Woodrum Manor Westview - 2009 VA

2009 Federal Low Income Housing
Tax Credit Program
Application For Reservation
Deadline for Submission
9% Competitive Credits
Applications Must Be Received At VHDA No Later Than 5:00
PM Richmond, VA Time On May 15, 2009
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 (ifbonds are not issued by
VHDA)
Virginia Housing Development Authority

601 South Belvidere Street
Richmond, Virginia 23220-6500
Åtiriable lloßlng HeE'
'brß
Low Income Housing Tax Credit Application for Reservation
Please indicate if the following items are included with your application by checking the appropriate boxes. Your
assistance in organizing the submission in the following order, and actually using tabs to mark them as shown, will
facilitate review of your application. Please note that all mandatorv items must be included for the aoolication to be
The inclusion of other items may increase the number of points for which you are eligible under VHDAs po¡nt
system of ranking applications, and may assist VHDA in its determination of the appropriate amount of credits that it may
reserve for the development. You are therefore encouraged to submit as much requested information as is available, but
their inclusion is not mandatory for review of your application.
B Electronic Copy of the Microsoft Excel Based Application (MAI\DATORÐ

[| Hard Copy of All Application Pages With Signature (MANDATORÐ
B Scanned Copy of the Tax Credit Application with all Attachments (excluding market study and plans & specs) (MANDATORI
E $ZSO Application Fee (MANDATORÐ
Tab A: Documentation of Development Location:
n 4.1 Qualified Census Tract Certification
E A.2 Revitalization Area Certihcation
E Location Map
¡ Surveyor's Certification of Proximity To Public Transportation
I Tab B: Partnership or Operating Agreement, including chart of ownership structure with percentage of interests (MANDAIOR
B Tab C: Virginia State Corporation Commission Certitication (MANDATORY)
E tab O: Principal's Previous Participation Certitication and Resumé (MANDATORY)
I Tab E: Nonprotit Questionnaire (MANDATORY l'or points or pool)
The following documents need not be submitted unless requested by VHDA:
-Nonprofi t Articles of Incorporation
-IRS Documentation of Nonprofit Status
-Joint Venture Agreement (if applicable)
-For-profit Consulting Agreement (if applicable)
B F:
Tab Architect's Certitication (MANDATORY)
I H:
Tab PHA / Section 8 Notification Letter
! fab I: Local CEO Letter
! Tab J: Homeownership Plan
E tab IC Site Control Documentation (MANDATORY)
E tab L: Plan of Development Certihcation Letter
I Tab M: ZoningCertification Letter
E tab N: Copies of 8609s To Certify Developer Experience
@ Tab o: (Reserved)
B Tab P: Plans and Specifications and Work Write-Up (MANDATORY)
I Tab Q: Documentation of Rental Assistance
B Tab R: Documentation of Operating Budget
@ Tab S: Documentation of Project Budget
B Tab T: Documentation of Financing Sources
! Tab U: (Reserved)
I Tab V: Nonprofit or LHA Purchase Option or Right of First Refusal
@ Tab W: Original Attorney's Opinion (MANDAIORY)
n tab x: (Reserved)
El tab y: Marketing Plan for units meeting accessibility requirements of HUD section 504
Âfab Z Market Study (MANDATORY-Application will be disqualified if market study not submitted with the application)
2009 Submission Checklist

Low-Income Housing Tax Credit Application For Reservation
I. General Information
All code "Section" references are to, and the tem "IRC" shall be deerned to rnem,
the Intemal Revetrue Code of 198ó, as amended.
A. Development Name and Location:

l. Name of Development Woodrum ManorÆVestview
2. Address of Development 601 & 502 Wenonah Ave.
(Sheet)
Pearisburg VA 24134
(CiÐ (State) (Zip Code)
Ifcomplete address is not available, provide longitude and latitude coordinates (x,y) from
location on site your surveyor deems appropriate.
E Documentation from surveyor attached (TAB A) (Only necessary if street address or street intersections are not available.
(Coordinates should be the same as those listed on pg 1 3, if applicable)
The Circuit Court Clerk's office in which the deed to the property is or will be recorded:
CitylCounty of Giles County (ie; Richmond City, Chesterfield County; see application manual)
5. Does the site overlap one or morejurisdictional boundaries? lYes E
No
Ifyes, what other CitylCounty is the site located in besides the one mentioned above?
6. Is the development located in a Metropolitan Statistical Area? @Yes E
No
7. Census Tract the development is located in:
510719904
Is this a Qualified Census Tract: E yes E No (If yes, attach required form in TAB A)
8. Area? I N" I
Is the development located in a Difficult Development
9. Isthedevelopmentlocatedinarevitalizationarea? E yes n No (fyes,attachrequiredforminTABA)
10. Is the development an existing RD or HUD 58/236 development? n Yes E No (If yes, attach required form in TAB Q)
Note: Ifthere is an identity ofinterest between the applicant and the seller in this proposal, and the applicant is seeking points in
this category, then the applicant must either waive their rights to the developer's fee or other fees associated with acquisition and/or
rehabilitation, or obtain a waiver of this requirement from VHDA prior to application submission to receive these points.
a. Applicant agrees to waive all rights to any developer's fee or
other fees associated with acquisition and/or rehab. E Yes E nla
b. Applicant has obtained a waiver of this requirement from VHDA
prior to the application submission deadline. D Yes E ¡la
I 1. Is the development located in a census tract with a poverty
rate <70%o with no tax credit units currently present? E Yes E No
12. Is the development listed on the RD 515 Rehabilitation
Priority List? fl Yes ENo
13. CongressionalDistrict
Planning District 4
State Senate District T
Stâte House District
14. E Location Map Attached (TAB A) -õ-

B. Project Description:
In the space provided below, give a briefdescription ofthe proposed project.
Woodrum Manor and Westview Apartments, located in downtown Pearisburg, Giles County, includes 14 one-bedroom and 12 two-bedroom apartment
homes situated in two buildings--Woodrum Manor (previously a Leggett department store) and Westview (previously an historic hotel which is on the
Nat¡onal Register of Historic Places.) The Westview building also includes 4 commercial units, one of which is currently leased by the Giles County
Chamber of Commerce. The development completed the initial 15-year tax credit compl¡ance period in 2008. Under the new development plan, all 26
apartment homes will undergo a complete rehab and will be upgraded to meet EarthCraft standards. One apartment home will conform to HUD
regulations interpreting accessibility requirements of section 504 of the Rehabilitation Act. ln addition, major building systems will be overhauled.
Pearisburg Commun¡ty Development Corporation (PCDC)-the current general partner-will again serve as the general partner and developer, while
Giles County Housing and Development Corportion, PCDC's affiliate, will serve as the management agent.
Page I
Low Income Housing Tax Credit Application For Reservation
C. Reservation Request
l. Total annual credit amount request (Must be the same as Part IX-D8) $2!9,6q1
2. Credits requested from:

97o Credits
E Nonproht Set-Aside (Al1 nonprofit owned developments which meet tests
described in Part II-D hereofmay select this)
! Local Housing Authorities ! Tidewater MSA Pool
n Northern Virginia MSA Pool n Small MSA/Micropolitan Pool
n Richmond MSA Pool n Rural Pool
n Non-Competitive Pool (Preservation) E Non-Competitive Pool (Disability)
! TaxExemptBonds
! new construction, or
fl rehabilitation, or
n acquisition and rehabilitation.
Federal Subsidies
E The development will not receive federal subsidies.
! This development will receive federal subsidies for:

n all buildings or
n some buildings.
D. Type(s) of Allocation/Allocation Year
1. Regular Allocation
n Rtt 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 of2008 credits for ! new construction, gg
! rehabilitation, or
n acquisition and rehabilitation.
2. CarryforwardAllocation
El 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 l0o/o basis in the development before the end of six
months following allocation of credits. For those buildings, the owner requests
a carryforward allocation of2009 credits pursuant to Section a2@)(l)(E) for:
! new construction, or
n rehabilitation, or
EI acquisition and rehabilitation (even ifyou acquired a building this year and
"placed it in service" for the purpose ofthe 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
E tne development will not receive federal subsidies.
! ttris development will receive federal subsidies for:
! all buildings or
! some buildings.
2009 Page2
E. Acquisition Credit Information

: Ifno credits are being requested for existing buildings being acquired for the development,
indicate and go on to Part F: ! No Acquisition
Ten-Year Rule For Acquisition Credits
E Alt buildings satisff the 10-year look-back rule of IRC Section 42 (dX2XB), including the
10% basis/$15,000.00 rehab costs ($10,000 fbr Tax Exempt Bonds) per unit requirement.
n eU buildings qualifu for an exception to the lO-year rule under IRC Section 42(dX2XDXÐ,
Subsection (I) n
Subsection (II) n
Subsection (III) !
Subsection (IV) !
Subsection (V) !
n A waiver of the lO-year rule for all buildings has been or will be requested from the
Department of the Treasury pursuant to IRC Section 42(dX6XB)
D Different circumstances for different buildings: Attach a separate sheet and explain for each
building.
F. RehabilitationCreditlnformation
NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go
to Section II. n No Rehabilitation
Minimum Expenditure Requirements
E All buildings in the development satisff the rehab costs per unit requirement of IRC
Section a2(eX3XÐ(ii).
! All buildings in the development qualify for the IRC Section a2(e)(3)(B) exception to the
10% basis requirement (4% credit only).
n All buildings in the development qualiff for the IRC Section 42(Ð(5XBXii)(II) exception.
! Different circumstances for different buildings. Attach a separate sheet and
explam tor each burldrng.
2009 Page 3
II. OWNERSHIPINFORMATION
NOTE: VHDA may allocate credits only to the tax-pay¡ng entity which owns the development at the time of the allocation. The term "Owne/' herein refers to that ent¡ty. Please
sole discret¡on. IMPORTANT: The Owner name l¡sted on this page must match exactly the owner name listed on the Virginia State Corporat¡on Commiss¡on
Must be an indiv¡dual or legally formed entity
A. Owner Information:
Name Olde Towne Housing, LLC
Contact Person First: Wanda Middle: Last: Meador
Address 601 Wenonah Ave.
(Street)
(city)
Federal I. D. No. (If not available, obtain prior to Allocation)

Phone 540-921-28T5 fax t4Tryrr4487 Email address wmeador59(ø)verizon.net
typ" orffiPartnership- E Other Limited Liability Corporation
I Individual(s) n Corporation
E Owner's organizational documents (e.g. Partnership agreements) attached (Mandatory TAB B)
E Certitication fiom Virginia State Corporation Commission attached (Mandatory TAB C)
Principal(s) involved (e.g. general parbxers, LLC members, controlling shareholders, etc.):
Names ** Phone Tvlre Ownership o/o
Ownership
540-921-2815 General Parhrer 100.00%
--TTõ'%-
-:oCI'%- U.UU"/o
This should be 100% of the GP or managing member interest: -ï:0õ'%-

100.00%
**
-0rõ9ã-
separate partnershrps or corporatlons whrch may compnse those components.
! Principals'Previous Participation Certitication attached (Mandatory TAB D), resumé, & ownership structure chart.
B. Seller Information:
Name Contact Person Wanda Meador
Address
Pearisburg, vA ¿4t34 tsnone )+v-9¿ t-¿ó tJ
Is there an identity of interest between the seller and owner/applicant? BYes nNo
If yes, complete the following:
Principal(s) involved (e.g. general partners, controlling shareholders, etc.)
Names Phone Twe Ownershio o/o
Ownership
Pearisburg Community Development Corpott 5N4214ß General Part¡rer r.00%
Wanda Meador 0.00%
0.00%
0.00%
2009 Page 4
c. Development Team Information :

Complete the following as applicable to your development team.
1. Tax Attomey: Thomas Thorne-Thomsen Related Entity? n Yes E No

Firm Name:
Address:
Phone: 312-42r-8400 Fax: 312-42t-6t62
2. Tax Accountant: Mike Vicars Related Entity? n Yes E No

Firm Name:
Address:
Phone: 804-355-2808 Fax: 804-359-3897
3. Consultant: Related Entity? ! Yes ! No

Firm Name: Role:
Address:
Phone: Fax:
4. Management Entity (Contact): Wanda Meador Related Entity? El Yes n No

Firm Name: Giles Coun
Address:
Phone: 540-92t-4487
5. Contractor (Contact): Jack Cecil Related Entity? n Yes E No

Firm Name: Wi lam u.
Address:
Phone: 540-726-2436 ext. 3 Fax: s40-726-20s7
6. Architect: Larry S. Martin Related Entity? ! Yes E No

