name of Owner! Applicant: Dear Mr. Chandler:
201O-C-31 28,h Street Senior A artrnents Ci of Richmond 1208 North 28th Street, LLC
I certify that the above-referenced development is located in a Revitalization Area in my jurisdict on. A "revitalization area" is any area that is (i) either (1) blighted, deteriorated, deteriorating or, if not rehabilitated, likely to deteriorate by reason that the buildings, improvements or other facilitie in such area are subject to one or more of the following conditions- dilapidation, obsolesce ce, overcrowding, inadequate ventilation, light or sanitation, excessive land coverage, deleterious land se, or faulty otherwise inadequate design, quality Or condition, or (2) the industrial, commercial or 0 er economic development of such area will benefit the city or county but such area lacks the hou ing needed to induce manufacturing, industrial, commercial, governmental, educational, entertainm nt, community development, healthcare or nonprofit enterprises or undertakings to locate or remai in such area; and (ii) private enterprise and investment are not reasonably expected, without assistance, to produce the construction or rehabilitation of decent, safe and sanitary housing and supporting facilities that will meet the needs of low and moderate income persons and families in such area ~nd will induce other persons and families to live within such area and thereby create a desirable economic mix of residents in such area. . I understand that this Certification will be used by the Virginia Housing Development Authorirytto determine whether the development qualifies for points available under VHDA's Qualified Allocatipn Plan.
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yron, C£. Marshall
• Richmond, Virginia 23219
• (804}646-7978
THROUGH OURS,
Surveyor's Certification of Proximity to Transportation (This Form Must be Included With Application - TAB A) (This Letter must be Submitted Under Surveyor's Corporate Letterhead - Any change in this form may result in a reduction of points under the scoring system.) DATE: 01.21.10 TO: Virginia Housing Development Authority 601 South Belvidere Street Richmond, VA 23220-6500 2010 Tax Credit Reservation Request Name of Development: 28th Street Senior Apartments Name of Owner: 1208 North 28th Street, LLC
Gentlemen: This letter is submitted to you in support of the Owner's Application for Reservation of Low Income Housing Tax Credits under Section 42 of the Internal Revenue Code of 1986, as amended. Based upon due investigation of the site and any other matters as it deemed necessary this firm certifies that: the main street boundary entrance to the property is within:
2,640 feet or % mile of the nearest access point to an existing commuter rail, light rail or subway station; or 1,320 feet or Y4mile of the nearest access point to an existing public bus stop. are as follows: Lon itude -77.243027 -77.242795
e-, no
The latitudes and longitudes in decimal format (ex: -77.452788/38.77987) Latitude 37.321720 37.321410
.. .. i3
Trans ortation Access
re .!;: <:
TIMMONS GROUP Firm Name By: STUART TORAASON PE
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OPERATING STATEMENT 1208 NORTH 28TH STREET, LLC PURSUANT TO VIRGINIA CODE § 13.1-1023 (2) This Operating Statement is made and entered into by 1208 North 28th Street, LLC, a Virginia limited liability company (the "Company") and PAD IX, Inc., a Virginia corporation, the sole Member of the Company (the "Member"), pursuant to Section 13.11023 (2) of the Code of Virginia (1950), as amended.
Purpose of Company.
The Company is formed for the purpose of
acquiring certain real estate in the City of Richmond Virginia, and developing and operating thereon multifamily affordable housing developments using a combination of debt and equity derived from federal low income housing tax credits, to do all acts necessary or incidental to the accomplishment engineers, of that purpose and to engage such
architects, contractors and other persons to accomplish such purpose. In
particular, the Company is authorized to prepare and file an application for reservation of low income housing tax credits with the Virginia Housing Development Authority and to enter into such other agreements as may be required for the purposes set forth above.
The Company shall be managed by a Manager or
Managers, who may, but need not be Members of the Company. Except as expressly provided otherwise in the Virginia Limited Liability Company Act, Sections 13.1-1000, et seq. of the Code of Virginia, as amended (hereinafter, the «Act") the Articles or this Operating Agreement, the Manager or Managers shall (i) exercise complete and exclusive control of the management of the Company's business and affairs and (ii) have the right, power, and authority on behalf of the Company, and in its name, to exercise all of the rights, powers, and authorities of the Company under the Act. The Manager shall
discharge its duties in accordance with the standards of conduct set forth in section 13.11024.1 of the Act.
Initial Manager. The initial Manager of the Company shall be PAD IX, Admission of Members. The Company may admit new Members upon
Inc., which is also the sole Member of the Company.
such terms and conditions as may be agreeable to the Member/Manager.
Purchase Option and Right of First Refusal. The Company is expressly
authorized to enter into a nonprofit purchase option and right of first refusal with Better Housing Coalition or other qualified nonprofit organization, which purchase option shall satisfy the requirements of Section 42 of the Internal Revenue Code of 1986, as amended.
Compliance With VHDA Rules and Regulations. Notwithstanding any
and supervision by the Virginia Housing Development Authority (the
other provisions of this Agreement, this Company and its Members shall be subject to
"Authority") in accordance with the Virginia Housing Development Authority Act, the Rules and Regulations of the Authority and any Deed of Trust assumed or to be assumed or executed or to be executed by tins Company for the benefit of the Authority and shall be further subject to the exercise by the Authority of the rights and powers conferred on the Authority thereby. Notwithstanding any other provision of this Agreement, the
Authority may rely upon the continuing effect of this provision that shall not be amended, altered, waived, supplemented or otherwise changed without the prior written consent of the Authority. Witness the following signatures as of the lzth day of January 2010:
1208 North zs" Street, LLC By PAD IX, Inc. a Virginia corporation, Its sole Member
BY:I\1J/b~ Its: t.:..1fO
MemberlManager:
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PAD IX, INC. a Virginia corporation By: Its:
~e=O
grio~
CRjclimond,January 12) 2010 Tliis
to certifytfiat
tlie certificate
1208 North 28th Street, LLC was this day issued' ana admitted to record in tliis office and tliat tlie said limited Cia6iCitycompany is authorized to transact its 6usiness su6ject to. aCt o/irginia Caws applicable to tfie company and its business. (Effectipe date: January 12) 2010 -State Corporation Commission }lttest:
Ch{oj tfie Commission
CIS0354
__ .~._
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_. _. __. __.
.L-__ __
Development Name: Name of Applicant: Controlling General Partner:
28th street Senior Apartments 1208 North 28th Street. LLC ~P.;_;A;;:,D..;,;,IX,;;_' ~In..:.c.:___ _
This certification must be signed by an individual who is, or is authorized to act on behalf of the Controlling General Partner [if lP) or Managing Member (if LLC)of the Applicant. as designated in the Application. VHDA will accept an authorization document, which gives signatory authorization to sign on behalf of the principals. 2 3 4 5 Attach a resume for each principal of the general partnership (GP) or limited liability company (LLC)and an organization chart for the limited partnership (LP)and LLC. A Schedule A is required for each principal of the GP. For each property listed as "non-compliance found," please attach a detailed explanation of the nature of the noncompliance, stating whether or not it has been resolved. The date of this certification must be no more than 30 days prior to submission of the Application.
Failure to disclose information about properties which have been found to be out of compliance or any material misrepresentations are grounds for rejection of an application and prohibition against future applications.
For the purpose of this Certification, the following definitions shall apply: Development shall mean the proposed multifamily rental housing development identified above. Participants shall mean the principals who will participate in the ownership of the development. Principal shall mean any person (including any individual, joint venture, partnership, limited liability company, corporation, nonprofit organization, trust, or any other public or private entity) that (i) with respect to the proposed development, will own or participate in the ownership of the proposed development or (ii) with respect to an existing multifamily rental project. has owned or participated in the ownership of such project, olios more fully described hereinbelow. The person who is the owner of the proposed development or multifamily rental project is considered a principal. In determining whether any other person is a principal, the following guidelines shall govern:
1. In the case of a partnership which is a principal (whether as the owner or otherwise), all general partners are also considered principals, regardless of the percentage interest of the general partner; 2. In the case of a public or private corporation or organization or governmental entity that is a principal (whether as the owner or otherwise), principals also include the president, vice president. secretary, and treasurer and other officers who are directly responsible to the board of directors or any equivalent governing body, as well as all directors or other members of the goveming body and any stockholder having a 25% or more interest; In the case of a limited liability company (LLC]that is a principal (whether as the owner or otherwise), all members are also considered principals, regardless of the percentage interest of the member. In the case of a trust that is a principal (whether as the owner or otherwise), all persons having a 25% or more beneficial ownership interest in the assetsof such trust; In the case of any other person that is a principal (whether as the owner or otherwise), all persons having a 25% or more ownership interest in such other person are also considered principals; and
6. Any person that directly or indirectly controls, or has the power to control. a principcl shall also be considered a principal.
I hereby certify that all the statements made by me are true, complete and correct to the best of my knowledge and belief and are made in good faith, including the data contained in Schedule A and any statements attached to this ce rtificati on. 1. a. I further certify that for the period beginning 10 years prior to the date of this Certification: During any time that any of the participants were principals in any multifamily rental project, no project has been foreclosed upon. no mortgage has been in default. assigned to the mortgage insurer (governmental or private), nor has rnortgcqe relief by the mortgagee been given;
b. During any time that any of the participants were principals in any multifamily rental project, there has not been any breach by the owner of any agreements relating to the construction or rehabilitation. use, operation, management or disposition of the project; c. To the best of my knowledge, there are no unresolved findings raised as a result of state or federal audits, management reviews or other governmental investigations concerning any multifamily rental project in which any of the participants were principals; d. During any time that any of the participants were principals in any multffamily rental project. there has not been a suspension or termination of payments under any state or federal assistance contract for the project;
e. None of the participants has been convicted of a felony and is not presently, to my knowledge, the subject of a complaint or indictment charging a felony. A felony is defined as any offense punishable by imprisonment for a term exceeding one year, but does not include any offense classified as a misdemeanor under the laws of a state and punishable by imprisonment of two years or less; f. None of the participants has been suspended, debarred or otherwise restricted by any federal or state governmental entity from doing businesswith such governmental entity; and
_ g. None of the participants has defaulted on an obligation covered by a surety or performance bond and has not been the subject of a claim under an employee fidelity bond. 2. 3. I further certify that none of the participants is a Virginia Housing Development Authority (VHDA) employee or a member of the immediate household of any of its employees. I further certify that none of the participants is participating in the ownership of a multifamily rental housing project as of this date on which construction has stopped for a period in excess of 20 days or (in the case of a multifamily rental housing project assisted by any federal or state governmental entity) which has been substantially completed for more than 90 days but for which requisite documents for closing, such as the final cost certification, have not been filed with such governmental entity. I further certify that none of the participants has been found by any federal or state governmental entity or court to be in nancompliance with any applicable civil rights. equal employment opportunity or fair housing laws or regulations. I further certify that none of the participants was a principal in any multifamily rental project which has been found by any federal or state governmental entity or court to have failed to comply with Section 42 of the Internal Revenue Code of 1986,as amended. during the period of time in which the participant was a principal in such project, except for the corrected 8823' s reported herein. Statements above (if any) to which I cannot certify have been deleted by striking through the words. In the case of any such deletion, I have attached a true and accurate statement to explain the relevant facts and circumstances.
WARNING: IF THISCERTIFICATION CONTAINSANY MISREPRESENTATION A MATERIALFACT,THEAUTHORITY OF MAY REJECT
THEAPPLICATIONFOR LOW-INCOME HOUSINGTAX CREDITS AND MAY PROHIBIT THESUBMISSIONBY THEAPPLICANTOF APPLICATIONS FORSUCHCREDITS THEFUTUREr IN
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SOrnctl'\a..Hl
MClIc,h tij , 2- a ------------~----------(date Date
must be no more than 3D days prior 10submission of the Appllcotlon]
Schedule A: LIstof All Tax Credit Developments for Each Principal to this Certlflcation Complete the following. using separate page(sJ as needed. for each principal. received allocations of tax credits under Section 42 of the IRC. Better HousingCoalition [Mr. T.K.Samanath. PresidentlCEO)
Principal's Name: Controlling
Ust all developments
G. P. af Proposed Project?..,:Y-",,----:-;-_
Development Nome/Locotion Cary Mews 2000 W. Cory Street Richmond. VA 23220 2
Name of Ownership Entity and Phone Number Cary 2000 North Limited Partnership (804) 644-0546
Controlling General Partner? (Y/N) y
Total Dev. Unils 29
Noncompliance Total Low Income Placed in 8609[s)Issue Found~ YIN Date (ExplainYesJ Units Service Dale 29 y (see attached]
3/1/1994 Cory 2000 Phose II Apts. Cary 2000 Phose II Limited 2200 block of West Cary St. Partnersh1p Meadow and Rowland Sts. (804) 644-0546 Richmond. VA 23220
9/15/1995 3 Cary 2000 Phose III Apts. 2100 and 2200 block of West Cory Street Richmond. VA 23220 Jefferson Mews 501 N. 23rd St. at Jefferson Ave. and scattered sites Richmond. VA 23223 Columns on Grove 1617-1621 Grove Avenue Richmond. VA 23220 Cary 2000 Phose III Limited Partnership (804) 644-0546 Jefferson Mews Limited Partnership (804) 644-0546
Y (see ottoched)
1211/1996 y 29 29
12/1/1996 5 1617-1621 Grove Avenue Limlted Partnership (804J 644-0546
28 y (see attached]
12/4/1997 6 Market Square Elderly Housing 7300 Taw street Richmond VA 23237 Affordable Historic Housing 912-924 Cumberland Street 200-202 South Unden and scattered sites Richmond. VA 23220 Market Square Elderly Housing Limited Partnership (804J 644-0546
Affordable Historic Residences of Richmond llmlted Partnership (804J 644-0546
10/27/2000 8 Market Square Elderly Housing Phase II 7310 Taw Streel Richmond VA 23237 Market Square Elderly Housing Phase 1ILimlted Partnership (804) 644-0546
42 Y [see attached]
Carter Woods Senior Housing 301 Dabbs House Rood Richmond VA 23223 Market Square Elderly Housing Phase III 7101 Bensley Commons Lane Richmond, VA 23237 Carter Woods Senior Housing Phase II 301 Dabbs House Road Richmond VA 23223 Randolph Place Apartments 300 S. Randolph Street Richmond, VA 23220 LIncoln Mews 4101 North Avenue Richmond, VA 23222 lincoln Mews II 4101 North Avenue Richmond. VA 23222 Claiborne Square 518 Halifax Street Petersburg. VA 23802
Nine Mile Road, L.L.C. (804) 644-0546
y 12/15/2004 2/27/2006 7/6/2005 7/21/2006
(see attached) N
Market Square Elderly Housing Phose III, LLC 804.644.0546
Nine Mile Road, L.L.C., II (804) 644-0546
2/20/2006 12 300 Randolph Street, LLC (804) 644-0546 y 50 50
y 10/30/2007 3/26/2008
4101 North Avenue, llC (804) 644-0546
111/2009 14 4101 North Avenue II. LLC [804) 644-0546 Claiborne Square LLC (804) 644-0546 Y 130 130
Y 47 47
1999) trnent
(Rev. January
Low-Income Housing Credit Agencies Report of Noncompli'ance or Building Disposition
• Nole: RIB a ssperste Form 9823 for each building disposed of or goes out of complience.
OMS No. 1545- t 204
JI Revenue
of the Treasury Serv1ce
Pf any).
Check if item 1 differs from Form8S09 ~
2 Owner's name. Check if item 2 differs (rom Form 8S09 ~ [8]
5 sa b c d 7 B 9
If this buldinc is Dart of a multlnle build ina 0 rolect, enler the number of b uildinas in the oroleot • , • , • • , , . , ., ~ Total number of residential rental units in this buHdlno , . • • , , • , • • , • •• ........,... Total number of low-Income units in this buildina •,••••.•••••••,••.•.•,,••,, Total number of residential units in this buildina determined to have noncomoliance issues • . • • . . • , . • • • • • Total number of units reviewed bV a~encv (see instructions) •••••.•,,•••••••••• Date buildlna ceased to comolv with the low-income houslna credit orovlslons (see instructionsHMMDDYYYVI , , r.-~:"':"':-r--:-.--:-r-':-T;_'r---l Date noncomolance corrected (if aoolicablel (see instructions) ••.••••,•••. Check this box if you are filing only to show correction of a previously reported noncompliance problem
Oul ol Noncompliance
compliance corrected 10 Check the box(es) that apply: a Household income above Income limit upon initial occupancy .........."........ 0 0 b Major Violations of health, safety, and building codes (see Instructions) ••••.••,.,•••• 0 0 c "'attern of minor violations of health, safety, and building codes (see instructions) ............, 0 0 ,wner failed to submit annual certificalion ..........,',....... •_•• •, •, • 0 DChanges in eligible basis (see instructions) ...".,.......,........,.... O D Project failed to meet minimum set-aside requirement (20/50, 40/60 test) (see instruclions) •..•••••• f 0 0 ........,.,...,....,.......... 0 0 9 Gross rent(s) exceed tax credillimits .........,......,.... h Project not available 10 the general public (see instructions) 0 0 • i Household income increased above income limit and an available unit was renled to market rate tenant 0 1 Project Is no longer in compliance and is no longer participating in the low-income housing tax credit program • • • 0 k Owner failed to execute and record extended-usa agreement within time prescribed by section 42(h)(6)(J) 0 0 Low-income units occupied by nonqualified full-time students ••.•••. I 0 0 m Owner failed 10 maintain or provide tenant income certificalion and documentation ~ I8J n Owner did not properly calculate u Imty allowance ..".... •..• 0 0 o Owner has failed to respond to agency requests [or monitoring reviews and fees 0 0 ., • • • . . • . • • ., • • • . • • • , . • • • . • p Low-lncome units used on a transient basis 0 0 ,•.•••••• q Other noncompliance issues (attach explanation) 0 11 Additional information for any item above. Attach explanation and check here [8] 12 Building disposition a Building disposed of by: Foreclosure D Abandonment D Destruclion Other (allach explanation)
State housinp a~encv employer identification number
un7"077777:77"TT"rI'77---'
Name and telephone number ol contact person Cara A. Wallo
,~ lilies of pe~U1y,1declare thai I have
ie, cor~~e.
I-I0 I 9 I2 I
I9 I2 I
Ihis report, including accompanying statements and schedules, and 10the bast of my knowledge and beliel,
.'It-
1\.". (\ t\ _
~ . Cara A. Wallo,
Tax Credit Compliance Manager
Cal. No. mOBD
S -30 -~ "2_
Signalure or authorizing oflicial
For Paperwork Reduction Acl Holiee, sec h~ck of form.
Print name and tille
ATTACHMENT TO FORM 8823 Cary 2000 Phase I
(he record inspection for the year ended 12131/01 was completed 2121/02. 6 units of the total 29 units in the property were inspected. The property received an annual allocation of $182,737 of rehabilitation credits in 1992. According to Part II of Forms 8609 both buildings placed in service 3/1/94 and elected to begin the credit period the following year. The property had a compliance inspection for the 1995 calendar year and Forms 8823 were sent to the IRS on 8/27/96 and another compliance inspection for the 1997 calendar year and Forms 8823 were sent to the IRS on 10/2/98. Cary 2000 Phase I had no noncompliance sent to the IRS on 8/27/96 as evidenced by VHDA's letter dated October 7. 1996. which is attached. Following is a description of information from the unit files: Corrective actions are shown in italics (note, some corrections may be due to move-out of a
household.for whatever reason rather than by gathering corrected documentation).
101 22 S. Meadow Street
Shaw/Simon'
VA9232002
At 10/31/96 move in, application for Shaw
states that his incomes are 8S! and street vending. The only income verification in the file for Shaw is for S81. Need verification for street vending job. Need a non-employment statement from Simon.
Corrected by household move out 5117101.
not tax credit noncompliance,
the following should be in the tile as required by VHDA loan
regulations: NOTE:
members must sign a VHDA Lease Addendum
full lease is used and a Privacy Act Letter (at move in only).