Firm Name:
Address: Vc't
Phone: 540-73t-4474 Fax: 540-639-2030
7. Real Estate Attorney: James Related Entity? nYesENo

Firm Name:
Address:
Phone: s40-92r-r703 Fax: s40-921-2008
8. Mortgage Banker: Related Entity? n Yes ! No

FirmName:
Address:
Phone: Fax:
9. Other (Contact): Related Entity? IYeslNo

Firm Name: Role:
Address:
Phone: Fax:
2009 Page 5
D. Nonprofit Involvement:
For 9o/o Credits - Must be completed in order to compete in the nonprofit tax credit pool.
Applicants - Must be completed for points for nonprofit involvement under the ranking system.
Tax Credit Nonprofit Pool Applicants: To qualiff for the nonprofit pool, an organization described in IRC Section 501
(c)(3) or 501 (cXa) and exempt from taxation under IRC Section 501 (a), whose purposes include the fostering oflow-income housing:
l. Must "materially participate" in the development and operation ofthe project throughout the compliance period,
2. Must o\rn all general partnership interests in the development .
3. Must not be afliliated with or controlled by a for-profit organization.
4. Must not have been formed for the principal purpose ofcompetition in the nonprofìt pool, and
5. Must not have any staff member, or member of the nonprofit's board of directors materially participate in the proposed project
as a for-profit entity.
All Applicants: To qualify f'or points under the ranking system, the nonprofit's involvement need not necessarily
satisfy all ofthe requirements for participation in the nonprofit tax credit pool.
l. Nonprofit Involvement (All Applicants)

Ifthere is no nonprofit involvement in this development, please indicate by checking here:
I and go on to part III
2. MandatoryQuestionnaire
lf there is nonprofit involvement, you must complete the Non-Prolit Questionnaire
I Questionnaire attached (Mandatory TAB E)
3. Typeofinvolvement
! Nonprofit meets eligibility requirement for points only, not pool or
I Nonprofit meets eligibility requirements for nonprofit pool and points.
4. Identity of Nonprofit (All nonprofit applicants)

The nonproñt organization involved in this development is:
! the owner
! the Applicant (if different from Owner)
n other
Wanda Meador 601 Wenonah Ave

(Contact Pe6on) (Str€et Addres)
Pearisburg VA 24134
--ì(zþ-'ããt
s40-921-2815 540-921-8477
(Phone) (Fu)
5. Percentage ofNonprofit Ownership (All nonprofit applicants)

Specifu the nonprofit entity's percentage ownership ofthe general partnership interest: 100.0%
2009 Page 6
TII. DEVELOPMENT INFORMATION
A. Structure and Units:

1. Total number of all units in development 26
'l'otal number of rental units in development bedrooms 38
Number of low-income rental units -2- Tr
Percentage of rental units designated low-income -T0ü0096,.
--bedrooms
Z. 'l'he development's structural teatures are (check all that apply):
n Row Housei'l'ownhouse n .Detached Smgle-tamtly

E Garden Apartments ! Detached Two-family
E Slab on Grade n Basement
E Crawl space Age of Structo."' 5!!]@-
n Elevator Number of stories: 2 8.3
3. Number of new units 0 bedrooms 0
Number of adaptive reuse units .Tf
Number of rehãb units bedrooms
4,Tota1F1oorAreaForTheEntireDevelopment-@.,o*,
-ubedrooms
-26
5. Un-neated -t loor ,\rea (Breezeways, Balconies, Storage) 1,589.33 rsc. n.l
6. Nonresidential Commercial Floor Area 4,904.48 rsq.n.r
(Not eligible for funding)
7. Total Usable Residential Heated Area 22,193.54 sn.o.t
8. Number of Buildings (containing rental units) 2
9. Commercial Area Intended Use: Rental space for co
10. Project consists primarily of a building(s) which is (are)(CHOOSE ONLY ONE)
E Low-Rise (1-5 stories with any structural elements made of wood)

! Mid-Rise (5-7 stories with no structural elements made of wood)
n High-Rise (8 or more stories with no structural elements made of wood)
B. Building Systems:
Please describe each of the following in the space provided.
Community Facilities: community room for crafts & activities; laundry rooms; garden a.ea seding
Exterior Finish: brick

Heating/AC System: high-efficiency electric mini-splits--V/oodrum Manor/electric heat pumps--We
Architectural Style: Woodrum Manor--Federal/Westview
2009 PageT
C. Amenities:
1. Speci$' the average size per unit type: Qncluding pro rata share of heated common area)
Assisted Lvg 0.00 sF lBdrm Eld 0.00 SF 3-Bdrm Gar 0.00 sF
1-sty-Eff-Eld-.-T0'sr'
.-l0õ"sr 2Bdrm Eld T--O,õ''sr 4-Bdrm Gar T.ïIÕ.sr'
l-Sty IBR-E1d Eff-Gar Tl0-0'sr'2-BdrmTH TTõ'Sr
l-sty2BR-Eld --ïTõ''sr' l-Bdrm Gar T?ÛSîsr' 3-Bdrm TH sr
Erf-Eld TTõ''sr 2-BdrmGar TSlSÏsr' 4-BdrmTH T'Iõ'sr'
-Õ.ïIf
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
22,193.54 B Documentation attached ('I'AIì l') Mandatory
-(sq-f
NOTE: 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 tbllowurg items which apply to the proposed proSect:

E Documentation attached (TAB F Architect Certification) Mandatory
For any projecto upon completion of construction/rehabilitation: (Optional Point items)
0% a(l)Percentage of 2-bedroom units that have 1.5 bathrooms

0o/o a(2) Percentage of 3 or more bedroom units that have 2 bathrooms
u b. A community/meeting room with a minimum of 749 square feet is provided

c.
l00Vo Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)
El d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirements
E e. All windows meet the EPA's Energy Star qualified program requirements
E f. Every unit in the development is heated and air conditioned with either (i) heat pump units with both a
SBER raturg of 14.0 or more and a HSPF rating of 8.2 or more and a variable speed atr handltng unit
(for through- the-wall heat pump equipment that has an EER rating of 11.0 or more), or (ii) air
conditioning units with a SEER rating of 14.0 or more and a variable speed air handling unit, combined
with gas furnaces with an AFUE ratngof 90Yo or more
E g. Water expense is sub-metered (the tenant will pay monthly or bi-monthlybill)
E h. Each bathroom consists only of low-flow faucets (2.2 gpmmax.) and showerheads (2.5gpm max.)
E i. Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet sevice.
tr j. All water heaters meet the EPA's Energy Star qualified program requirements.
2009 Page 8
Low Income Housing Tax Credit Application For Reservation
For all projects exclusively serving elderly and/or handicapped tenants, upon completion
of construction/rehabilitation: (Optional Point items)
n a. All cooking ranges will have front controls
¡ b. All units will have an emergency call system
n c. All bathrooms will have an independent or supplemental heat source
n d. All entrance doors have two eye viewerso one at 48" and the other at standard height
For all rehabilitation and adaptive reuse projects, upon completion ofconstruction or
or rehabilitation: (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 ol the lollowlng pornt categorles, as approprtate:
n For any non-elderly property in which the greater of 5 or l0%o of the units (i) provide federal project-based rent subsidies or
equivalent assistance in order to ensure occupancy by extremely low-income persons; (ii) conform to HUD regulations
interpreting accessibility requirements of section 504 of the Rehabilitation Act; and (iii) are actively marketed to people with
special needs in accordance with a plan submitted as part of the Application. (lf special needs include mobility impairments
the units described above must include roll-in showers and roll under sinks and front controls for ranges).
n 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 as part the Application.
E 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 the Architect Certification that the development's design will meet the criteria for such certif,rcation.
@ Yes - Earthcralt fl Yes - LEED
If Yes to either, attach appropriate documentation at TAB F
LEED Accredited Design Team Member

One or more members of the design team is a LEED accredited professional.
I Yes E No lt Yes, attach approprlate documentatlon at TA-B F
Universal Design - Units Meeting Universal Design Standards

of record certifies that units will be constructed to meet VHDA's Universal Design standards.
a. The architect
! Yes I No lt Yes, attach appropnate documentatlon at TAB F
b. Number of Rental Units constructed to meet VHDA's Universal Design standards:
4 Units 15%
VHDA Certified Property Management Agent

Owner agrees to use a VHDA Certified Property Management Agent to manage the property.
Eves nNo
! Yes lNo ENla The market-rate units'amenities are substantially equivalent to those of the
low-income units. If no, explain differences:
2009 Page 9
IV. TENANT INFORMATION
A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLT]MNS DETERMINE

POINTS FOR THE BONUS POINT CATEGORY
Note: ln 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 the area median income adjusted for family
size (this is called the 20/50 test) or (ii) at least 40% of the units must be rent-restricted 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 test), all as described in Section 42 of the lRC. Rent-and
incomq.restricted units are known as low-income units. lf you have more low-income units than required, you qualify for more credits. lf you
serve lower incomes than required, you receive more points under the ranking system.
Units Provided lfer tlousehold'l'ype:

ncome
Units 7o of Units
0 0.00% 40% AreaMedian 3 11.54% 40%o AreaMedian

50% AreaMedian 5o%6 AreaMedian
-......T0U%' AreaMedian
.î"JUqã' 60Yo AreaMedian .T100%' 60%o
-6T5% Non-LMIUnits -876% Non-LMIUnits
-3T5% Total Total
-T(IffiU% -T0Uftõ%'
Special Housing Needs/Leasing Preference:
l. 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:
n Yes Elderly (age 55 or above)
n Yes Physically or mentally disabled persons (must meet the requirements of the federal
Americans with Disabilities Act)
2. 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
3. If the development has existing tenants, VHDA policy requires that the impact of economic and/or physical
displacement on those tenants be minimized, in which Owners agree fo abide by the Authority's Relocation
Guidelines for LIHTC properties.
4. If leasing preference will be given to applicants on public housing waiting list and/or Section 8
waiting list, so indicate:
E Yes
!No
E Locality has no such waiting list; If yes, provide the following information:
Organization which holds such waiting list Pembroke VtqagçrentJry.

Contact person (Name and Title) Brett Rader
Phone Number (s40) 92t-1392 B Required documentation attached (TAB H)
5. If leasing preference will be given to individuals and families with children.

(Less than or equal to 20o/o of the units must have of I or less bedrooms).
I Yes
ENo
2009 Page 10
V. LOCALNEEDSANDSUPPORT
A. Provide the name and the address of the chief executive officer (City Manager, Town Manager, or
County Administrator) of the political jurisdiction in which the development will be located:
Chief Executive Officer's Name Kenneth Vittum
Chief Executive Officer's Title Town Manager
Street Address l 12 Tazewell St.
City Pearisburg Zip ffi
Name and title of local offlrcial you have discussed this project with who could answer questions for the
local CEO: Rodney Wilson, Building Official, Town of Pearisburg
E Letter ao¡n
VHDA notification letter to CEO submitted prior to 5:00 PM 315109: (9% competitive credits only) E Yes n No
Ifthe property overlaps another jurisdiction please fill in the following:

Chief Executive Officer's Name
Chief Executive Officer's Title
Street Address Phone
City zip
Name and title of local official you have discussed this project with úho could answer questions for the
local CEO:
! Letterfror
VHDA notification letter to CEO submitted prior to 5:00 PM 315/09: (9% competitive credits only) ! Yes ! No
B. Project Schedule
ACTUAL OR NAME OF
ACTIVITY ANTICIPATED PERSON
DATE RESPONSIBLE
Site
Option/Contract March 25.2009 üanda Meador
Site Acquisition November I, 2009 ùy'anda Meador
Zoning Approval ¡v I2.2009 Wanda Meador
Site Plq¡ App¡qy4l Mav 12,2009 Wanda Meador
Financing
A. Construction Loan
[-oan Application Auzust 15.2009 Wanda Meador
Conditional Commitment November 30, 2009 Wanda Meador
Firm Commitrnent Ianuarv 3 l. 2010 Wanda Meador
B. Permanent Loan - First Lien
[,oan Application Auzust 15.2009 Wanda Meador
Conditional Comrnitment November 30. 2009 Wanda Meador
Firm Commitment fanuarv 31,2010 Wanda Meador
C. Permanent Loan-Second Lien
l,oan Application September 30. 2009 Wanda Meador
Conditional Commitment November 30.2009 Wanda Meador
Firm Commitment fanuarv 31.2010 Wanda Meador
D, Other Loans & Grants
Type & Sowce, List
Application A.ueust 15. 2009 Wanda Meado¡
Award,/Commitment fanuarv 3 1. 2010 Wanda Meador
Formation of Owner Varch2í.20O9 Wanda Meador
IRS Approval of Nonprofit Statxs December21.1994 Ann Angert
Closing and Transfer of Property to Owner November 1, 2009 lVanda Meador
Plans and SpeciÍications, \ilorking Drawings Vlav 14.2009 Wanda Meador
Buil Februarv 2010 Wanda Meador
Start Construction Februarv 2010 ily'anda Meador
Begin Lease-up l 2010 Wanda Meador
Complete Construction )ecernber 2010 Wanda Meado¡
Complete Lease-Up )ecember 2010 Wanda Meador
Credit Placed in Service Date Vlav 1.2010 Wanda Meador
2009
/I. SITE CONTROL
Site control by the Owner identified herein is a mandatory precondition of review of this application.
of it, in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time
property will be subject to occupancy restrictions must be included herewith. (9% Competitive Credits - An option
must extend beyond the application deadline by a minimum of four months.)
Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipated
transfers to the Owner are not sufficient. The Owner, as identified in Subpart ll-A, must have site control at
this Application is submitted.
i lf the Owner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a
lease) the Owner before the allocation of credits is made this year
us before you submit this application if you have any questions about this requirement.
A. Type of Site Control by Owner:
Applrcant controls srte by (select one and attach document - Mandatory'l'Alt K)
n Deed - attached
! Long-term Lease - attached (expiration date:
El Option - attached (expiration date: t2/3t/rt
n Purchase Contract - attached (expiration date:
If more than one site for the development and more than one form of site control, please so indicate
! and attach a separate sheet specifying each site, number ofexisting buildings on the site, ifany,
type ofcontrol ofeach site, and applicable expiration date ofform ofsite control. A site control
is required for each site.
.document
B. Timing of Acquisition by Owner:
Select one:
! Owner already controls site by either deed or long-term lease or
El Owner is to acquire property by deed (or lease for period no shorter than period property
than lll0ll09 (must be prior to November 6,2009).
will be subject to occupancy restrictions) no later
Ifmore than one site for the development and more than one expected date of acquisition by
Owner, please so indicate ! and attach separate sheet specifying each site, number ofexisting
buildings on the site, if any, and expected date of acquisition of each site by the Owner.
C. 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 6530%

Project Wide Capture Rate - Market Units 0.00%
Project Wide Capture Rate - All Units 6s.30%
Project Wide Absorption Period (Months) 22
2009 Page 12
Low-Income Housing Tax Credit Application For Reserv¡tion
C. Site Description
I . Exact area of site in acres I .090
2. Has locality approved a final site plan or plan of development?

El Yes E ¡¡o
El Required documentation form att¡ched GAB L)
3. Is site properly zoned for the proposed development?

El Yes E No
El Required documentation form attached (TAB M)
4. Will the proposal seek to qualifr for points associated with proximþ to public transportation?
E Yes ENo
E Required documentation form attached (TAB A)
D. Photographs
tnclude photographs of the srte and any exlstlng structure{s) m 'l'All 0. Þbr rehablhtatlon proJects,
provide interior pictures which document the necessity ofthe proposed work.
E. Plans and Specifications
Minimum submission requirements for all properties (new construction, rehabilitation and adaptive reuse)
l A location map with property clearly deñned.

2. Sketch plan of the site showing overall dimensions of main building(s), major site elernents
(e.g., parking lots and location ofexisting utilities, and water, sewer, electric,
gas in the streets adjacent to the site). Contour lines and elevations are not required.
3. Sketch plans ofmain building(s) reflecting overall dimensions of:
a. Typical floor plan(s) showing apartment types and placement
b. Ground floor plan(s) showing common are{rs;
c. Sketch floor plan(s) oftypical dwelling unit(s);
d. Typical wall section(s) showing footing, foundation, wall and floor structure.
Notes must indicate basic materials in structure, floor and exterior finish.
In addition: required document¡tion for rehabilitation properties
A unit-by-unit work write-up.
p| Plans and specifications/unit-by-unit work writeup attached (TAB P) or

El Plans and specifications/unit-by-unit work writeup submitted separately
2009 Page 13
VII. OPERATING BUDGET

A. Rental Assistance
1. Do or will any low-income units receive rental assistance?
lYes E No
2. Ifyes, indicate type ofrental assistance:
I Section 8 New Construction Substantial Rehabilitation

! Section 8 Moderate Rehabilitation
! Section 8 Certificates
! Section 8 Project Based Assistance
¡ RD 515 Rental Assistance
I Section 8 Vouchers
! State Assistance
n oth"t'
3. Number of units receiving assistance:

Number ofyears in rental assistance contract: 0
Expiration date of contract:
n Contract or other agreement utffi
B. Utilities
1. Monthly Utility Allowance Calculations
Utiliti6 T}?e of Utility Utilrli6 Entq Allowmc6 by Bedroom Size

ln'c FlÞ.d¡ ôil Paid bv: o-bdr t-bd¡ 2-bd¡ 3-bdr I ¿-t
ìøting fætric Omq foæ1 21 21
\ìr Conditionbg fætric Jmer f6el

)ooking lætric ]ownø Immt 4
-)umo
,ighting tæt¡ic lmdl I 2l
iot Watq tætric )ms @æ¡ 1t I
ilatø Omq lx lTeml l5

iewer )ms lmml 2l z',.
fræh Omq Ienmt

Total utility allow@ce fo¡ costs Daid by t@@t $0 $97 $t22 $0 $0
2. Source of Utility Allowance Calculation (Attach Documentation TAB Q)

! HUD
n Utility Company (Estimate) ¡ Local PHA
n Utility Company (Actual Survey) E Other: VHD{¡qqllng Choice Voucher Pro
2009 Page 14
C. Revenue
1. Indicate the estimated monthly income for the Low-Income Units: **
v
Unit TyD€ Tax Credit Units Rental Income
Efficiency Units 0 $0
I Bedroom Units l4 9s,266
2 Bedroom Units l2 $5,205
3 Bedroom Units 0 $0
ffi
Plus Other Income Source (list): commercial rent $1,800
Equals Total Monthly Income: 912.271
Twelve Months x12
Equals Annual Gross Potential Income
Iæss Vacancy Allowance ( 7.0o/o )
- s147,2s2
$ 10,308
Equals Annual Effective Gross Income (EGI) - Low Income Units s136.944
** Beginning at Row 75 enter the appropriate d¡ta for both

!ry4!! and qþqlêlg units in the yellow shaded cells.
2. lndicate the estimated monthly income for the Mårket Rate Units: **
Total Number of Total Monthly
UnitTwe Market Units Rental Income
Efficiency Units 0 $0
1 Bedroom Unìts 0 $0
Total Number of Market Units
Plus Other Income Source (list):

Equals Total Monthly Income:
Twelve Months x12
Equals Annual Gross Potential Income $0
Iæss Vacancy Allowance ( 0.0% )
Equals Annual Effective Gross Income (EGI) - Market Råte Units
E Documentation in Support ofOperating Budget attached (TAB R)
List number of units by type: TOTAL UNITS

ASSISIED LVG EFF-ELD I BD Rft¡l-ELD 2 BD Rl¡çeLD EFF.GAR I BD RißGAR
0 0 0 0 0 14
2 BD RI*GAR 3 BD Ri¡l-GAR 4 BD Rl¡tGAR 2 BD Ri,l-ÎH 3 BD Ri/ÈTH 4 BD Ri,l-TH
12 0 0 0 0 0
I STY-EFF.ELD I STY-I BR-ELI) I STY.2 BR-ELD Note: Please be sure to enter the number of units ín the
0 0 0 gpp4p¡þ¡g unit category. If not, you will find ân error on
the scoresheel at 5â, óa & ób,

List number of units by type: TAX CREDIT UNITS
ASSISTED LVG EFF-ELD I BD RIiI.ELD 2 BD Rlrl-ELD EFF.GAR BD RII&GAR
'
0 0 0 0 0 14
2 BD RitrGAR 3 BD RM4AR 4 BD RI¡G¡N 2 BD RÌIIH 3 BD Ri¡LTH ¡l BD Riil-TH
12 0 0 0 0
I STY.EFF-ELD I STY-I BR-ELD I STY-2 BR-ELO

0 0 0
Eff¡cloncy Units
Unit Type / Net Rentable Monthly Renl Total
Rent Taroetino Number Units Souare Feet Per Unit Monthlv Rent
Erric¡ency-4o% I o lt o¡o llñl s

Eff¡ciency-4o% f o ll oJo lls-l e
Erficiency-4o% I o ll o^oo llT-l s
Page 15
Effìciency - 40% 0 0.00 $ $
Efficiency - 4oo/o 0 0.00 $ $
Efflciency - 40% 0 0.00 $ $
Effìciency - 40% 0 0.00 $ $
Efficiency - 40% 0 0.00 $ $
Effìciency - 40% 0 0.00 $ $
Eff¡ciency - 40% 0 0.00 $ $
Efficiency - 40% 0 0.00 $ $
Effìc¡ency - 40% 0 0.00 $ $
Effic¡ency - 40% 0 0.00 $ $
Efficiency - 40% 0 0.00 $ $
Effìciency - 40% 0 0.00 $ $
Efficiency - 50% 0 0.00 $ ü

Efficiency - 50% 0 0.00 $ $
Efficiency - 50% 0 0.00 $ $
Effìciency - 50% 0 0.00 $ $
Effìciency - 50% 0 0.00 $ ü
Effìciency - 50% 0 0.00 $ $
Efficiency - 50% 0 0.00 $ $
Efflciency - 50% 0 0.00 s $
Effìciency - 50% 0 0_00 $ $
Efficiency - 50% 0 0.00 $ $
Efficiency - 50% 0 0.00 $ $
Efficiency - 50% 0 0.00 $ $
Efficiency - 50% 0 0.00 $ $
Effìciency - 50% 0 0.00 $ $
Efficiency - 60% 0 0.00 $ $

Efficiency - 60% 0 0.00 $ $
Eff¡c¡ency - 60% 0 0.00 $ $
Effic¡ency - 60% 0 0.00 $ ü
Effìciency - 60% 0 0.00 $ $
Efficiency - 60% 0 0.00 $ $
Efficiency - 60% 0 0.00 s $
Efficiency - 60% 0 0.00 $ $
Efficiency - 60% 0 0.00 $ $
Efficiency - 60% 0 0.00 $ $
Efficiency - 60% 0 0.00 $ ù
Effìciency - 60% 0 0.00 s $
Efflciency - 60% 0 0.00 $ $
Efficiency - 60% 0 0.00 s $
Total Efficisncy Total Monthly Eff
Tax Cred¡t Un¡ts: 0.00 Til Credit Rent:
Effìciency - Market 0 0.00 $ $

Efficiency - Market 0 0.00 $ $
Efficièncy - Market 0 0.00 $ $
Efficiency - Market 0 0.00 s $
Effìciency - Market 0 0.00 s $
Efficiency - Market 0 0_00 $ $
Effìciency - Market 0 0.00 $ $
Efficiency - Market 0 0.00 $
Efficiency - Market 0 0.00 $
Efficiency - Market 0 0.00 s $
Effic¡ency - Market 0 0.00 $ $
Effic¡ency - Mârket 0 0.00 s $
Total Efficiêncy
Market Units: Total Monthly
Eff. Market Rent: $
Total Eff. Units: Total Eff. Rent $ -
l-Bedroom Un¡tg -
Net Rentable Monthly Rent Total
2009
Rent Taroetino Number Units Souare Feet Per un¡t - Monthlv Rent
Page 15
1 BR-40% 411.31 $ 304 $ 304
1 BR-40% 1 416.71 $ 304 $ 304
I BR-40% 442.09 $ 304 $ 304
1 BR-40% 0 0.00 $ $
1 BR - 4070 0 0.00 $ $
1 BR-40% 0 0.00 $
1 BR-40% 0 0.00 $ $
IBR-40% 0 0.00 $
1 BR-40% 0 0.00 $ $
I BR-40% 0 0.00 $ $
I BR-40% 0 0.00 $ $
1 BR-40% 0 0.00 $ $
I BR-40% 0 0.00 $ $
1 BR-40% 0 0.00 $ $
1 BR-40% 0 0.00 $ $
1 BR-50% 466.41 $ 395 $ 395