UNIT 200Q·A West Cary Street
HOUSEHOLD Lambert, S.
NEEDED IN FILE
VHDA Lease Addendum for 1/1/97 lease.
Corrected Addendum in fife as of 2121/02.
Shaw/Simon VHDA Lease Addendum for 11/1/97 lease.
S. Meadow Street
;.I;;?.
5. 2Q04
2: 17?f'1
no .252
Mr. T.K. Samanath
Cary 2000 North L.P. 601 South Belvidere St. ]Jchr:nond, \T~ 23220 Re: Dear Mr. Somanath; The tax credit monitoring record inspection for the 1995 monitoring year for Cary Mews was completed August 27, 1996. reviewed files for 6 units of the total 29 units in the development. Everything seems to be in good order; no evidence ofnoncompliance was found. Record Inspection - Cary Mews
I appreciate your assistance in providing information and enjoyed working with Sherrie and Verna. Please let me know if you should have questions.
Cara A, Wallo
cc: Ms. Sherrie Mawyer
Ms. Verna.Berry
6111Sourh Bolvider~ Slr~et • Aichmcnd Virginia 2322tM501J • E(}4·71!2·)5E6 • VITDD 8():J·Tc!,]'57i15
~rany).
(Rev. January 199B) partmenl 0 r the Treasury .. ,Iemal Revenue SeNlce
Low-Income Housing Credit Aqsncles Report of Noncompliance
Nole: If more than one building goes ou: of compliance. you must file a separale Fonn 8823 (oreach building •
1 Building name
Check if item 1 differs from Form 8609
2 Owner's name. Check if item 2 differn from Fonn 8609
.5 Sa b c d 7 8 9
If this building Is part of a multiple building project, enter the number of buildings In the project Total number of residential rental units in this building •....••...••. Tolal number of low-1ncome l.jilits in ~"ls bul1diiig •..•.•.••..... Total number of residential units in this building determined to have noncompliance issues ••... Total number of units reviewed by agency (see instructions) .•.•..•.......••• Date building ceased to comply with the low-Income housing credit provisions (see instructions)(MMDDyyyy) • Date noncompliance corrected (if applicable) (see instructions) •...•..•••... Check this box If you are filing only to show correction of a previously reported noncompliance problem
10 Check the box(es) that apply:
a Building disposition (complete item 11 below) •.••... b Household income above Income limit upon initial occupancy Major violations of health, safety, and building codes (see instructions) .. Minor.violaUons of health, safety, and building codes (see instructions) e Owner failed to submit annual certification .•....... f Changes in eligible basis (see instructions) ••••..... g Project failed to meet minimum set-aside requirement (20/50,40/60 test) h Gross rent(s) exceed tax.credit limits . . . ..• . • . . . . • ....• J Project not available to the general public (see instructions) ..........•....•.. j Household income increased above income limit and an available unit was rented to market rate tenant . . k Project is no longer in compliance and is no longer participaUng in the low-income housing tax credit program I Owner faiJed to execute and record extendecJ.use agreement within time prescribed by section 42(h)(6)(J) m Low-income units occupied by nonqualified full·time students ....•.• n Owner failed to maintain or provide tenant income certification and documentation o Owner did not properly calculate utility allowance ......•.• p Owner has failed to respond to agency requests for monitoring reviews and fees q Low-income ~nil::iused on a tf3...~E!ent basis r Any other decrease in qualified basis from the prior year not referenced above 5 other noncompliance issues (attach effilanation)
p • • • • • • • • • •
(8l
Date of building disposition (MMDDYYYY)
--,--,----,---,---=.;--=-1 --=-1~J
0 ssN
1I- '-. penalties of pe~ury. I declare lIlat I have examined this report, induding accomp~nying statements and schedules, and to the best of my knol'liadga and beITer,
... ~.crcrd~nd comple~
u.Jd!.1l..>l:U
• (\ (\
Cara A. Wallo, Tax Credit Compliance Manager
Print name and UUe Gal No. 12308D
\.0 _2 _n
C'/ '7 ~
Signature or authorizing official For Paperwork Reduction Act Notice, see back of form.
Form 882 3 [Re~ j.g!!)
GARY MEWS APARTMENTS ATTACHMENT TO FORM 8823 VA9232001
The record inspection was completed 9/1/98.
Following is a description of information from the unit files.
Corrective actions are noted in italics.
BIN VA9232001
At 2122/94 move-in, need either employment or nonemployment information for Mrs. Williams & adult daughter. At move-in, Mrs. Williams and adult daughter need to sign income certification. For 1995 annual recertification, need either employmen or non-employment information for Mrs. Williams & adu! daughter. For 1996 annual recertification, need written verification of income for Mr. Williams.
B Williams, E. 2000 W. Cary St.
Corrected all documentation in file by 9/24/98.
Form January 1999) ,partment 01 Ihe Treasury Internal Revenue SelVlce
Note: File a separate Form 8823 for each buifdlng that is disposed o{ or goes oul ot compliance. OMB No. 1545-1204
1 Building name (if any). Check if lIem 1 differs from Form Boo9 ~
2 Owner's name. Check iI item 2 differs from Form 8609 ~ [g]
DSSN 5 6a b c d 7 8 9 10 a d e
i j k I m n o p q
If this is Dart of a mulUole buildlno orolect, enlerlhe number of bulldinos in the nrolact • • • _ _ )Total number of residenlial renlal unlts in this buildina • • • • • _ • • • • • • ., • • • • • • • • • •• )Total number of low-income units in this buildino • • • • • . • • • • • • • . • • • • • • • • • • . •• .. Total number of residenlial units In this bulldino determined to have noncomoliance issues • • • • • • . • • • • • . • • Total number of units reviewed bV allencv (see instrucUons) •••••••••••••••••.• Date buildlna ceased to comolv with the low-income houslno credit orovisions (see instructions)IMMDDyYyy) • • '=:-+-:'-r-'-;::-.--:-r-=o~'--=-r=--I Date noncomoliance corrected (if aODlicablel (see instructions) •••••••••••• Check this box if you are rrnngonly to show correction of a previously reported noncompliance problem Oulor Noncompliance corrected compliance Check the box{ as) that apply: Household income above income ijmil upon inilial occupancy ...,.. •••.• _•• •- • , • D 0 ajar Violations of health safety, and building codes (see Instructions) ,•••••-••.•••• D D ~altern of minor violations of health. safety, and building codes (see instructions) •.••.•..•• D 0 Owner failed to submit annual certification ••••••••••••••••.•• ••••.•••• 0 D Changes in eligible basis (see instructions) ................,.. •• , _•• •• • D 0 Prolect failed to meet minimum set-aside requirement (20/50, 40/60 test) (see instructions) •••..•..• D D Gross rent(s) exceed tax credit limits .••• _,• ••• •. •_• , • •• •• •• •• . • •• • D 0 Project not available 10 the general public (see instructions) .................,.... D 0 Household income increased above income limit and an available unit was rented 10 market rate tenant •.•• D Project is no longer in compliance and Is no longer participating in the low-income housing tax credit program • • • 0 Owner failed to execute and record extended-use agreement within lime prescribed by section 42(h)(6)(J) •.•• D D Low-income units occupied by nonqualified full-time sudents •.•••.• 0 0 [gJ [g] Owner failed to maintain or provide tenant Income certification and documentation Owner did no! properly calcelate utility allowance .••••••••.•. 0 0 Owner has ·failed to respond to agency requests lor monitoring reviews and fees 0 0 Low·income units used on a transient basis •. • • • • • . • • • •• . • _ • . • . • • . , • • • 0 0 Other noncompliance issues (attach explanation) •••..•••• 0 [gJ Additional information for any Item above. Altach explanation and check here Building disposition D Destruction D Other (attach explanation) Building disposed of by: Foreclosure Abandonment
U, ,uer penalties or pe~ury. I declare lhal l have examined this report, including accompanying stalemerus and schedules, and 10 Ihe besl 01 my knowledge and baliel, il is lrue, correct, and complete.
Q l>.Q.... ~
aulhorizing oflidal
~ CaraA
Wallo, Tax Credit Compliance Manager
Cal. N'J. I~J06D
:5--30
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Prinl nameand tiU2
Date Form nB2J [Re'/ t·9S)
For Paperwork Reduclion Act Nolice, see back of form.
'ment 01 the Treasury
, Revenue Service
(Rev. January 1999)
Low-Income Housing Credit Agencies Report of Noncompliance or Buifding Disposition
Note: File II separate Form 8823 for each building that Is disposed of or goes out of compliance.
OMS No. 1545-1204
1 Building name (il any). Check if item 1 differs from Form 8609 ~
2 Owner's name. Check Jr item 2 differs from Form 8609
• [81
5 6a b c d 7 8 9
DSSN If buildlna is Dart of a buUdino orolect, enter the number of • • • •• ~ Total number of residential rental units in this buildlna ••••• • • • • • ., •••••••••••• ~ Total number ollow·lnoome units in thIs bulldina • • • • • • • • • • • • • • • • • • • • • • • • . •• ~ Total number of residential units in this buildino determined to have noncomoliance Issues • • • • • • • • • • • • Total number of units reviewed bV agem;v (see instructions) •••.•••••••••.••••• Date buildina ceased to comolv with the low-hcorne housino credit orovisions {see instructions)(MMDDYY'm • • r-':--r-.=:"':';:-r-7'T-::-t'-S'-,.....-j Date noncornellanee corrected !if aoolicablel (see instructions) •••••••••.•• Check this box il you are filing only to show oorrection 01 a previously reported noncompliance problem
Out 01 compliance
10 Check the box(es) that apply: a Household income above income limit upon initial occupancy ••••••••.•••••..•••. b Major violations of health, safety, and building codes (see instructions) ••.•••••••. J: ""tltem of minor violations at health, safety, and building codes (see instructions) ••••••• .Yner failed to submit annual certification •••••••••••••••••••••••.••.• Changes in eligible basis (see instructions) ••••••••.••••.••••••••••.•.• f Project failed to meet minimum set-aside requirement (20/50, 40/60 lest) (see instructions) ••••.•..• •••••••••••••••••••••••••••••• 9 Gross rent(s) exceed tax credit limits h Project not available to the general public (see instructions) ....,................. i Household income increased above income limit and an available unit was rented to market rate tenant j Project is no longer in compliance and is no longer participating in the low·income housing tax credit program k Owner failed to execute and record extended-use agreement within time prescribed by section 42(h)(6)(J) ••••••. I Low·income units occupied by nonqualified full·time students m Owner railed to maintain or provide tenant income certification and documentalion n Owner did not properly calculate utility allowance ...,........ a Owner has failed to respond to agency requests for monitoring reviews and fees p Low-Income units used on a transient basis .• • • , • . •.•• ,• • • • • • • . • . • • q Other noncompliance issues (attach explanation) •••,•••.. 11 Additional informa lion for any item above. Attach explanation and check here 12 Building disposition disposed of by: Foreclosure Abandonment Destruction
••• ..•
0 0 0 0 0 0 0 0 0 0 D 0 0 0 D
D 0 0 0 0 0 0 0 0 0 I8l 0 0
o Other (attach explanation)
~ C ..l)~
ties of pe~ul)', I declare that I have examined this report, including accompanying statemenls and schedules, and to the best of my knowledge and belie I,
e, correct, and complete.