1 BR-50% 470.02 $ 395 $ 395
1 BR-s0% 474.43 $ 395 $ 395
1 BR-50% 491.79 $ 395 $ 39s
I BR-50% 516.57 $ 395 $ 395
1 BR-50% 522.32 $ 395 $ 395
't BR - 50% 524.54 $ 395 $ 395
1 BR-50% 524.76 $ 395 $ 395
1 BR-50% 527.91 $ 395 $ 395
1 BR-50% 528.52 $ 395 $ 395
I BR-s0% 6',14.23 $ 404 $ 404
1 BR-50% 0 0.00 $ $
1 BR-50% 0 0.00 $ $
1 BR-50% 0 0.00 $
1 BR-50% 0 0.00 $ $
1 BR-60% 0 $
1 BR-60% 0 $
1 BR-60% 0 $
1 BR-60% 0 $
1 BR-60% 0 $
1 BR-60% 0 $
1 BR-60% 0 $
I BR-60% 0 $
1 BR-60% 0 $
1 BR-60% 0 $
1 BR-60% 0 0.00 $ $
1 BR-60% 0 0.00 $ $
I BR-60% 0 0.00 $ $
1 BR-60% 0 0.00 $ $
1 BR-60% 0 0.00 $ $
Total 1-BR Total Monthly l-BR
Til Crêdit LJn¡ts: 14 6,931.61 Tax Cred¡t Rent: 5,266
1 BR - Market 0 0.00 $ $
1 BR - Market 0 0.00 $ $
I BR - Market 0 0.00 $ $
1 BR - Market 0 0.00 s $
1 BR - Market 0 0.00 $ $
1 BR - Market 0 0.00 $ $
I BR - Market 0 0.00 $ Ð
1 BR - Market 0 0.00 $ $
1 BR - Market 0 0.00 $ $
I BR - Market 0 0.00 $ $
1 BR - Market 0 0.00 $ $
I BR - Market 0 0.00 s $
I BR - Market 0 0.00 $ $
I BR - Market 0 0.00 $ $
1 BR - Market 0 0.00 $ $
Total 1-BR
Martet Un¡ts: 0.00 Total Monthly
1-BR Market Rent:
2009 Page 15
I tot"t t-an unit": 14 Totat l-BR Rent $ s,zee I
2-Bedroom Un¡ts
Rent Taroet¡no Number Units Souare Feet Per Un¡t Monthlv Rent
2BR- 40% 0 0.00 $ $

2BR - 40o/o 0 0.00 $ $
2BR - 40Vo 0 0.00 $ ü
2 BR - 4oo/o 0 0.00 $ $
2 BR - 400/. 0 0.00 $ $
2 BR - 40o/o 0 0.00 $ $
2BR- 40% 0 0.00 $
2 BR- 40o/o 0 0.00 $ $
zBR- 40v. 0 0.00 $ $
zBR - 40o/o 0 0.00 $
2BR- 40% 0 0.00 $ $
2BR - 4OYo 0 0.00 $ $
2BR- 40% 0 0.00 $ s
2 BR- 40Vo 0 0.00 $ ü
2BR-40% 0 0.00 $ $
2BR-50% 1 620.39 $ 430 $ 430

2BR-50% 1 630.88 $ 430 $ 430
2BR-50% 1 631.60 $ 430 $ 430
2BR-50% 1 642.27 $ 4Íì0 ü 430
2 BR-50% I 642.36 $ ¿fiì0 $ 430
2BR-50% 1 668.01 $ 4Í10 $ 430
2BR-50% 1 668.79 $ 430 $ 430
2BR-50% 1 707.91 $ 435 $ 435
2BR-50% 1 723.21 $ 435 $ 435
2 BR - 500/. 1 744.86 $ 435 $ 435
2BR-50% 1 750.73 $ 435 $ 435
2BR-50% 1 890.82 $ 455 $ 455
2 BR-s0% 0 0.00 $ $
2BR-50% 0 0.00 $ $
2BR-s0% 0 0.00 $ $
2BR-60% 0 ü
2BR-60% 0 $
2BR-60% 0 $
2BR-60% 0 $
28R-60% 0 $
2BR-60% 0 $
2BR-60% 0 $
2BR-60% 0 $
2BR-60% 0 $
2BR-60% 0 $
2BR-60% 0 $ $
2BR-60% 0 0.00 $ $
2BR-60% 0 0.00 $
2BR-60% 0 0.00 $ $
2BR-60% 0 0.00 $ $
Total2€R Total Monthly 2€R
Tã Crèd¡t Un¡ts: 8,321.83 Tax Credit Rent: I 5,205
2 BR - Market 0 0.00 $ $
2 BR - Market 0 0.00 $ $
2 BR - Market 0 0.00 $ $
2 BR - Market 0 0.00 $ $
2 BR - Market 0 0.00 s -
$
2 BR - Market 0 0.00 $ $
2 BR - Market 0 0.00 $ ü
2 BR - Market 0 0.00 s $
2 BR - Market 0 0.00 $ $
2 BR - Market 0 0.00 $ $
2 BR - Market 0 0.00 $ $
2009 2 BR - Market 0 0.00 $ s Page 15

2 BR - Market I o ll oro llT-l s
2 BR - Market
2 BR - Market I o ll oro liE -l s
Total 2-BR
Market Units: Total Monthly
2-8R Market Rent:
Total 2€R Un¡ts: Total2SR Rent
3-Bedroom Unlts
Rent Taroetino NumberUnits Souare Feet Per Un¡t Morìthlv Rent
3BR-40% 0 0.00 ß $
3BR-40% 0 0.00 $ $
3BR-40% 0 0.00 $ $
3BR-40% 0 0.00 $
3BR-40% 0 0.00 $ $
3BR-40% 0 0.00 $ $
3BR-40% 0 0.00 $
3BR-40% 0 0.00 $ $
3BR-40% 0 0.00 $ $
3BR-40% 0 0.00 $ $
3BR-40% 0 0.00 $ $
3BR-40% 0 0.00 $ $
3BR-40% 0 0.00 $ $
3BR-40% 0 0.00 $ $
3BR-40% 0 0.00 $
3BR-50% 0 0_00 $ $
3BR-50% 0 0.00 $
3BR-50% 0 0.00 $ $
3BR-50% 0 0.00 $ $
3BR-50% 0 0.00 $ $
3BR-s0% 0 0.00 $ $
3BR-50% 0 0.00 $ $
3BR-50% 0 0.00 $ $
3BR-50% 0 0.00 $ $
3BR-50% 0 0.00 $ $
3BR-50% 0 0.00 $ $
3BR-50% 0 0_00 $ $
3BR-50% 0 0.00 $ $
3BR-50% 0 0.00 $ $
3BR-50% 0 0.00 $ $
3BR-60% 0 0.00 $ $
3BR-60% 0 0.00 $ ü
3BR-60% 0 0.00 $ $
3 BR - 6070 0 0.00 $ $
3BR-60% 0 0.00 $ $
3BR-60% 0 0.00 $ $
3 BR - 600/" 0 0_00 s $
3BR-60% 0 0.00 $ $
3BR-60% 0 0.00 $ $
3BR-60% 0 0.00 $ $
3BR-60% 0 0.00 $ $
3BR-60% 0 0.00 $ $
3BR-60% 0 0.00 $ $
3BR-60% 0 0.00 $ $
3BR-60% 0 0.00 $ $
Total 3€R Total Monthly 3€R
Tax Credit Un¡ts: Tax Cred¡t Rent: $ -
3 BR - Market t o -ll oro lls -l s

3 BR - Market
2009 3 BR - Market I o ll ooo lis -l s Page 15
3 BR - Market 0 0_00 $ $
3 BR - Market 0 0.00 $ $
3 BR - Mãrkèt 0 0.00 $ $
3 BR - Market 0 0.00 $ $
3 BR - Market 0 0.00 $ $
3 BR - Market 0 0.00 $ $
3 BR - Market 0 0.00 $ $
3 BR - Market 0 0.00 $ $
3 BR - Market 0 0.00 I $
3 BR - Market 0 0.00 $ $
3 BR - Markèt 0 0.00 $ $
3 BR - Market 0 0.00 $ $
Total 3€R
Market Un¡ts: Total Monthly
3€R Market Rent:
Total 3€R Un¡ts: Total 3€R Rent
¡l-Bedroom Units
Net Rentable Monthly Renl Total
Rent Taroetino Number Un¡ts Souare Feet Per Unit Monthlv Rent
4BR-40% 0 0.00 ü $
4BR-40% 0 0.00 $ $
4BR- 40o/o 0 0.00 $
4BR-40% 0 0.00 $ $
4 BR - 40o/o 0 0.00 $ $
4BR- 40% 0 0"00 $
4BR- 40% 0 0.00 $ ù
4BR-40% 0 0.00 s $
4BR-40% 0 0.00 s $
4BR- 40% 0 0.00 s $
4BR-40% 0 0.00 s $
4BR- 40v, 0 0.00 $ $
4BR-40% 0 0.00 s ù
4BR - 40V" 0 0.00 $ $
4BR- 40o/o 0 0.00 $ $
4BR-50% 0 0.00 $ $
4BR-50% 0 0.00 $ $
4BR-50% 0 0.00 $ $
4BR-50% 0 0.00 $ $
4 BR - 500/. 0 0.00 $ $
4BR-50% 0 0.00 $ $
4BR-50% 0 0.00 $ $
4BR-50% 0 0.00 $ $
4BR-50% 0 0.00 $ $
4BR-50% 0 0.00 $ $
4BR-50% 0 0.00 $ $
4BR-50% 0 0.00 ü ü
4BR-50% 0 0.00 $ ü
G
4BR-s0% 0 0.00 $
4BR-50% 0 0.00 $ $
Q
4BR-60% 0 0.00 $
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 s $
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 $ ù
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 $ $
4BR-60% 0 0.00 $ $
2009 4BR-60% 0 0.00 $ $ Page 15

4BR-60% I o ll mo ìl$ -I $
Total 4-8R Total Monthly 4-BR
Ta Cred¡t Un¡ts: 0.00 Tax Credit Rent: $ : -
4 BR - Market 0 0.00 $ $
4 BR - Market 0 0.00 $ $
4 BR - Market 0 0.00 $ $
4 BR - Market 0 0.00 $ $
4 BR - Market 0 0.00 $ $
4 BR - Market 0 0.00 $ $
4 BR - Market 0 0.00 $ $
4 BR - Market 0 0.00 $ $
4 BR - Market 0 0.00 $ $
4 BR - Market 0 0.00 $ ù
4 BR - Market 0 0.00 $ $
4 BR - Market 0 0.00 $ ù
4 BR - Market 0 0.00 $ $
4 BR - Market 0 0.00 t $
4 BR - Market 0 0.00 $ $
Total /+-BR
Market Un¡ts: Total Monthly
4-BR Market Rent:
Total¡l-BR Units: Total 4-BR Rênt

: $-
Total Un¡ts 26 Net Rentable SF: TC Units 15,253.44
MKT Units 0.00
Total NR SF: 15,253.44
2009 Page 15
D. Operating Expenses
Administr¡tive:
l. Advef ising/Marketing $1.500
2. Office Salaries
3. Office Supplies $1,000
4. Offrce/Model Apartment (typ€ )
5. Management Fee 99,227
354.8846154
æ 6.74% of EGI
6. Manager Salaries
Per Unit
s0
7. Staff Unit (s) ($pe ) s0
8. tægal
9. Auditing
10. Bookkeeping/Accounting Fees
1 1. Telephone & Answering Seruice
12. Tax Credit Monitoring Fee

13. Miscellaneous Administrative $ I,)UU
Total Administrative s70,877
Utilities
14. Fuel Oil $0
15. Elecficity
16. Water
17. Gas
18. Sewer
Total Utility $3,200
Operating:
I 9. Janitor/Cleaning Payroll $0
20. Janitor/Cleaning Supplies
21. Janitor/Cleaning Contrâct $5,4UU
22. Exterminating
23. Trash Removal $3,700
24. Security Payroll/Conract
25. Grounds Payroll
26. Grounds Supplies
27. Grounds Conhact $J,5Utl
28. Maintenance/Repairs Payroll ülz,uuO
29. Repai¡sÀ{aterial sz,óuu
30. Repain Contract
31. Elevator Maintenance/Contract
32. Heating/Cooling Repairs & Maintenance $1,000
33. Pool Maintenance/Conhâct/Staff
34. Snow Removal
35. Decorating/PayrolVContract
36. Decorating Supplies $5.oclLì
37. Miscellaneous
Operating & Mâintenance Totâls $39,400
Taxes & Insurance
38. Real Estate Taxes s10.000
39. Payroll Taxes
40. Miscellaneous Taxes/Licenses/Permits
41. Property & Liability Insurance t5,0u0
42. FidelityBond
43. Workman's Compensation
¿14.Health lnsurance & Employee Benefits
45. Other Insurance
Total Taxes & Insurance $21.750
Total Operating Expense s85,227
Dl. Total Oper. Ex. Per Unil 53,278 D2. Total Oper. Ex. As % EGI (from E3) 62.23%
Replacement Roserves (Total # Units X $300 or $250 New Const. Elderly Minimum) $7,800
Total Expenses s93,027
2009 Page 16
E. Cash Flow (First Year)