~ \..)...J ~
J\.} '"'\ _ N\
~ Gara A. Wallo, Tax Credit Compliance Manager
Print name and liIle
Cal No. 12308D
S -3 0
~ D'"L .
.Slgnature of authorizing oflicial
For Paperwork Reduction Act Uolic~. see back of form.
Form 8623 (Rev. 1·99)
ATTACHMENT TO FORM 8823 Cary 2000 Phase II
record inspection for "the year ended 12131/01 was completed 2/25/02. 6 units of the total 28 units in the property were inspected. The property received an annual allocation of $116,599 of acquisition and rehabllitatlon credits in 1993. According to Part II of Forms 8609 the building placed in service and began the credit period in 1"995. Property received waiver of annual recertification on 7/18/01.
". d
Following is a description of information from the unit files: Corrective actions are shown in italics (note, some corrections may be due to move-out of a "
household for whatever reason rather than by gatheri,!g corrected documentation).
UNIT 2017-8 W. Cary Street
Piercy, L
VA9310503
At 10/1/00 recertification, the resident had a court order for child support and it was not added as income on the MD320/lncome Certification.
Corrected documentation received 3/11/02.
201S-A W. Cary Street Leftridge, A VA9310S08 At 5/1/00 recertification, there was no verification of the cash contribution from the grandmother and that income was not included on the Certification. Resident needs to initial the 'changes on the MD320/lncome Certification and date with current date.
February 20,2002
Mr. T. K. Sornanath 1617-1621 Grove Avenue, L.P. Chesterman Place, Suite 300 100 W. Franklin Street Richmond, VA 23220 RE: Dear Mr. Somanath: Attached is an amended Form 8823 sent in to the Internal Revenue Service today . as a result of the 2000 record inspection on the above referenced property. Following receipt of additional documentation, all items of noncompliance have now been noted as corrected. . Please let us know if you should have questions. 2000 Tax Credit Compliance Inspection Columns on Grove
Cara A. Wallo Tax Credit Compliance Manager Enclosure cc: Ms. Ms. Ms. Ms. Ms. Carol Jackson Robinette Cole Mary Waugh Melody Smith Brenda Hawkins
60' SOll/h Belvidere Street· Richmond. Virginia 23220-6500 (804) T82-1986' TOO for Deaf; (80-4) 783·6705
lanuary 1999)
Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition.
Note: Ale a separate Form 8823 for each building that is disposed of o(goes 001 of compllance. t
apartment of the Treasury Internal Revenue Service
1 BuHding name (if any). Check if item 1 diners from Form 8609
2 Owner's name. Check if item 2 difFers from Form 8609
6a Total number of residential rental units in thIs buildino b Total number of low-income units in this buildina
If this buildina is Dart of a mulliole bulldina oroiect. enter the number of buildinos In the orolect • • • • • • . • •• ... •. .' • • • • • • • • • • • • • • • • • • •• ... •••••••••••.•• • • • • • • . .• ... Total number of residentfal units in this bulldina determined to have noncomoliance issues • • • • • • . • • • • • • • • Total number of units reviewed by a!=lsncy (see instructions) ••••••••••••••••••• Date buildina ceased to comolv with the low-income housino credit Drovislons (see instructlonsHMMDDYYYYl • • r'::-+-=:'-:-;..-::::o-o;-r-~-=-r-=--l Date noncornolanca corrected (if aoolicablel (see Instructionsl •••••••••••• Check this box if you are filing only to show correction of a previously reported noncompliance problem 40usehold income above income limIt upon initial occupancy •••••.•••••••.•••••. 0 0 .ajor violations of heallh, safety, and building codes. (see instructions) ••••••••••••••••• 0 0 Pattern of minor violations of health, safely, and building codes (see instnJctions) .•••••••••••• 0 0 Owner failed to submit annual certification ••••••••••••••••••• •.••••••• 0 Changes in eligible basis (see Instructions) •.•••••••••••••••••••••••••• 0 Project failed to meet mInimum set-aside requirement (20/50, 40160 test) (see instructions) ......,.. 0 0 O· Gross rent(s) exceed tax credit limits ••••••.••••••••••••••••••.•••• D Project not available to the general public (see instructions) .............,.....,. 0 0 Household income increased above income limit and an available unit was rented to market rate tenant 0 Project Is no longer In compliance and is no longer participating in the low-income housing tax credit program • • • 0 Owner Failed to execute and record extended-use agreement within time prescribed by section 42(h)(6)(J) .,.. 0 0 Low-income unlls occupied by nonqualilied full-time students •••.••••••••• ...,.. 0 0 [8J Owner failed to maintain or provide tenant income certification and documentation • • • • • •. !8J fg] fg] Owner did not properly calculate utility allowance .......,..,.............. Owner has failed 10 respond to agency requests for monitoring reviews and fees •. • • . • • • • • • • 0 0 Low·income units used on a transient basis .• . • • • . • • • • •• . . • • • • . • • • • • • • 0 0 [8J Olher noncompliance issues (attach explanation) ••••••••• fg] Additional information for any item above. Attach explanation and check here ~ Building disposiHon Foreclosure Abandonment Destruction Other (attach explanation) Building disposed of by:
Out 01 compliance NoncompHance corrected
10 Check the box(es) that apply;
j k I m n p q . 11
-Under penalties of pe~Urt, declare Ihal I have examined [his report, I ili~!rue. correA' a:d com~'ele. 11 • r ~ /4,Signalure of aulholi2ing oflicial
W _ t1
t'I -... CUlJI.-U
~ Cara A. Wallo, Tax Credit Compliance Manager Prinl name and IHle
r.~i lin
1?111Rn
~ L\ 20\
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ATTACHMENT TO FORM 8823 COLUMNS ON GROVE
The record inspection for the year ended 12131/00 was completed August 9 2001. 6 units of the total 28 tax credit qualified units in the property were inspected. The property received an annual allocation of $161,579 of rehabilitation credits in 1996. According to Part II of Forms 8609 the buildings placed in service in 1997 and the owner elected to begin the credit period in 1998.
Following is a description of information from the unit files:
. Corrective actions are shown in italics (note, some corrections may be due to move-out of a household for whatever reason rather than by gathering corrected documentation).
The owner needs to provide a copy of the approved utility allowance estimates for 1999.
(Corrected documentation received on 1/29/02.)
:~.. ~~P~:~t}:!\'":~> ,.:,,:~":.~~:~ ::' f.itIO.SEH0.r:::O: .. '..' ..
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3G 1621 Grove Avenue
' . :·BIN·j·" . ":j") • .;. ~flJGIN.GB'ri1IP'·ttIAN8E:·:;:~ .~;.!:.: ~:.. .. " .~~t.:_.... .- ..:.::~ : .... ;: . t~'.'~'";~~g~~~~:;:··~~-:;.~:.',,' .. ~:~.::.~~ ~ ~~<: ~",: " : .;.~·F ·: ... :.~ " ..::: VA9604702 Centanni, Irene At 9/15/99 move-in, file needs clarification regarding monthly child support since application states she receives monthly support of $40.00 but-there is no third party verification. Also, this income was not included on the income certification.
Corrected documentation in the file for all of the above on 12112101. At 10/1/2000 recertification, there is
verification of monthly child support in file but it is not included on the income oe rtlflcatlon,
Corrected documentation in the ffle on
11/6/01 .
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lhl:z II
reaidentlal renIiiIlJl!l5ln bUlIdlng b Taal number of Iow-Inc:ane lII1its In tli; !xJicing e TDIat JlII~of ~ UIIb If! !lis building deIIen'IIbeu 10 Iiate lIoncompllanca i5aIes d TotIJ numbsr aill1l1s mi5'etf lly aeeoq (SIlII io!IrucIlal&) 7 Dille building c:aa!Ied III t:ampIy W1th IIlI ~ncttna I\oIIsJng aQ ~ (see in&!nJdIom;~Mt.IDOYY'n'} 5 Dille ~ ctlIT.:ted (If ~J (see insIruc!Jalsl (r.t.IOOYYYY) 9 C1\edI; lila. bax If YDII R mn~cnlv III sIIIHI ctmId10n III a pn!YIClISly repcf1eO ~ problem
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0ia:1 til!! tm(es) 11m IIRlfy: Houselllicl iIccme ~ ]nc:rnQ rlllJil. upon iniUaI ~ ••• I.Ia,'cr vioIiIIons IiLlPCS or aa in!pedjon 6'tI!!dllII1s (!ill! insIntcIicrIsH8Iladlllx~l!tIaIbIJ •••• t.Vnor~ of UPCS or klcaHrlSpeCtJon stillldams (see jnstJtlClicn;) (!II1lCI\ axpIn!Icn) o..ner failed III provtae annual cetlIitllliOIlll or IlfO'Iided llICOI7IpIelecr ~ ceniIic:;IIons , CIIa1ges ill e111itft! bIstl 01' tile appllalbla percentsgB (&II! J~) .. Prqed railed 10 meet minimun sel-iJ.side reqtJIrS/II8I1t (2llI5O, offWO 1e;I)(:ee Instrudk:In!) Gr= ~6) 1Dl:eed!all CI'lIdl! ImIs _ Pro;=:t /lCI iMi8atIIelo!lll getlenIpuDiic: (see 1n&tnld!ons) (aIbdl expI~) -...................... Availatle unit rule a vac;nt unlllllia 'IioIatIon , _ Projed Is no blger iJ!XlIIlplIance nar pat&jpaling It! the Jow-ma:me hou&ing lax O'IlCit pIOIIriITI (attId! ~!ilCII) .-.~.. O!merfaled 10 a~ and tearo' 9XI~ ~eemenl wil/ti'l1Ime piUSCIII:ed by sedan 42lhKBllJ) . I..oWI'-InccmeIIIIlts 0CQIpie:d by n~aJiliea MI-lilllll !l11I3eI\1G --_ OwnerfailedlolTlain!aioarpltlllDelenlllltlnccme~anda~ ~ OltneflfJd not[lrllp&lly calclIIaIsUliJty &~ ,......................... ~na. rated IlllBopond Ie IlgIIfICy reqIIe5t.s iorlTXlllltor1ig reviews • I.Dw-income tIlils used CII a 1r.Il~ IlaI!is (atIa::h e:qlIallltlon) , , "......... DIIJer 1ICIlCCII1\!lIi0! ~ (alIaCII expiana!ior1) - , -................ AddIIialai infonna1icn for 1lIIY iIom abDYe.. Ana:II ~ and cnedc hen! MiIYJ Mpa5/IIaI
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VlRGlNIA HOUSING DEVELOPMENT AUTHORITY SERVIClNG AND COMPLIANCE
REPORT OF OCCUPANCY AUDIT FINDINGS
(Combined Tax Credit IUId VHDA Loan)
DEVELOPMENT: Market Square Elderly Phase
-- __ -----------
Loan: UP lOO@SO Tax Credit: 21®4Om@SO
lNCOMFJOCCUPANCY
FoUnwi1rg QUestiolU AfJSl!Iered By
NfA = Not Appllc:able; y ... e$; N = No Y
PART!:
ADMlNISl'JtATlVE
~ALo1D Requiremeu., 1. Is HUn Form 928, It dated 3/89, Equal BDusing Opportunity Posta. displayed prominently in the on-site office orwbQ'lMr IrPtllications are bein~taken" 2. Do all on-site and off-site signs, promotional brochmes, andlor other advmiBing materials inolude the Equal Housing' ,'"" . logot'Vtle. statement or dogm7 3. Is a copy ofwritten selection criteria available 10 prospective reaide:ats making Hpplication at the
developm:nt?
4. If an o:pplicant is rejected, does macagement provide the .•• wi1h a written cxolmlation for the rejection? 5, Specify the to1al nuntber of low and moderate income units currently maintained by VHDA for Joan P11IJ)OSCS. 6. Is management maintaining the required number of low and mcde:ratc units for loan trurnOses? 7. Are income certification foxmB transmitted 10VlIDA on a timely basis tbrouJ!h CTM on a rel!Ular basis? g. Are rcsidtnt files organized, properly maintBined. and secured in a cmrlidcntilll manner?
TU C.r~ Req1dreJll6lJts 1. Did the owner or managcment provide 8609'5 with Part ncoCWleted? 2. Did the oWner or mauD.gmlellt ptUYide documentation of
Y 100010(42) Y y
DESK AUDIT PERFORMED
Utility Allowances Estimates for all years since buildinms) placed in service as tax credit? 2
·uu"'
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N b. If}'el:. amount charged .$ 4. Does the household pay washer/dryer WSl a. Ifno, is there a Lrundromat on site? 0 Yes 0 No . h. Ifyea. iii this an optional service?O·Ycs S. Does this property receive the benefits ofIlClll-profit, material participation? How do they.participate (what is their tole)? 6. Does 1his property nave units required to be tented to a. elderly 181 Yes 0 No b. disabled or han'" "households? [8JyM DNa 7. Is Ibis property required to give B. ~ to households on the PHA waiting list? 8. Does this property have HOME financing such that the 40/50 income role must be applied? If~. have they complied vrith the requirement? 0 Yes 0 No 9. Does this property have any employee units? If so: a. Do they pay ten(! 0 Yes 0 No h. Do 1hey ~ tmdet applicable income limits? Dyes No 10. Does this property have any models? a. If so, how long bas the unit been used as a model? Dyes DNa . h. Is it available to rent by perspective applicants? DYc-s_DNo
3. A.r~petsaUowed.? a, Is there a pet tee?
Better Housing Coalition is the non-profit
PART ll-A: USTING OF Fn.ES REVIEWED The resident files listed below were chosen for a compliance review with the ms regulations governing Tax Credits and/or Tax Exempt Bonds and the policies and procedures of the Virginia Housing Development Authority.
A total Unit 15!:J
of _~8_ files were reviewed. if
BUHdfnt: Addreas
_j__ Number Requited
BlNtt VA012;lOOl VA0123001 VAOl23001 VAOl23001 VAOl23001 VAOI 2300 1 VAOl23001 VADl23001
NlUneorn~dent
BettyMosIi Patricia Benware
7310 Taw Street 7310 Taw Street 7310 Taw Street 1310 Taw Street 7310 Taw Street 7310 Tllw Street
7310 Taw Street
170 175 176 178
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CONCLUSION FOR TAX CREDIT COMPUANCE Part n of 8609 hlformatioa: Buildings placed in service in 2002 Began the credit period in 2()03
rehabilitation 0 acquisition AUoeation year: 200.1 Mainteaaare. Docwmenblfioq
2004 File audit completion date: 7130/04 No. of files reviewed: B Total # of units in property! 42 Annual allocatian amOunt: $298.728 1)rpe of credits:
12!;I1le\V
coas1ruClion
and O,maDimtioll 01 TetI2Ilt Files: The follo'l:ll.ing issues were found while pc:rformiIlg the desk audit • The Goyernment Data Collection !IJld Dissemination Practices Act Letter (MD:202) needs to be executed fmall adult household members who ha~ moved in aft« 5102 which is Ihc dfcctivc date of1his form. The files contained Priyps:y Protection Apt Letters (MD:202). Of the 13 files reviewed. 10 JDOVCd in after the 5/02 effective date of the MD:202_ In all 10 files, management aecuted the out dated Priftcy ~tion Act Letter, • Managt:ment is using the Natioaal Housing Tenant Income Ccrti.6cation for certification ofsome households.. When this document, the National Housing Under $5,000 .Assct Addendum must also be executed,
Any occupmcy IUdib by VHDA sl!saU be fhr the sole bcz.6t aud prota:tiDll ofVHDA, and neilhcrthe Owucr DOrany other patty shall be CIltitlcd to rely upon mch lI1:dit or the re&Illt$ tbCldiom for my purpose whib;oCVcr. incIudfDg without JimilmiOD the Jl5Scrtion of (a) any claim or ~ with respect to any 1ii1ure by the Owaer 10 perform in 2CC1Il'd.mJe wirh the Icrms of any a~ between VBDA aDd !he Owner [or Scctioa 42 of the Iummal RcVeImC 0xIe] or (b) iDlY waiver 01 otber modification of the rigbm ofVBDA or the obligatiOIli of Ibc Chnler UDder Iny such i~ [or Section 42 ofthc Internal RevezJlIe Code). Submitted by:
1011311)4
~f~UJdJ.vt
AUDIT-CONY.DOC 7/C}4
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April 22, 2009 Mr. T.K. Somanath Nine Mile Road, llC P.O. Box 12117 Richmond, VA 23241 RE: 2008 Tax. CreditJLoan Compliance Audit Carter Woods
A~H 2 8 200~
Dear Mr. Somanath: Attached is the Form 8823 sent in to the Internal Revenue Service today as a result of the 2008 record inspection completed November 6,2008. All items of noncompliance have been noted as corrected. If you should have any questions, please contact me at 804-343-5906.
-:nm~ \L Q~j)
Diane R. Bodsford Program Compliance Officer Enclosures cc: Tammie Hester, Better Housing Coalition Tiffany Parsons, Site Manager JRS Brenda Hawkins, VHDA Tax Credit and Loan Files
VIRGINIA HOUSING DEVELOPMENT AUTHORITY VIRGINIA 23220 I PHONE;877NHDA123 I TDO;B04/783-6705
I ww~'07!09.):OM
(Rev. Oct. 2005)
Nole: Rle a separate Form 8823 for each building that is disposed of or goes OU! of compliance. IRS Use Only
OMS No. 1545-1204 Check here if this is an amended raturn j-
lnternal Revenue SeMe",
Building name Of any). Check if item 1 differs from Form 8609 ~
301 Dabbs House Road . City or town, state, and ZIP code
3 Buildin Owner's Identification number BIN
VA0309001
name. Check if Item 3 differs from Form B609",
Nine Mile Road, LLC
Richmond, VA '23241
4 Owner's taxpayer identification number
383674789 5
6 Total credit allocated to this BIN.
• to have noncompliance Issues
480,983.00
If this building is part of a multiple building project, enter the number of buildings in the project. b Total number of low-income units In this building.