1 Annual EGI Low-Income Units from (C1) $136,944
2 Annual EGI Market Units (from C2) + $0
J Total Effective Gross Income $I 36,944
4 Total Expenses (from D) $93,027
5 Net Operating Income 943,9t7
6 Total Annual Debt Service (from Page 2I B2) $3s, I 68
7 Cash Flow Available for Distribution $8,7s0
F. Projections for Financial Feasibility - 15 Year Projections of Cash Flow
Stabilized
Year 1 Year 2 Year 3 Year 4 Year 5
Eff. Gross Income 136,944 141,053 145,284 t49.643 r54,132
Less Oner. Expenses 93,027 96,748 100,618 104,643 108,929
Net Income 43,917 44.30s 44,666 45,000 45.304
Less Debt Service 35,168 35,168 35,168 35,1 68 35.168
Cash Flow 8,750 9,137 9,499 9,833 10,136
Debt Coverage Ratio 1.25 1.26 t.27 t.28 t.29
Year 6 Year 7 Year I Year 9 Year 10

Eff. Gross Income 158,756 163,519 168,424 173,477 178,681
Less Oper. Expenses r13,l82 117,709 122,417 727,314 I32,406
Net Income 45,574 45,810 46,007 46.163 46.275
Less Debt Service 35,168 3 5,1 68 35,168 35,168 35,168
Cash Flow 10,407 r0.642 r0.840 10,996 ll,l07
Debt Coverage Ratio L30 1.30 1.31 1.31 r.32
Year 1l Year 12 Year 13 Year 14 Year 15

Eff. Gross Income 184,042 189,563 195,250 201,101 207,r4r
Less Oper. Expenses 137,703 143,211 r48.939 154,897 161,093
Net Income 46,339 46,352 46,311 46,211 46,048
Less Debt Service 35,168 35.168 35,168 35,168 35,168
Cash Flow II,I72 I 1,185 rl,l43 11,043 10,880
Debt Coverage Ratio 1.32 1.32 I.32 1.31 1.31
EstimatedAnnualPercentagelncreaseinRevenue 3.00% (Mustbe < 3o/o)
Estimated Annual Percentage Increase in Expenses 4.00% (Must be > 4%)
2009 Page 17
Tax Credit
VIII. PROJECT BT]DGET
Cost/Basis/Maximum Ällowable Credit

Complete cost column and basis column(s) as appropriate through Al2. Check if the following
documentation is attached at TAB S:
n Executed Construction Contract
! Executed Trade Payment Breakdown
n Appraisal
E Other Cost Documentation
! Environmental Studies
Attorney must opine, among other things, as to correctness of the inclusion of each cost item in
type of credit and numerical calculations of this Part Vlll.
Amount ot Uost up to lUUTo lncludaþle ln

Elisible Basis--Use Aoolicable Column(s):
"30olo Present Value Credit" (D.)
Item (A) Cost (B) Acquisition (C) Rehab/ "70 o/o Present
New Construction Value Credit"
Contractor Cost
Off-Site Improvements 0 0 0 0
Site Work 40,800 0 0 10,000
other: g!ry 7t,057 0 0 64,662
Unit Structures (New) 0 0 0
Unit Structures (Rehab) 939,659 0 855.090
Accessory Building (s) I 1,500 0 0 10,465
Asbestos Removal 0 0 0
Demolition 42,500 0 0 27,300
Commercial Space Costs r3r,320 0 0
Structured Parking Garage 0 0 0 0
Subtotal A: (Sum lA..lJ) r.236.836 0 0 967,5r7
General Requirements 0 0 0 0
Builder's Overhead 86,578 0 0 -õ,. 78,786
( 7.0% Contract)
N. Builder's Profit 86,578 0 0 78,351
( 7.0% Contract)
o. Bonding Fee 12,690 0 0 11.794
P. Other: 0 0 0 0
a. cont a"t-oñst-
Subtotal (Sum 1K..lP) 81,422,682 $0 $0 sl,136,447
Owner Costs
A. Building Permit 15,000 0 0 13,6s0
B. Arch.Ængin. Design Fee 100,000 0 0 91,000
( 3,846 /unit)
C. Arch. Supervision Fee 40,000 0 0 36,400
( 1,538 /Unit)
D. Tap Fees 0 0 0 0
E. Soil Borings 0 0 0 0
2009 Page 18
Low-Income llousing Tax Credit Application For Reservation
Amount of Cost up to 100% Includable in

Elieible Basis-Use Aoolicable Columnls):
"30olo Present Value Credit (D)
Item (A) Cost (B) Acquisition (C) Rehab/ "70 o/o
Present
New Construction Value Credit"
2. Owner Costs Continued
F. Construction Loan 10,000 0 0 9,1 00

Origination Fee
G. Construction lnterest I 30,000 0 0 I 18,300
( 0.0% for 0 months)
H. Taxes During Construction r2.000 0 0 10,920
I. lnsurance During Construction 22,000 0 0 20,020
J. Cost Certification Fee 0 0 6,825
K. Title and Recording 0 0 22,750
L. Legal Fees for Closing 0 0 9,100
M. Permanent Loan Fee 0 0 0
( 0.0% )
N. Other Permanent Loan Fees 0 0 0 0
O. Credit Enhancement 0 0 0
P. Mortgage Banker 0 0 0
Q. Environmental Study 0 0 3,640
R. Structural/Mechanical Study 0 0 13,650
S. Appraisal Fee 0 0 3.1 85
T. Market Study 0 0 4,000
U. Operating Reserve 0 0 0
V. Tax Credit Fee 0 0 0
W. OTHER s324,480 $0 $0 s277.220
(sEE PAGE r9A)
X. Owner Cost
Subtotal (Sum 24..2W) s942,902 $0 s0 $639,760
Subtotal 1 + 2 $2,36s,s84 $0 $0 $1,776,207

(Owner + Contractor Costs)
3. Developer's Fees 350,000 0 0 318,500
4. C)wner's Acquisition Costs

Land I13.400
Existing Improvements 642,600 642,600
Subtotal 4: $756,000 s642,600
5. Total Development Costs

Subtotal I+2+3+4: $3.471,584 $642,ó00 s0 s2,094,707
If this application seeks rehab credits only, in which there is no acquisition and no change in ownership, enter the greater of
appraised value or tax assessment value here: $0 Land
(Attach documentation at Tab K) Building
-$0-
2009 Page 19
Amount of Cost up to 100% lncludable rn

Elieible Basis--Use Aoplicable Column(s):
"307n Present Value Credit" (D)
Item (A) Cost (B) Acquisition (C) Rehab/ "70 % Present
Ne\¡/ Construction Value Credit"
w. OTHEROWNERCOSTS
Contingency Reserve 200,000 0 0 182,000
(Rehab or Adaptive Reuse only)
LIST ADDITIONAL ITEMS
EarthCraft inspections r2,000 0 0 10,920
VHDA allocation fee 10,480 0 0
ffi 15,000 0
ffi 52,000 0 0 52,000
ffi 5.000 0 0 s.000
@ 30.000 0
0
0
0
2'7,300
0
0
0 0 0 0
0 0 -õ,. 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0
0 0 0
Subtotal (Other Owner Costs) s324,480 $0 $0 8277,220
2009 Page l9A

Low-Income Ilousing Tax Credit Application For Reservation
Amount ot Cost up to lUUT0 lncludable ln

Eligible Basis--Use Applicable Column(s):
-(C)TEEãE-pl
New "70 o/o Present
Item A) Cost (B) Acquisition Construction Value Credit"
5. Total Development Costs
Subtotal 7+2+3+4 3,471,584 642,600 0 2,094,707
6. Reductions in Eligible Basrs
Subtract the following:

A. Amount of federal grant(s) used to finance
qualifying development costs
B. Amount of nonqualified, nonrecourse financing
C. Costs of nonqualifoing units of higher quality

(or excess portion thereof)
D. Historic Tax Credit (residential portion)
7. Total Eligible Basis (5 minus 6 above) 642,600 2,094,707
8. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)

(i) For Earthcraft or LEED Certification AND 60 Bonus Points 0 0
(ii) For QCT or DDA (Eligible Basis x 30%) 0 0
Total Adjusted Eligible basis 2,094,707
g. Applicable Fraction 100.0000% 100.0000% 100.0000%
10. Total Qualified Basis (Same as Part IX-C) 642,600 2,094,707

(Eligible Basis x Applicable Fraction)
11. Applicable Percentage 3.28% 3.28o/o 9.00%

(For2009 9% competitive credits, use the May 2009 applicable pqcentages for acq.)
(For 9% non-competitive & tax exe¡npt bonds, ure the rnost recently published mtes)
12. Maximum Allowable Credit under IRC $42 s2t ,077 $0 $ l 88,524
(Qualified Basis x Applicable Percentage)
(Same as Part IX-C and equal to or more than $i209,601
credit amount requested) Conbined 30% & 70% P. V. C¡edit
2009 Page 20
Low-Income Ilousing Tax Credit Application For Reservation
B. Sources ofFunds
l. Construction Financing: List individually the sources of construction financing, including any such
loans financed through grant sources:
Date of Date ot Amount of

Source ofFunds Apolication Commitment Funds Name ofContact Person
I. BB&T 09t30tjt 0r/3 t/l 0 $ 1.500.00(
s(
,. $(
B Commitments or letter(s) of intent attached (TAB T)
Permanent Financing: List individually the sources of all permanent financing in order of lien position:
Interest Amortization Term

Date of Date of Amount of Annual Debt Rate of Period of
Source of Funds Aonlication Commitment Funds Service Cost l¡an IN YEARS Loan (years)
I. VHDASPARC 08/1 5i09 0t/31/l( $55,00c $3,741 5.9501 35 3i

2. VHDA mixed use/mixed 08/1 5/09 01/3t/t( $315,00i s21-42( 5.9501 35 35
3. DHCDHOME 09t30t09 0t/31/10 $500,00( s 10.00( 2.0001 r 000 3(
Town of Pearisbure lo 05/12/09 05n3/09 $755.69ç $( 1.00% 1000
5. $( 0.0001 1000
$0 0.0001 1000
Totals: sl,625,699 s35, ló8
g Commitments or letter(s) of intent attached (TAB T)
3. Grants: List all grants provided for the development:
Total Permanent Grants :
! Commitments or letter(s) of intent attached (TAB T)
2009 Page 21
4. Portion of Syndication Proceeds Attributable to Historic Tax Credit

Amount of Federal historic credits $0 x Equity % $0.00 $0
Amount of Virginia historic credits $0 x Equity % $0.00 $0
6. Equity that Sponsor will Fund:

Cash Investment $0
Contributed Land/Building ! AssessrnentAttached(TABS)
Deferred Developer Fee
Other:
Equity Total
7. Total of All Sources (82 + B3 + B4 + B5 + B6) -$rzsør $178,075
-m-
(not including syndication proceeds except for historic tax credits)
8. Total Development Cost

(From VIII-AS)
-s'o' -IÑEJIT
s3,471,s84
9. Less Total Sources ofFunds (From 87 above) sl,878,774
10. Equals equity gap to be funded with low-income tax credit

proceeds (must equal IX-D3) $ l,592,810
c. Syndication Information (If Applicable)
1. Actual or Anticipated Name of Syndicator Virginia Community Development Corporation

2. Contact Person Mia Whybrow Phone 804-343-1200 ext. 133
J. Street Address 1840 West Broad Street, Suite 200
City Richmond State VA Zip 23220
4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $ I,592,808

b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit)
c. Percent of ownership entity (e.g., 99% or 99.9%)
d. Net credit amount anticipated by user of credits
rc
e. Syndication costs not included in VIII-A5 (e.g., advisory fees)
5. Net amount which will be used to pay for Total Development Cost (4a-4e) -m.76--
-$2oe-J8o-
as listed in Part VIII-A5 (same amount as Part IX-D3) 1,592,808
$
6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) -$õ- $209,ó01
7. Net Equity Factor [C5 / (C6 X 10)]
(same amount as Part IX-D4) Must be equal to or greater than 85Yo 75.99%
8. Syndication: n Public or E Private

9. Investors: n Individual or Q Corporate
I Syndication commitment or letter of intent attached (TAB LD
2009 Page22
Low-fncome Housing Tax Credit Application For Reservation
D. Recap ofFederal, State, and Local Funds/Any Credit Enhancements
1. Are any portions of the sources of funds described above for the development financed directly or indirectly
with Federal, State, or Local Govemment Funds? IYes nNo
If yes, then check the type and list the amount of money involved.
Below-Market Loans Market-Rate Loans
n f*ExemptBonds $0 I TaxableBonds $o
n RD5ls $0 ! Section220 $0
! Section 221(d)(3) ! Section 221(d)(3)
! Section3l2 n Section 221(d)(4)
! Section 236 $0 ¡ Section 236 $0
E vsoe sPARc/REACH $55,000 n Section 223(f) $0
El HoME Funds $500,000 ¡ Other:
E Othe.: VHDA mixed use $315,000
! othe.: $0
Grants Grants
n cosc ! State $0
n unac $0 ! Local $0
I Other: TCAP $75,000
This means grants to the partnership. If you received a loan financed by a locality which received one of the
listed grants, please list it in the appropriate loan column as "other" and describe the applicable grant program
which tunded it.
2. Subsidized funding: list all sources of funding for points. Documentation Attached (TAB T)
Source ofFunds Commitrnent datt Funds

Town of Pearisbr¡re 0s/13/09 $7s5,69ç
$(
3 s(
$(
5 $(
Does any ofyour financing have any credit enhancement? ! Yes ¡No
Ifyes, list which financing and describe the credit enhancement:
Other Subsidies ! Documentation Attached (TAB Q)

! Section 8 Rent Supplement or Rental Assistance Payment
n Tax Abatement
tr other
5. Is HUD approval for transfer ofphysical asset required?

!Yes E No
E. For Transactions Using Tax-Exempt Bonds Seeking 47o Credits:

For purposes ofthe 50% Test, and based only on the data entered to this
application, the portion ofthe aggregate basis ofbuildings and land financed with
tax-exemptfundsis: |Wffi|
2009 Page23
Low-fncome Housing Tax Credit Application For Reservation
IX. ADDITIONALINFORMATION
A. 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.
E This development will be subject to the standard extended use agreement which permits early
termination (after the mandatory lS-year compliance period) of the extended use period.
! 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 fbr 25 additional years after the 15-
year compliance period for a total of 40 years. Do not select if IX.B is checked below.
! 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 35 additional years after the l5-
year compliance period for a total of 50 years. Do not select if IX.B is checked below.
B. Nonprofit/Local Housing Authority Purchase Option/Right of First Refusal
1. E After the mandatory l5-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 mortgage(s) unless any refinancing
is approved by the nonprof,tt. Do not select if extended compliance is selected in IX.A above.
E Option or Right of First Refusal in Recordable Form Attached (TAB Ð
Enter name of qualified nonprofit: Pearisburg Community Development Corporation
2. n A qualified nonprofit or local housing authority submits a homeownership plan committing to

sell the units in the development after the mandatory 15-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.
! Homeownership Plan Attached (TAB J)
Ç. Building-by-Building Information (Complete page 25 as appropriate)
2009 Page24
Low-Income --rusing Tax Credit Application For Reservation
c. BuiHing-by-Buildinglnfornetbr @
Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have them by the time of
allocation request).
NUMBER 3 Prst V¡læ 30olo Pffit Vslæ

NF Credil for Acouisitiô Credit for CotrstM¡or 70% Prffit Vdw Crcdit
TAX I,IA,RKE-I
]REDT RATE Actual or Actu¡l or Actuel or
LTNITS UNITS Es¡imte Anticipued Estimte Anticipsred Estimate Anticipated
Build Strect Qualiñed ln-SeryÈe Applicable Credit Qualified ln-Service C¡edit lr-Serviæ
Qusliñed Appliæble Crqlit
ing # Address Bæis Dstê Bsis Date Brsis Date Amwt
1 iol Wmonah Ave $420,161 0,6/0t/l( 3.2861 13,781 $( 0,000/0 0 $1,369,616 0ó/01n0 9.000/a t23,265
i02 Wenonah Ave s222,439 0J/0r/lt 3.280/, 't,296 $( 0.00% 0 05/0rn0
$72s,091 9.00o/a ó5.258
$0 0.000r $( 0,000/0 0 $0 0.000¿
$0 0.0001 $( 0.00% 0 $0 0.00%
s0 0.00or $( 0.000,6 0 $0 0.0002
6 $0 0.007 $( 0.000¿ 0 $0 0.0001
s0 0.009 $( 0.00olo 0 $0 0.0001
$0 0.009 $( 0.000/0 0 $0 0,000¿
$0 0.009 $( 0.00o/o 0 $0 0.0002
0 $0 0.0001 $( 0.00% 0 s0 0.00%
I $0 0.0001 $( 0.00% 0 0.00%
$0
2 $0 0.00or $( 0.00o/o 0 s0 0.000t
$0 0.0001 $( 0.00% 0 $0 0.000/6
s0 0.0001 $( 0.00% 0 $0 0.00ôl

$0 0.000r $( 0.00% 0 $0 0.0001
în O OOor ¡ $( ô olto/. 0 10
s642 6[X $( $2.094.707
$21.077 s0 $t88.524
Qualified Bðis Totals (nust agræ with VI¡l-Alo)
Credil Amout Totals (must agree with Vlll-A-12)
20æ Page 25
Buidirg-by-BuiH¡¡g lBfÕroetion Æ
Qualified basis must be determined on a building-by building basis. Complete the section below. Building street addresses are required by the IRS (must have them by the time of
alloca¡ior¡ request).
NUMBER 304/0 Presmr V¡lE 30ôlo Presor VslB

OF Credit for Acou¡sition Credit for Construction 70% Present V¿lue Credil
TAX MARKE¡
CREDI¡ P.ATE Actual or Actual or Actual or
I,NITS TJNITS EstirEte Anticipated Estimte Anticip¿ted Estirute Articipsted
Build Street Qu¿liñed ln-Strvice Applicablc Credir ln-Service Applicable
Qualiñed Credit Qualified ln-Service Applicable Credit
ing # Address Bsis Dste Bsis Date Amunt Bæis D4te PercentÐe Amut
l1 $0 0.00or $( 0.00% 0 $0 0.009
l8 $0 0.007 $( 0.00% 0 $0 0-00or
l9 $0 0.00or $( 0.00% 0 $0 0.00or
20 $0 0.00or $( 0.0ú/o 0 $0 0.009
¿l $0 0.000r $( 0.00% 0 $0 0.00ø/,
$0 0.007 $( 0.00% 0 $0 0.00or
s0 0.007 $( o.oú/o 0 $0 0.009 0
$0 0.0001 $( o.of/o 0 $0 0.00or 0
$0 0.007 $( 0.00% 0 $0 0.000r
s0 0.00? $( 0.00% 0 $0 0.009 0
$0 0.007 $( 0.000/0 0 $0 0.00v,
$0 0.007 $( 0.00ô/o 0 $0 0.0001
to $0 0.0001 $( 0.000/o 0 $0 0.009 0
l0 $0 0.000r $( 0.000/0 0 s0 0.009 0
il. $0 0.0001 $( 0.00% 0 $0 0.000r
,2. $0 n oîot ô ômÁ
$( 0 $0 o nnor 0
s( $( $0
$0 s0 s0
Quå¡ilied Böis Totals (must agree wirh VI¡t-Al0)
Credit Amount Totals (mùst agree wirh Vlll-A-I2)
2009 Page25 (2\

Building-by-Buildirg Infornatbr @
Qualifred basis must be determi¡¡ed on a building-by building basis. Complete the section below. BuiHing street addresses are required by the IRS (must have them by the time of
allocation request).
NUMBER 30% Pr6qt Vå¡æ 3070 Pr6at Vsluc

OF Credit for Acouisition Credil for Constructiôn 70% P¡cmt Value Credit
TAX MARKE']
]REDI RATE Actua¡ or Actu¿l or Actuâl or
UNITS TNITS Es¡imte Anticipated Estimate Articipated Estim¡le Anticipat€d
Build Street Quåliñed ¡n-Service Appliobl€ C¡edit Quliñed In-Service Applicable Credit Quatified In-Service Credit
ing # Address Be(is Datc Bæis Amout Date
l3 s( 0.00% ( $0 0.00ô/o 0 $0 0.00%
$( 0.0v/. ( $0 0.000/6 0 $0 0.000/.
t5. $( 0.00% ( $0 0.000/0 0 s0 0.00o/¡
¡6. $( 0.000/0 ( $0 o.oÙyo 0 $0 0.000/"
t'l. $( 0.000/. ( $0 o.000/, 0 s0 0.00olo
18. $( 0.000/. ( $0 0.00% 0 $0 0.00%
19. $c (
0.000/0 $0 0.00o/o 0 $0 0.w%
t0. $( 0.00% ( $0 0.00% 0 $0 0.000/o
4t. $0 0.000/0 ( $0 0.000/o 0 $0 0.00%
t2.
42. $0 0.00% g0 0.00% 0 s0 0.00%
43. $0 0.00% t $0 0.007o 0 s0 0.øv/o
44. $0 0.00% ( $0 0.00% 0 $0 0.000/0
t5.
45. $0 0.00o/o $0 0.000/0 0 $0 0.000/0
ß. $0 0.00% I $0 0.0070 0 $0 0.00%
47. $0 0.00% $0 0.00% 0 $0 0.oaõ/t
48. $0 0.000/ô t sn 0 000/" 0 TA 0.000/o
$( s( $0
$0 $0 30
Qualilicd Bðis Totals (rut agræ with V¡ll-Alo)
Credit Amout Tota.ls (mùst agree wirh VUI-A-I2)
2009 Page 25 (3)

Low-fncome Housing Tax Credit Application tr'or Reservation
D. Determination of Reservation Amount Needed
following calculation of the amount of credits needed is substantially the same as the calculation which will be made
to determine, as required by the lRC, the amount of credits which may be allocated for the development. However
at all times retains the right to substitute such information and assumptions as are determined by VHDA to be
the information and assumptions provided herein as to costs (including development fees, profits, etc.), sources for funding
equity, etc. Accordingly, if the development is selected by VHDA for a reservation of credits, the amount of
may differ significantly from the amount you compute below.
l. Total Development Costs (from VIII-AS, Column A page 20) $3,471,584
2. Less Total Sources ofFunds (from VIII-B7 page22) sl,878,774
3. Equals Equity Gap $1,592,8 1 o
4. Divided by Net Equity Factor (VIII-C7 page22) 75.99%

(Percent of lO-year credit expected to be raised as equity investment)
5. Equals Ten-Year Credit Amount Needed to Fund Gap $2,09ó,013
Divided by ten years 10
6. Equals Annual Tax Credit Required to Fund the Equity Gap $209,601
7. The Maximum Allowable ðredit Amount $209,601

(from VIII-AI 2-combined figure)
(This amount must be equal to or more than 6 above)
Reservation Amount (Lesser of6 or 7 above)

Credit per Unit 8,062
Credit per Bedroom 5,516
30%PV Crdit
E. Attorney's Opinion
E Attached in Mandatory TAB W) If you incur the error message that your reservation amount is not
the equity gap amount you may use the goal seek function within the
to eliminate the error message. To use the'Goal Seek" function
e the curser box on cell V28. Using the mouse arrow, point and click
ools" on the top line and then click on the "Goal Seek" option. A box
with the V28 cell shown in the top space, place the cursor in the mi
and type in the new amor¡nt that you want the equity gap to be which
the reservation amount below, then place the cursor in the bottom space and
bottom of the page click on page 22. Then place the cursor on cell Nl
Developer Fee) and click on "OK". A message should then appear
solution has been found and if the amount is correct click'OK". If the
now equal the error message will disappear.
2009 Page26
Low-Income HousÍng Tax Credit Application tr'or Reservation
f'. Statement of Owner
Ihe undersigned hereby acknowledges the following:
l. that, to the best of its knowledge and belief, all factual information provided herein or in connection
herewith is true and correct, and all estimates are reasonable.
2. that it will 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 ofthis reservation request and
the issuance or nonissuance of an allocation of credits, glants and/or loan funds in connection herewith.
J. 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.
4. 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 IRC requirements; and that any notations
herein describing IRC requirements are offered only as general guides and not as legal authority.
5. that the undersigned 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.
6. that, for the purposes of reviewing this application, VHDA is entitled to rely upon representations of the
undersigned as to the inclusion of costs in eligible basis and 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 waffants their correctness or compliance with IRC
requirements.
7. 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.
8. that reservations of credits are not transferable without prior written approval by VHDA at its sole
discretion.
2009 Page 27
9. 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.
10. 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 S500 and a nonrefundable
reservation fee equal to 7%o ofthe annual credit amount reserved.
11. that a true, oxact, and complete copy of this application, including all the supporting documentation
enclosed herewith, has been provided to the tax attomey 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 arry noncompliance. The applicant hereby authorizes the Housing
Credit Agencies of states in which these projects are located to share compliance information with the
Authority.
13. that the information in thisapplication may be disseminated to othersforpurposesof verification or

other purposes consistent with the Virginia Freedom of Information Act. However, all information
will bemaintained, 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'sinability to processthe 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 14th day of May ,2009.
Legal Owner: Olde Towne Housing, LLC