7 a Total number of residential units in this building c Total number of residential units
this building determined
d Total number of units reviewed by agency (see instructions)
Date building ceased to comply with the low-income housing credit provisions (see lnstructlnnsl Date noncompliance corrected Ut'applicable) (see instructions) (MMDDYYYY)
1 16 11012008 02022009
Check this box if you are filing only to show correction of a previously reported noncompliance Check the box(aS) that apply: a Household c Violation(s) e Changes Income above Income limit upon initial occupancy annual income recertification (attach explanation) incomplete or inaccurate certifications of the UPCS or local Inspection standards in Eligible Basis or the Applicable (see instructions) b Owner failed to correctly complete or document tenant's d Owner failed to provide annual certifications or provided
Ol!t of ·compllance
Percentage (see instructions).
f Project failed to meet minimum set-aside requirement (20/50, 40/60 test) (see instructions)
9 Gross rent(s) exceed tax credit limits h Project not available Violation{s) 1 Low-income m
the general public (see instructions)
(attach explanation). • within time prescribed by section 42(h)J6)(J) • • reviews •
Violatlon(s} of the Avallable Unit Aule under section 42(g)(2)(D)UQ• of the Vacant Unit Aule under Reg. 1.42-5(c)(1)(ix) agreement units occupied by nonqualified full-time students k Owner failed to execute and record extended-use Owner did not properly calculate utility allowance. units used
n Owner has failed to respond to agency requests for monitoring o Low-income
a transient basis (attach explanation) •
p Project Is no longer in compliance nor participating
q Other noncompliance Issues (attach explanatlon) by
in the section 42 program (attach explanation) and check box _
0 0 0 0 0 0 0 D D 0 0 0 0 0 0
for any item above. Attach explanation
·0 Foreclosure
b Date of disposition
(MMDDyyyy) d New owner's taxpayer identification number Name of contact person Brenda
c New Owner's Name
Street address City or town, state, and ZIP code
343·5763
Cat. No. 1230BO
(Rev. 10-20051
ATTACHMENT TO FORMS 8823 Carter Woods
The record inspection for the year ended 2008 was completed November 6, 2008. 16 units of the total 80 units in the property were inspected. The property received an annual allocation of $480,983 of new construction credits in 2003. According to Part II of Forms 8609, all buildings placed in service in 2004. The owner began the credit period for all buildings in 2005.
Following is a description of information from the unit files: Corrective actions are shown in italics (note, some corrections may be due to the move-out of a household followed by the move-in of an eligible household).
11/1/08.Recertification: There is no recertification in the file. There is indication that it was started on 10/31/08. However since that is after the start date of the audit (the audit notification letter to the site is dated 10/28/08), this is a noncompliance issue. Management provided a copy of the completed recertification with a signed income certification as of
212109.
MAY 19 L009
Mr. T. K. Somanath Nine Mile Road, LLC P.O. Box 12117 Richmond VA 23241 RE: 2009 Tax CreditILoan Compliance Audit Carter Woods II
Dear Mr. Sommath: Attached is the FOTID 8823 sent in to the Internal Revenue Service today as a result of the 2008 record inspection completed November 8, 2008. All items of noncompliance have been noted as corrected, If you should have any questions, please contact me at 804-343-5906.
~~\JJ
a?-.
Diane R. Bodsford Program Compliance Officer Enclosures
Tammie Hester, Better Housing Coalition Tiffany Parsons, Site Manager IRS Brenda Hawkins, VIIDA Tax CreditILoan file
601 SOUTH BELVIDERESTREET
VIRGINIA HOUSING DEVELOPMENT AUTHORITY RICHMOND,VIRGINIA23220 I PHONE:877/VHDA123 I TDD:804/783-670S
I WWW(QfOOfOM
ATTACHMENT TO FORMS 8823 Carter Woods II
The record inspection for the year ended 2008 was completed November 6,2008. 15 units of the total 72 units in the property were inspected. The property received an annual allocation of $489,711 of new construction credits in 2005. According to Part II of Forms 8609, all buildings placed in service in 2006. The owner began the credit period for all buildings in 2007. Following is a description of information from the unit files: Corrective actions are shown in italics (note, some corrections may be due to the move-out of a household followed by the move-in of an eligible household).
VA0506001
10/20/06 Move in: There is an indication in the file that the tenant has assets that are not included on the income certification. For example: checking accounts; one with a balance of $46,680.00 and one with a balance of $45,000.00. There are also assets listed on the certification that could not be verified. On 511512009 management moved in a qualified tenant.
. Salter
10127/06 Move in: There are no verifications in the file for the assets. Lenora indicated she was receiving a pension. There was no follow up on the pension and it was not included in the household income. 10127/08: Recertification: The verification of the owned real estate indicates that it was disposed of on 8/24/06. This should only be carried as an asset for 24 months. Therefore, it should not be included on the 2008 recertification. Management obtained the verifications in regards to the move in. It has been determinedthaithis unit was over income at move in. Mr Salter has passed away. Management has completed a new certification for Ms. Salter. As of 4117109 this is now a qualified unit:
Form (Rev. Oct. 2005J
low-Income Housing Credit Agencies .Report of Noncompliance or Building Disposition
Note: Rle a separate Form 8823 for each building thai is disposed of or goes ou! of compnance.
Check here if this is an amended return
Department althe Treasury Internal Aeoenue Service
Building name (if any). Check if item 1 Differs from Form 8609 Woods
City or town, state, and ZIP code Richmond, 2 3 Nine Buildln Owner's Mile
identification Road LLC number (BIN
name. Check if item 3 differs from Form 8609'"
City or town, state, and ZIP code Richmond, 4 Owner's
VA 23241
taxpayer identification number ~ EIN
D SSN
489,711.00
Total credit allocated to this BIN. If this building is part of a multiple building project, enter the number of buildings in the project. of residential units in this building • • to have noncompliance issues b Total number of low-income units in this building •
7 a Total number
72 72 2 15 10202006 05152009
e Total number of residential units in this bullding determined d Total number of units reviewed by agency (see instructions) 8 9 10 11
cornpllance
Date building ceased to comply with the low-Income housing credit provisions (see instructions) (MMDDYYYY) Date noncompliance corrected (if applicable) (see instructions) (MMDDyyyy) Check this box if you are filing only to show correction Check-the a Household c Violation{s) e Changes box{es) that apply: income above income limit upon initial occupancy tenant's annual income recertification of the UPCS or local inspection in Eligible Basis or the Applicable standards (see instructions) (attach explanation) or provided incomplete or inaccurate certifications, Percentage requirement (see instructions) , (20/50, 40160 test) (see instructions) , • • . _ , • _ • • _ , • • by section 42{h)(6)(J) , (attach explanation), of a previously reported noncompliance
Out of Noncompliance corrected
b Owner failed to correctly complete or document d Owner failed to provide annual certifications f Project failed to meet minimum set-aside 9 Gross rent(s) exceed tax credit limits
h Project not available to the general public (see instructions) j Violation(s) Low-income m
Violation(s) of the Available Unit Rule under section 42(g)(2)(D)(ii). of the Vacant Unit Rule under Reg. 1.42-5(c)(1)Ox) units occupied by nonqualified full-time students. k Owner failed to execute and record extended-use Owner did not properly calculate utility allowance • units used on a transient basis (attach explanation) nor participating . Foreclosure Issues (attach explanation) by _
agreement within time prescribed
n Owner has failed to respond to agency requests for monitoring reviews o Low-income , , , • Destruction p Project is no longer in compliance q Other noncompliance 12 Additional information disposition Name· 13 a Buildlng in the section 42 program (attach explanation)
D D D D D D D D D D 0 0 D D D D
IRI D D D D 0 0 D D D D 0 0 D D
for any item above. Attach explanation and check box
Other (attach expJanaUon)
b Date of disposition c New Owner's Street address
(MMDDYYYY) New owner's taxpayer identification number Name of contact person Brenda Hawkins Telephone number of contact person
343-5763
Cal. No. 123080
o epartrnent
th a rreasUlY Street
Nole: Fils a separate Form 8823 for each building that is disposed of or goes oul of compliance.
Check here If this is an amended retum
lrnernal Revenue Senllee
Building name (if any). Check If item 1 differs from Form 8609 ,... 0
300 Randolph
Sireet address
300 S. RANDOLPH Richmond,
VA 23220 VA0623001
Building identification number BIN) Street
Owner's name. Check if item 3 differs from Form 8B09""
Owner's taxpayer identification number
204225961 5
,... ""$_-r-=20:,_;4",,,8;..:1,.:_7':..=0-=-l0
Total credIt allocated to this BIN.
If this building is part of a multiple building project, enter the number of buildings in the project. • b Total number of low-Income units In this building • c Totel number of residential units in this building determined to have noncompliance Issues d Total number of units reviewed by agency (see instructions)
7 a Total number of residential units in this building
10 03012008 04222008
Date building ceased to comply with the low-income housing credit provisions (see Instructions) (MMDDYYYY) Date noncompliance corrected [if applicable) (see instructions) (MMDDYYYY) check this box If you are filing only to show correction of a previously reported noncompliance problem Check the box(es) that apply; a Household Income above income Amit upon initial occupancy b Owner failed to correctly complete or document tenant's annual income recertlfication c Violatlon(s) of the UPCS or local Inspection standards (see instruct1ons) (attach explanation) dOwner falled to provide annual certifications or provided Incomplete or Inaccurate certifications • • • • e Changes in Ellgible Basis or the Applicable Percentege (see instructions) • 9 Gross rent(s) exceed tax credit limits h Project not available to the general public (see Instructions) (attach explanation). I Violatlon(s) of the Available Unit Rule under section 42(g)(2)(DWO. j Violation(s) of the Vacant Unit Rule under Reg. 1.42-5(c)(1)Ox) • k Owner failed to execute and record extended-use agreement within time prescribed by section 42(h)(6)(J). Low-income units occupied by nonqualified full-time students. • • •
Noncompliance ccrmctad
m Owner did not properly calculate utility allowance.
n Owner has felled to respond to agency requests for rnonltorinq reviews a Low-Income units used on a transient basis (attach explanation)
q Other noncompliance
p Project Is no longer in compliance nor participating in the section 42 program (attach explanation) Issues (attach explanation) • ••.• Additional information for any item above. Attach explanation and check box 12 0 Sale 0 Foreclosure 0 Destruction 13 a Building disposition by b Date of disposition (MMDDYYYY) c New Owner's Name Street address City or town, state, and ZIP code
Under penalties of perjury, I de~la~e rat
New owner's taxpayer Identification number Name of contact person
~' ,ru'f.!;17(!,OOi~"rJ./1.t<., t1.,..
Signature of authorizing offi~laJ
I have examined this report, including accompanying statements and schedules, and 10 the best of my knowledge and belief,
P'".<am M,n, •• ,
Print name and lille Cal. No. 12308D
~ () f j;t'7
Datl{;MDD
k~dJ9
Reduction Act Notice, see Instructions.