By: (-
Community
(Title)
2009 Page28
2OO9 LIHTC SELF SCORE SHEET:
worksheet is intended to provide you with an estimate of your application score based on the selection criteria described in
. Most of the data used in the scoring process is automatically entered below as you fill in the application. Other it(
ted below in the green shaded cells, are items that are typically evaluated by VHDA's staff during the applicat¡on review
rasibility analysis. For purposes of self scoring, it will be necessary for you to make certa¡n decisions and assumptions about
pplication and enter lhe appropriate responses in the green shaded cells of this score sheet. All but two require yes/no respor
which case enter Y or N as appropriate. ltem 2b pertaining lo lhe Local CEO Letterwill require one of the following responses:
the letter indicates unconditional support; N - the letter indicates opposition to the project; NC - no comment from the locality,
ry other response which is neither unconditional support nor opposition. ltem 5e1 requires a numeric value to be entered. Plea
that the score is only an estimate based on the selection cr¡teria using the reservation application data and
you've entered on this score sheet. VHDA reserves the right to change application data and/or score sheet
appropriate, which may change the final score.
MANDATORY ITEMS: Score

a. Signed, completed applicat¡on YorN 0
b. Duplicate copy of application YorN 0
c. Partnershipagreement YorN 0
d. SCC Certification YorN
e. Previous participation form YorN 0
f. Site control document YorN 0
g. Architect's Certification YorN
h. Attorney's opinion YorN ----õ-o
i. Nonprofìt questionnaire (if NP) Y, N, N/A 0

0.00
1. READINESS:
a. Plan of development 0or40 40.00
b. Zoning approval 0or40 40.00
Total:
-ãõ:õõ'
2, HOUSING NEEDS CHARACTERISTICS:
a. VHDA notification letter to CEO 0 or -50 0.00
b. Local CEO letter (Y,NC,N) 0or25or50 50.00
c. Location in a revitalization area 0or30 30.00
d. Location in a Qualified Census Tract N 0or5 0.00
e. Sec I or PHA waiting list preference 0or10 1o¡o
f. Subsidized funding commitments 21.77o/o Up to 40
g. Existing RD, HUD Section I or 236 program N 0or20 0.00
h. Tax abatement or new project based rental subsidy (HUD or RD)
i. Census tract with <10% poverty rate, no tax credit units
K N
0or10
0or25
0.00
0.00
j. Development listed on the Rural Development Rehab Priority List N 0or15 0.00
Total Tgo,¡o'
3. DEVELOPMENT CHARACTERISTICS:
a. Unit size (Sêo calculations below) Up to 100 1 00.00
b. Amenities (See calculat¡ons beìow) Up to 60 49.00
c. Project subsidiesiHUD 504 accessibility for 5 or 10% of units N 0or50 0.00
or d. HCV payment standard/HUD 504 accessibility for 5 or 10% of units N 0or30 0.00
or e. HUD 504 accessibilily for 4% of units 0 or l5 15.00
f. Proximily to public transportation N 0, l0 or 20
----i¡o
g. Development will be Earthcraft or LEED certified 0or30 30.00
h. VHDA Certified Property Management Agent 0ot25 25.00
i. Units constructed to meet VHDA's Universal Des¡gn standards 15% Up to 15 2.31
j. Developments with less than 100 un¡ts Up to 20 20.00
Total æ
4, TENANT POPULATION CHARACTERISTICS:
a. <= 20o/o of units hav¡ng "l or less bedrooms N 0or15 0.00
b. Percent of units with 3 or more bedrooms 0.00% Up to 15 0.00
Total 0.00
5, SPONSOR CHARACTERISTICS:
a. Developer experience - 3 developments with 3 x units or 6 developments w¡th 0or50 0.00
or b. Developer experience - 1 development w¡th I x units 0or10 10.00
c. Developer experience - uncorrected major violation 0 or -50 0.00
d. Developer experience - noncompliance 0 or-15 0.00
e1. .Developer experience - did not build as represented 0or-x 0.00
e2. Developer experience - termination of cred¡ts by VHDA 0or-10 0.00
f. Management company rated unsatisfactory 0 or -25 o-oo
g. LEED accredited design team member 0 or 10
---lõ¡o
Total 20.oo
6. EFFICIENT USE OF RESOURCES

a. Credit per unil lt #NlÂ or #REFI äppeår$ in the scorë cÕlumn of the$e po¡nt Up to 180 48.16
b. Cost per un¡t satstcr¡es check spel¡íng û'f Clerk's Office on pg l. lt must mâtch Up to 75 9.74
2009 Total exactly with the Jur¡sdiôt¡orì names liste¿l ìfi the Appl¡cåtiÕÌì Manua¡. 57 90
BONUS POINTS:
a. Units with rents at or below 40% of AMI 12o/o Up to 10 1 0.00
b. Units with rent and income at or below 50% of AMI 46o/o Up to 50 0.90
or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI lOOo/o Up to 25 25.00
or d. Units in Low lncome Jurisdictions with rents <= 50% rented to tenants with <= 60% of AMI 1Q0o/o Up to 50
----iJo
e. Extended compliance Years 40 or 50
----õõõ'
or f. Nonproft or LHA purchase option 0or60 60.00
or g. Nonproft or LHA Home Ownership option N 0or5 0.00
Total
--ã5¡o-'
500 Polnt Threshold - 9% Credits TOTAL SGORE: 624.21

475 Point Threshold - Tax Exempt Bond Credits
Unit Size CalculatÍons:

E-AS LVG E.EFF E-1 BDRM E.2 BDRM
High Sq.Ft, / BDRM 0 0
Low Sq.Ft, / BDRM 0 0
Project Sq.Ft. / BDRM 0 0
Percentâgs of Units 0.0001 0.00% 0.0001 0.00%
Po¡nts pêr Bedroom 0.0( 0.00 0.0( ooo
F-EFF-G F-1 BDRIVI-G F-2 BDRM-G F-3 BDRM-G

H¡gh Sq.Ft. / BDRM 625 90t 0
Low Sq.Ft. / BDR¡, 500 671 0
Prcject Sq.Ft. / BDR[¡ 741 98( 0
Percentage of Un¡ts 0.00% 53.85% 46.15V< 0.000/o
Points per Bedroom 00t 46 1t 000
F.4 BDRM-G F-2 BDRM.TH F-3 BDRM-TH F-4 BDRM-TH

High Sq.Ft. / BDRM 0 0
Low Sq.Ft. / BDRM 0
Pro.¡ect Sq,Fl. / BDRM 0
Percentage of Un¡ts 0.00% 0.00% 0.00% 0.00%
Points per Bedroom onô 0.00 ôôn nnô
.1
ST FI D.FFF 1 ST FI D-1 BDRM I ST FI D.2 BDRM lf yÐ[ do not rece¡ve a numer¡c point vâlue
High Sq.Ft. / BDRI, 0 ( 0 ¡n thê urìlt slre calculåtlons, pleåsè
Low Sq.Ft. / BDRII 0 c 0 ch€c¡{ thû vâlues entered o} pâge B, 01.
Prcject Sq.Ft. / BDRM 0 ( n tlìesê must bè whûle nunìber n(mêriõ
Porcôntagê of Units 0.00% 0.0001 0.00% vah¡es on¡y, Also rhërk p¡ge 7, ¡tem 3,
Points per Bedroom nnô nnf onn thè number of u*¡ls mu$t be either nêw,
adapt or rêhnb ûnly, torììb¡tratioìs do
f'loÌãfUñit-Sïziffii5T- not cãlcÍlatê rorèctlv.
-fff.dõl
Amenities:
All units have:
a. 1.5 o12 Bathrooms 0.00% 0.00
b. Community Room 0.00
c. Brick Walls 100.00% 20.00
d. K¡tchen/LaundryAppl-Energy Star 5.00
e. Windows-Energy Star 5.00
f. HeaUAC-SEER-AFUE 10.00
g. Sub-metered water expense 5.00
h. Lowflowfaucets & showerheads 3.00
i. High speed cable, DSL, wireless internet 1.00
j. Water heaters meet EPA Energy Star requirements 9.q9
Total 49.00
All elderly un¡ts have:
a. Fronþcontrol ranges 0.00
b. Emergencycall system 0.00
c. lndependenusuppl. heat source 0.00
d. Two eye viewers 0.00
Total 0.00
All rehab or adaptive reuse units:

b. H¡storic struclure 0.00
Total amenities: 49.00
2009
¡rsF= f@ crsdifs/SF = f@constlruntt= l-3f'r--ããã-]
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 a¡ ERROR message âppeårs heÞ che{
LOCATION BELT=100; NVM=It0; NVNM=200; RIC=300; TID=400; SMA=500; sMA.C=sl0; RUR=600 500 )€llirg of Clerk's Office cn pg 1, ll musl
TYPE OF CONSTRUCTION N C=l; ADPT=2;REHAB(25,000+)=3; REHAB(15,000-25,000)=4 3 atch exactly w¡lh the Jur¡sd¡ct¡on n¡o(
ELDERLY
Aü LVg Z ÞK"E EFF-E-I ST I BR-E-1 St 2 BR-E-I ST
\VG UNIT SIZE 0 0 0 0 0 0 0
,¡U¡rlBER OF UNITS 0 0 0 0 0 0 0
'ARAMETER-(cOSTS=>25,000) 0 0 0 0 0 0 0
0 0 0 0 0 0 0
'ARAMETER-(COSTS<25,000)
)OST PARAMETER 0 0 0 0 0 0 0
,ROJECT COST PER UNIT 0 0 0 0 0 0
'ARAI\4ETER-(CREDITS=>25,000) 0 0 0 0 0 0 0
'ARAt ETER-(CREDtTS<25,000) 0 0 0 0 0 0 0
)REDIT PARAMETER 0 0 0 0 0 0 0
'ROJECT CREDIT PER UNIT 0 0 0 0 0 0 0
:OST PER UNII POINfS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PER UNIT POINTS 0.00 0.00 0.00 0.00 ooo
'REDIT
FAMILY
Ert-þ J 4 BR-G
\VG UNIT SIZE 0 711 986 0 0 0 0 0
.JUMBER OF UNITS 0 11 12 0 0 0 0 0
,ARAM ETER-(cosTs=>25,000) 0 119,784 155,400 0 0 0 0 0

0 0 0 0 0 0
'ARAM ETER-(COSTS<25,000) 0 0
)OST PARAMETER 0 119,784 155,400 0 0 0 0 0

,ROJECT COST PER UNIT 0 137,073 0 0 0 0 0
0 13,063 0 0 0 0 0
'ARAM ETER-(cREDITS=>25,000) 10,069
,ARAM ETER-(CREDITS<25,000) 0 0 0 0 0 0 0 0
)REDIT PARAMETER 0 10,069 13,063 0 0 0 0 0

,ROJECT CREDIT PER UNIT 0 7,288 9,699 0 0 0 0 0
)OST PER UNIT POINTS 0.00 5.66 i|.08 0.00 0.00 0.00 0.00 0.00
:REDIT PER UNIT POINTS 0.00 26.77 21.39 0.00 oon
TOTAL COST PER UNIT PO¡NTS l-õ',4--]

TOTAL CREDIT PER UNIT POINTS ¡Fl
Standard Cost Parãmeter- low riso

ParâmeterAdjustment - m¡d rlse
Paramete.Adjustment - high risê
Adjustod Cost Parameler
Standsrd Credit Parameter - low rise