Form 8823 (Rev.10-2005J
Background Summary: Over thirty years of results-oriented experience in housing and community development initiatives including development of affordable housing communities. Proven ability to plan, manage and execute multifaceted housing and community development programs to support the neighborhood transformation. Experience in providing program support, technical assistance, including financial packaging, project management and marketing and fund raising from public and private institutions. Developed good collaborative relationships and an effective communication network with neighborhood organizations, civic leaders, members of City Council, the City Planning Commission, the City Administration, HUD, VHDA, local financial institutions, and community and professional consultants. Fundraising experience encompasses writing successful grant and loan proposals to solicit capitol, operating and equity funds from city, state, federal government, private foundations and corporations.
Work Experience: PRESIDENT/CHIEF EXECUTIVE OFFICER, 1990 to Present Better Housing Coalition (BHC) Under Mr. Somanath's leadership, BHC has developed several award-winning, healthier and more sustainable communities and has produced over 1,500 new and rehabilitated affordable homes for working families and seniors, while providing quality services to thousands of residents in improving their quality oflife in the Richmond metropolitan area. BHC's commitment to its mission - to change lives and transform communities through high-quality affordable housing - has made it an industry leader in revitalizing Richmond-area neighborhoods and affecting positive social change. Accomplishments: In 2008, Mr. Somanath was awarded The Marguerite Crumley Preservation Award by the Alliance to Conserve Old Richmond Neighborhoods, as well as the Richmond History Makers Award for Promoting Stronger Communities. In 2006, he was named one of25 Housing Leaders in Virginia at the 25th Anniversary of the Virginia Housing Coalition. In 2005, he received the first Stettenius Community Foundation Award for Leadership, as well as the LISC 25th Year Anniversary Leadership Award. He is the recipient of the 2002 Bridge Builder Award by the Partners for Livable Communities. Mr. Somanath is a gubernatorial appointee to the Virginia Housing Commission. He serves on the boards of directors for Leadership Metro Richmond, Homeward, and First Market Bank. He is a member of the Community Advisory Council of the Federal Reserve Bank of Richmond. He has earned an honorary membership from the Virginia Society of American Institute of Architects and is an alumnus of the Leadership Metro Richmond (LMR) Class of1986.
T.K. Somanath Page 2
DIRECTOR OF DEVELOPMENT, 1971 to 1990 Richmond Redevelopment and Housing Authority Before joining BHC, Mr. Somanath served as the Director of Development at Richmond Redevelopment & Housing Authority (RRHA) for 15 years and was responsible for developing affordable housing and other community- and neighborhood-oriented initiatives, including the redevelopment of a 300-acre urban neighborhood of about 2,500 families in the Richmond area. Mr. Somanath developed over 1,200 new and rehabilitated single- and multifamily-housing units in Richmond. He was responsible for lending tax exempt financing to private developers for construction and rehabilitation of over 2,400 market rate and subsidized multifamily apartments. Responsibilities in this position included planning and development of single- and multifamily-housing for Iow-, moderate- and middle-income housing, as well as responsibility for maintaining and developing a multi-million dollar tax exempt bond financing portfolio, preparation of budgets, reports, real estate profonnas, project underwriting and marketing and contract administration. Accomplishments: Provided necessary technical and financial assistance to local community based non-profit organizations to develop affordable housing. Developed largest solar domestic hot water installation in the Commonwealth of Virginia to reduce operating costs in apartment buildings. Developed a Pattern Book to effectively communicate and enforce various elements of urban design standards for developing inner city neighborhoods. Assisted private sector and City administration to develop downtown redevelopment project totaling over $120 million in new investments. Developed creative financing programs by leveraging public and private dollars to recycle abandoned historical properties into housing and mixed uses .Randolph School, Chimborazo School, Highland Park School, Former city nursing horne (Alms House), Tobacco Row buildings. Assisted City of Richmond to complete the Vision 2000 Study and Action plan to promote downtown living, revitalization of Jackson Ward.
PROJECT MANAGER, 1969-1971 Karekar & Sunda.ram Architects and Engineers, Bangalore, India World Bank sponsored projects in developing Agricultural and Science University. Corporate Headquarters and industrial projects for various international firms joint venturing in India.
SELF-EMPLOYED ENGINEER, 1967-1969 Worked with local communities in rural India to implement self-help programs to develop drinking water, housing, and construction of irrigation canals, earthen dams, roads, and bridges.
T.K. Somanath Page 3
Awards: American Institute of Architects, Citation 1988 Excellence in urban design, patching and stitching urban neighborhoods Urban Design and Planning Citation 30th Annual Progressive Architecture Award Randolph Redevelopment and Conservation Program Area City of Richmond Urban Design Committee Award for Design Excellence Professional Activities: Community Advisory Board Council, Federal Reserve Bank, Richmond, Member Virginia Housing Coalition Board, Director Homeward Board, Director First Market Bank Board, Director Virginia Housing Commission, Gubernatorial Appointee Virginia Society of American Institute of Architects, Honorary Member Non-profit Advisory Committee ofVHDA, Member Community Activities: Hindu Center of Virginia - 1980 to Present, Founding Member; Executive Secretary, 1980-1989 Virginia Supportive Housing, Inc. -1988 to Present, Advisory Committee Leadership Metro Richmond, Class of '86 Education: . Bachelor of Science in Civil Engineering. 1967 National Institute of Engineering, University of My sore, India Course work in Urban and Regional Planning, Real Estate Financing. Project Management, Leadership Training, University of Richmond, VCU, Institute for Professional and Executive Management, Richmond, VA Neighbor Works®,Achieving Excellence in Community Development Program, 2008 Harvard University, Boston, MA
Part II, 13VAClO-180-60, of the Qualified Allocation Plan (the "Plan") of the Virginia Housing Development Authority (the "Authority") for the allocation of federal low income housing tax credits ("Credits") available under §42 of the Internal Revenue Code, as amended (the "Code") establishes certain requirements for receiving Credits from the Nonprofit Pool established under the Plan and assigning points for participation of a nonprofit organization in the development of qualified low-income housing. Answers to the following questions will be used by the Authority in its evaluation of whether or not an applicant meets such requirements (attach additional sheets as necessary to complete each question). 1. Generallnformation. a. Name of development: Name of owner/applicant: Name of Nonprofit entity: 28th Street Senior Apartments 1208 North 28th Street, LLC Better Housing Coalition 23 W. Broad Street, Suite 100
Address of principal place of business of Nonprofit entity: Richmond, Virginia 23220
Indicate funding sources and amount used to pay for office space: Individual donations, private and public institutions, developer fees are our funding sources. Rent in the amount of $76,045 is paid annually for office space, including parking. e. f. Tax exempt status: 18]501(c)(3)
o 501(c)(4)
o 501 (a)
Date of legal formation of Nonprofit: Sept. 22, 1998 (must be prior to application deadline); evidenced by the following documentation: Articles oflncorporation and Amendment of the Amended and Restated Articles ofIm:orporation ofRichrnond Better Housing Coalition, dated May 19, 1999.
Date of IRS 501(c)(3) or 501(c)(4) determination letter: January 3,1989 - reconfirmed March 16,2004. (must be prior to application deadline and copy must be attached). Describe exempt purposes (must include the fostering oflow-income housing in its articles of incorporation): The Corporation is organized entirely for the charitable purposes of ensuring that every resident of the City of Richmond, Virginia, and the metropolitan area shall have a decent, safe and affordable place to live. Expected life (in years) of Nonprofit: Ongoing
Explain the anticipated future activities of the Nonprofit over the next five years: Provide affordable housing to low-income families in the Richmond metropolitan area. Plans for the next five years include development of single-family homes for sale in East End, Blackwell, and Chesterfield County, as well as providing affordable rental housing in the metropolitan Richmond and Petersburg areas.
NONPROFIT QUESTIONNAIRE, continued k. How many full time, paid staff members does the Nonprofit and, if applicable, any other nonprofit organization(s) ("Related Nonprofit(s)") of which the Nonprofit is a subsidiary or to which the Nonprofit is otherwise related (by shared directors, staff, etc.) have? 69 How many part time, paid staff members? 1 Describe the duties of all staff members: See attached Organizational Profile See attached chart of related non-profit entities- RAH, ARC, ARC II, and RUSH1
Does the Nonprofit share staffwith any other entity besides a Related Nonprofit described above? DYes 181 No If yes, explain in detail:
How many volunteers does the Nonprofit and, if applicable, any Related Nonprofit have? The 22-member Board of Directors serves in a voluntary capacity. The 13 additional volunteers serve on various committees of the Board, or on boards of affiliate non-profit corporations representing a variety of professions and backgrounds. A variable number of volunteers from various resources, e.g. corporate volunteer groups, provide social services to residents, or maintenance work on properties, e.g. painting or planting projects. What are the sources and manner of funding of the Nonprofit? (You must disclose all financial and! or the arrangements with any individua1(s) or for profit entity, including anyone or any entity related, directly, indirectly, to the Owner of the Development The sources of funding for the core budget include donations from individuals, foundations, and corporations. In addition, rental revenues, fees for services, developer fees from projects developed by BHC, and special events to raise funds have made up the funding structure of BHC for most of its histo .
List all directors of the Nonprofit, their occupations, their length of service on the board, and their residential addresses: See attached 2010 Board of Directors List
2. Nonprofit Formation. a. Explain in detail the genesis of the formation of the Nonprofit: In 1988, one of Richmond's active community volunteers and a recent graduate ofVCU's graduate school of Urban Planning initiated conversations to create an efficient organization to unite area CDC's for collaboration in training, fund raising, advocacy, and communication. They gathered initially for a retreat to share ideas and to begin to develop the trust necessary to work together. The group then selected a board, officers, and committees; created Bylaws and Articles of1ncorporation; and applied for 501(c)(3) status. Richmond Better Housing Coalition began formal operation late in 1988. Is the Nonprofit, or has it ever been, affiliated with or controlled by a for profit entity or local housing authority? DYes 181 No If yes, explain in detail:
Has any for profit organization or local housing authority (including the Owner of the Development, joint venture partner, or any individual or entity directly or indirectly related to such Owner) appointed any directors to the governing board of the Nonprofit? Dyes 181 No If yes, explain:
NONPROFIT QUESTIONNAIRE,
Does any for-profit organization or local housing authority have the right to make such appointments? Yes ~ No If yes, explain:
Does any for profit organization or local housing authority have any other affiliation with the Nonprofit or have any other relationship with the Nonprofit in which it exercises or has the right to exercise any other type of control? 0 Yes ~ No, If yes, explain: No, except for various wholly-owned General Partner or Managing Member entities disclosed in Tab D. Was the Nonprofit formed by any individual(s) or for profit entity for the principal purpose of being included in the Nonprofit Pool or receiving points for nonprofit participation under the Plan? DYes ~ No Explain in detail the past experience of the Nonprofit including, if applicable, the past experience of any other Related Nonprofit of which the Nonprofit is a subsidiary or to which the Nonprofit is otherwise related (by shared directors, staff, etc.): BHC invited Local Initiatives Support Corporation (LISC) to Richmond and raised $500,000 from the corporate community in matching funds to start-up the Richmond LISC program. The two organizations opened joint offices in 1990 at the Virginia Housing Center. Initially, SHC served as an advocate for affordable housing and a supporter of emerging CDC's. As the CDC's became more proficient and began construction projects with funding and technical assistance from LISC, BHC began to focus on housing production, forming partnerships with neighborhood groups to revitalize their communities. To date, SHC has produced over 1,100 for-sale and rental housing units in the City of Richmond, Chesterfield County, and Henrico County. Affiliate nonprofit organizations include Richmond Affordable Housing (RAH, which is a CHDO); Affordable Residences in Chesterfield (ARC); Affordable Residences in Chesterfield II (ARC IT); BHC Management Company (formerly Integrated Property Management Systems (IPMS): and Richmond Urban Senior Housing, Inc. (RUSHI). See attached Affiliate Nonprofit Entities Chart. If you included in your answer to the previous question information concerning any Related Nonprofit, describe the date of legal formation thereof, the date of IRS 501(c)(3) or 501(c){4) status, its expected life, its charitable purposes and its relationship to the Nonprofit. AffOrdable Residences o[Chesteljield was le!!alIy formed January 15, 1997, and is dedicated to providing elderly persons with housinz facilities and services specially designed to meet their physical. social and psychological needs. and to promote their health. security, happiness and usefulness in longer living. IRS 501(c)(3) status was received on July 31. 1997. and is expected to have an ongoing life cycle. AffOrdable Residences in Chesterfield If was legally formed January ?4. 1997, and is dedicated to providing low- and very low-income persons and families with affordable. sanitary. safe and decent housing facilities, thereby promoting their health, security. happiness and usefulness in longer living. IRS 501(c)(3) status was received on May 9,1997, and is expected to have an ongoing life cycle. BHC Management CompGlDl(formerlv Integrated Property Management System, Inc.) was formed April 16. 1998. and is dedicated to providing housing management services to the partnerships and corporations affiliated with BHC. IRS 501 (c)(4) status was received on November 13.2003. and is expected to have an ongoing life cycle. Richmond AffOrdable HOl/sing was legally formed on May 6, 1997, and is dedicated to provide low- and very low-income individuals and families with affordable. sanitary. safe and decent housing facilities, thereby promoting their health, security, happiness and usefulness in longer living. IRS 501(c)(3) status was received on May 8, 1997. and is expected to have an ongoing life cycle. Richmond Urban Senior Housing, Inc. was legally formed on February 15. 2000. and shares the same mission as Affordable Residences in Chesterfield. IRS 501(c)(3) status was received on October 2. 2001, and is expected to have an ongoing life cycle. BHC staff serves as the stafffor each nonprofit affiliate and there is some overlap between the respective boards of directors.
NONPROFIT QUESTIONNAIRE, continued 3. Nonprofit a. Involvement.
Is the Nonprofit assured of owning an interest in the Development (either directly or through a wholly owned subsidiary) throughout the Compliance Period (as defined in §42(i)(1) of the Code)? I8lYes DNo (i) (ii) Will the Nonprofit own at least 10% of the general partnership/owning entity? ~ Yes D No Will the Nonprofit own 100% of the general partnership interest/owning entity? ~ Yes D No
Ifno to either 3a.i or 3a.ii above, specifically describe the Nonprofit's ownership interest:
(i) Will the Nonprofit be the managing member or managing general partner? DYes If yes, where in the partnership/operating agreement is this provision specifically referenced? The non-profit owns 100% of the stock of the managing member. IZIYes DNo
(ii) Will the Nonprofit be the managing member or own more than 50% of the general partnership interest?
Will the Nonprofit have the option or right offirst refusal to purchase the proposed development at the end of the compliance period for a price not to exceed the outstanding debt and exit taxes of the for-profit entity? 181 Yes D No If yes, where in the partnership/operating agreement is this provision specifically referenced? Section 5 of the Operating :Agreement.
Recordable agreement attached to the Tax Credit Application as TAB V
Ifno at the end of the compliance period explain how the disposition of the assets will be structured:
Is the Nonprofit materially participating (regular, continuous, and substantial participation) in the construction or rehabilitation and operation or management of the proposed Development? [8J Yes D No If yes,
Describe the nature and extent of the Nonprofit's.proposed involvement in the construction or rehabilitation of the Development: Community planning, acquisition, financing, construction, and management.
Describe the nature and extent of the Nonprofit's involvement in the operation or management of the Development throughout the Extended Use Period (the entire time period of occupancy restrictions of the low-income units in the Development): In 1998, BHC created an affiliate non-stock corporation to manage all of its rental property- BHC Management Company (BHCM) (formerly Integrated Property Management Systems, Inc.), BHCM will be responsible for all phases of management of this property throughout the compliance period including marketing, leasing, maintenance, financial reporting, and tax credit compliance. BHe's Vice President, Property Management, overseas all property management operations, has primary responsibility for asset management, and reports to the Vice President, Chief Operating Officer. See attached Estimate of Time Allocation. Will the Nonprofit invest in its overall interaction with the development more than 500 hours annually to this venture? IZIYes D No If yes, subdivide the annual hours by activity and staffresponsible and explain in detail: See Estimate of Annual Time Allocation {attached}.
NONPROFIT QUESTIONNAIRE, continued e. Explain how the idea for the proposed development was conceived. For example, was it in response to a need identified by a local neighborhood group? local government? board member? housing needs study? Third party consultant? other? The idea for the proposed proj ect came about as part of a City of Richmond initiative started in 1999 called Neighborhoods in Bloom (NIB). This program supports the restoration of Richmond's historic neighborhoods by targeting investment in limited impact areas. The proposed project (along with the other phases of the Beckstoffers development) seeks to further the efforts of NIB by replacing blighted structures with mixed- income housing and providing high quality housing options close to jobs in downtown Richmond. List all general partners/managing members of the Owner of the Development (one must be the Nonprofit) and the relative percentages of their interests: PAD IX, Inc. is the sole initial Member. BHC owns 100% of the stock ofpAD IX, Inc. Investor member(s) will be admitted in the future. Investor member(s) will own interests up to 99.99% of the limited liability corporation (LLC.). An Organizational Chart detailing the structure of the Ownership entity is attached. If this is ajoint venture, (i.e. the Nonprofit is not the sole general partner/managing member), explain the nature and extent of the joint venture partner's involvement in the construction or rehabilitation and operation or management of the proposed development. nla
Is a for profit entity providing development services (excluding architectural, engineering, legal, and accounting services) to the proposed development? DYes I8l No If yes, (i) explain the nature and extent of the consultant's involvement in the construction or rehabilitation and operation or management of the proposed development.
explain how this relationship was established. For example, did the Nonprofit solicit proposals from several for-profits? Did the for-profit contact the Nonprofit and offer the services?
Will the Nonprofit or the Owner (as identified in the application) pay ajoint venture partner or consultant fee for providing development services? DYes I8l No If yes, explain the amount and source of the funds for such payments.
Will any portion of the developer's fee which the Nonprofit expects to collect from its participation in the of development be used to pay any consultant fee or any other fee to a third party entity or joint venture partner? DYes I8l No If yes, explain in detail the amount and timing of such payments.
NONPROFIT QUESTIONNAIRE, continued k. Will the joint venture partner or for-profit consultant be compensated (receive income) in any other manner, such as builder's profit, architectural and engineering fees, or cash flow? DYes D No If yes, explain: Not applicable
Will any member of the board of directors, officer, or staff member of the Nonprofit participate in the development and/or operation of the proposed development in any for-profit capacity? DYes I8l No If yes, explain:
Disclose any business or personal (including family) relationships that any of the staff members, directors or other principals involved in the formation ill: operation of the Nonprofit have, either directly or indirectly, with any persons or entities involved or to be involved in the Development on a for-profit basis including, but not limited to the Owner of the Development, any of its for-profit general partners, employees, limited partners or any other parties directly or indirectly related to such Owner: John McCann is the Vice Chairman of the Board of Directors of Better Housing Coalition and is also Commissioner on the Board of Directors ofVHDA. He obtains no personal financial gain from either entity resulting from this transaction and he has abstained from voting or formal discussion of actions related to this transaction in both roles.
Is the Nonprofit involving any local, community based nonprofit organizations in the development, role and operation, or provision of services for the development? [8] Yes D No If yes, explain in detail, including the compensation for the other nonprofits: BHCM will manage the property and BHC's Community Social Work staff will coordinate a variety of recreational. social, educational and health-related services as it does in other BHC-developed multi-family communities.
4. Virginia and Community Activity. a. Has the Virginia State Corporation Commission authorized the Nonprofit to do business in Virginia? I8lYes ONo Define the Nonprofit's geographic target area or population to be served: Better Housing Coalition and its affiliate organizations serve the needs ofIow- to moderate-income families in the City of Richmond, surrounding counties of Chesterfield, and Henrico, as well as the City of Petersburg. Does the Nonprofit or, if applicable, Related Nonprofit have experience serving the community where the proposed development is located (including advocacy, organizing, development. management, or facilitation, but not limited to housing initiatives)? !8l-Yes 0 No If yes, or no, explain nature, extent and duration of any service: BHC has been active in Richmond-area community development activities for over 20 years.
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