PsramelerAdjustment - m¡d rise
ParamelerAdlustment - high rise
AdJusted Cred¡t Pårameter
Slandard Paramet€r - low r¡se

ParametêrAdjuslm€ol - mid ris€
ParameterAdjustment. h¡gh rise
Adiusted Cost P¡ramoter
Standard Cred¡t Parameter- low rise

Parameter Adjustment. mid rise 00000000
Parameter Adiustment - h¡gh rise
Ad¡ustgd Cfedit Paranetef 010,06913,06300000
TAB A
(Documentatlon of Development Location)
\,
TAB A. 1
(QuÐIified Censu$ Tracf Certifïcation)
(
TAB A.2
(Rer¡ltntlzation Area Certification)
Town of Pearisburg
ll2Tazewell Street
Pearisburg, Virginia 24134
REVITALIZATION AREA CERTI FICATION
Baùara M. Stafford
Mayor
Moy 1 ,2OO9
Council:
Ðaniel H, Robe¡tson Jim Chqndler
Robert [. Dickerson, Jt. Virginio Housing Developmenl AulhorÎly
Rebecca H. Moses
601 South Belvidere Streel
JimmieR.Williams
George G. Psathas Rîchmond, Virginio 23220
Charles R. Via
Kenneth F. Vittum VHDA Trocking Number: 2009-z-146

Town Manager Woodrum MonorlWestview
Development Nome:
lcillum@peaisbuç.org
Developmont Jurisdictíon: Town of Pegrisburg _
Rick C. Tawney Nome of Owner/Applicant:

.Town Enginee¡lPubllc
Works Directo¡ Deor Mr. Chqndler:
Jackie C. Matin
Chief of Pollce I certify thot lhe qbove-referenced development is locoted in q
Revitolizqtion Areq in my jurisdiclion. A "revitqlizotion oreq" is ony oreo
ludy Harrell thoi is (i) eilher {l) btighted, deterioroted, deterioroting or, if nol
Town Clelk
rehobililoled, likety to deteriorote by reoson thqt the buildings,
W. R, Johnston improvements or other focÎlilies in such oreo ore subjec'l to one or more of
Recreation Dirgct,ot the following condîtions- dilopidoiion, obsolescence, overcrowding,
Sandra Robertson
inodequote Ventilqtion, tighl or sqnitotion, excessive lond covercge.
Lib¡a¡ian deleterious lond use, or foulty olherwise inodequote design, quolity or
condition, or {21 the industriol, commerciql or other economic
Rodney F, Wilson developmeni of such oreo will benefit the city or counly but such oreo
BuildinCAlficlal locks lhe housing needed fo induce monufccluring, industriol,
commerciql, governmenfol, educgtionol, enterfoinment, community
development, heolthcore or nonprofit enferprises or underlokings to
locote or remoin in such qreo; ond (ii) privole enterpr¡se ond investmenl
ore not reosonobly expecled. without ossistonce, to produce the
constructíon or rehobilitotion of decent, sofe ond sonÎiqry housing ond
supporling facilities thot will meet ihe needs of low ond moderote income
persons ond fomilies in such qreo ond will induce olher persons ond
fomilies lo live wÌlhin such qreo ond thereby creoTe o desirqble economic
Telephone:
(s40) 921-0340 mix of resîdents in such oreo,
FAX:
(540) 921-0086
Webslte:
www.pearisburg.orË
I understond lhot this Certificoiion will be used by the Virginio Housing
Development Authority lo delermine whether the development quolîfies
for poînls qvqiloble under VHDA's Quqlified Allocotion PIon.
Sincereþ,
Y:>^
Kénneih
énneih F, Viitum
Viit
Town Monogar
Location Map
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County State Income 2002 County 2002 State Unemp.
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ìiles VA s34,927.0C s32,554.32 107.30t 5.701 4.lo/t 139.901 No No
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All of those cefiain parcels of real estate situate in the Town of Pearisburg, Giles County,
Virginia, and more particularly described as follows:
PARCEL ONE
Lots 5 and 6 in the Pearson Subdivision in the Town of Pearisburg, as shown on

a map thereof of record in the Clerk's Office of the Circuit Court of Giles
County, Virginia, in Map Book 1, at Page 63, to which reference is hereby
made.
PARCEL TWO
Lot Number 4L and Lot Number 53 which are adjoining lots and as shown upon
a plat of the Old Town of Pearisburg, recorded in the Clerk's Office of the
Circuit Court of Giles County, Virginia, in Deed Book E, atPage289,to which
reference is hereby made.
THERE IS EXECEPTED, HOWEVER, THEREFROM the following desmibed parcel:
BtrGINNING at a drill hole at the corner of Mountain Lake Avenue and

Tazewell Stueet, thence with Mountain Lake Avenue, N 65 degrees 14' 06" E,
107.28 feet to a rock ledge; thence leaving Mountain Lake Avenue, S 23
degrees 48' 04" E, passing a rod set al5 feet, approximately 130 feet to a point;
tlrence S 65 degrees 14' 06" W, approximately 107.28 feet to a point in the
right of way of Tazewell StreetN 23 degrees 48' 14" W, approximately 130
feet to the point of Beginning.
Tax Map Nos. 404 10 E 41; 404 11 5; and 40A II 6

The foregoing real estate is the same real estate conveyed to Pearisburg Housing
Opportunitieso L,P., a limited partnership organizedpursuant to the provisions of the Virginia
Revised Uniform Limited Partnership Act, by deed dated December 18,1992, from the Town
of Pearisburg, which deed is of record in the Clerk's Office of the Circuit Court of Giles,
County, Virgini4 in Deed Book242, at page 653.
Surve¡rror'tñ Certifica,fion o,f ProxÍrni{y
To Public'Transportatlon
TAB B
ßnrtnershÍp or OperatÍng Agreement)
(
OPERATING AGREEMENT
OF
OLDE TO\ilNE HOUSING, LLC
This Operating Agreement (the Agreement) of OLDE TOWNE HOUSING,LLC, a Virginia

limited liability company (the Company), is made as of the 29th day of April ,2009, by and
between its Member, whose name and address is set forth in Exhibit A, who agrees to form a
limited liability company upon the following terms and conditions:
ARTICLE I
DEFINITIONS
The following defined words shall have the meanings in this Agreement set forth below:
1.01 Act. The Virginia Limited Liability Company Act, sections 13.1-1000, et seq., of
the Virginia Code, as may be amended or superseded from time to time.
1.02 Assets. The property, including all personal and real property, owned by the
Company for use in the Business.
1.03 Bankruptcy
i. The filing of an application by a Person for, or a Person's consent to, the

appointment of a trustee, receiver, or custodian of a Person's assets;
ii. The entry of an order for relief with respect to a Person in proceedings
under the United States Bankruptcy Code, as amended or superseded from
time to time;
iii. The making by a Person of a general assignment for the benefit of

creditors;
iv. The entry of an order, judgment, or decree by any court of competent

jurisdiction appointing a trustee, receiver, or custodian of the assets of a
Person unless the proceedings and the trustee, receiver, or custodian
appointed are dismissed within 90 days;
v. The failure by a Person generally to pay his or her debts as they become
due within the meaning of section 303(hxl) of the United States
Bankruptcy Code, or the admission in writing of the inability to pay his or
her debts as they become due; or
vl. In the case of a Member, suffering or permitting any of his or her Interest
to become subject to the enforcement of any rights of a creditor, whether
arising out of an attempt to charge upon that Member's Interest by judicial
process or otherwise, if such Member fails to effectuate the release of
those enforcement rights, whether by legal process, bonding, or otherwise,
within 90 days after the actual notice of such creditor's action.
I.04 Business. The ownership, management, and operation of the Company, and all
business activities related or incidental thereto.
1.05 Capital Account. As of any date, the Capital Account maintained for each
Member or a Member's Successor in Interest in accordance with the provisions of Article IV.
1.06 Capital Contribution. The amount of money or the agreed-upon Fair Market
Value of property contributed to the Company by a Member or a Member's predecessor in
interest on the date of contribution.
L07 Capital Transaction. The sale of all or substantially all of the Assets of the
Company, or any other transaction representing a sale of, or realization upon, the Assets of the
Company that is not in the ordinary course of the Company's Business.
1.08 Code. The Internal Revenue Code of 1986, as may be amended or superseded
from time to time.
1.09 Company. Olde Towne Housing, LLC, aVirginia limited liability company.
1.10 Deadlock. A deadlock among the Members in the management of the Business of
the Company that the Members are unable to break after engaging in a good-faith effort to
compromise or resolve their differences through mediation conducted under the auspices of an
agreed mediation intermediary.
I
1.1 Debt Service. The total of all payments, including principal and Interest, due with
respect to any loans to the Company or to which the property or Assets of the Company are
subject.
l.l2 Economic Interest. The economic rights, expressed as a percentage, of a Member

in the Company atany particular time, initially set forth in Exhibit A, including without
limitation all allocations, distributions, profits and losses, and any other economic benefit of the
Company. The holder of an Economic Interest, other than an initial Member, is not a Member of
the Company and does not possess an Interest in the Company unless admitted in accordance
with this Agreement.
1 .13 Fair Market Value. Except as otherwise expressly specified in this Agreement,
where the context requires, the amount at which property would change hands between a willing
buyer and a willing seller, neither being under a compulsion to buy or sell and both having
reasonable knowledge of the relevant facts.
l.I4 Gain from Sale. Any gain for federal income tax purposes resulting from the sale
or other disposition of the Assets of the Company not in the ordinary course of the Business.
1 .15 Interest. The ownership Interest of a Member of the Company at any particular
time, expressed as a percentage of the Members' aggregate CapítaI Contributions, initially set
forth in Exhibit A, which may include Economic Interest. Interest in the Company entitles a
Member to vote in Company Business and to participate in control of the Company.
1 .16 Loss from Sale. Any loss for federal income tax purposes resulting from the sale
or other disposition of the Assets of the Company not in the ordinary course of the Business.
I.I7 Members. The Persons whose names are set forth in Exhibit A in each such
Person's capacity as a Member of the Company, and any Person admitted as a new Member
under this Agreement. All references herein to a Member or Members shall be deemed to apply
to and include any Successor in Interest except when a reference to a Member would confer upon
or attribute (explicitly or implicitly) to a Successor in Interest any of the rights, remedies,
privileges, or status of a Member in contravention of any other terms of this Agreement.
1.18 Net Cash from Operations. For any fiscal year, the excess Operating Revenues
over the sum of:
i. Operating Expenses of the Company paid in cash during the year;
ii. Debt Service paid by or on behalf of the Company; and
iii. any reasonable reserves as determined by the Members, for Operating

Expenses; for the repair, replacement, or preservation during the current or
subsequent years of any Company asset; for Debt Service; or for
contingencies and unanticipated obligations.
1 .19 Net Income or Net Loss. The income or loss, as the case may be, of the Company
for a period as determined in accordance with section 703(a)(1) of the Intemal Revenue Code,
including each item of income, gain, loss, or deduction required to be separately stated, but
excluding Gain from Sale or Loss from Sale and items specifically allocated under Article VI.
1.20 Operating Expenses. All costs and expenses of ownership and operation of the
Company, including but not limited to: costs of operation; taxes; insurance premiums; utility
costs; charges for cleaning and cleaning supplies; costs of repairs and maintenance; costs and
fees associated with management; payroll costs; general, administrative, and overhead costs;
audit and appraisal expenses; leasing fees; any other expenses incurred in the ordinary course of
operating the Company; and reserves for Operating Expenses and capital expenditures as
determined by the Members.
l.2l Operatins Revenues. All cash revenue from the operation of the Business,
interest income received during the year, and reserves set aside in prior years and no longer
deemed necessary for the Business in the reasonable discretion of the Members.
L22 Option Event. The death, dissolution, or Bankruptcy of a Member or the

withdrawal or expulsion of a Member in accordance with the provisions of this Agreement or the
occurrence of any other dissociation event under the Act.
I.23 Option Member. A Member to whom an Option Event relates.
I.24 Person. Any human being or any firm, organization, partnership, limited liability
company, association, corporation, estate, trust, or other entity and any administrator, executor,
trustee, trustee in Bankruptcy, receiver, or other legal representative.
I.25Preferred Distribution. A nine percent (9Yo) interest rate per annum, cumulative,
compounded annually, return upon the Capital Contribution of a Member or Successor in
Interest.
1.26 Prime Rate. The Prime Rate (or base rate) of interest reported in the "Money
Rates" column or section of The Wall Street Journal as being the base rate on corporate loans at
larger United States Money Center commercial banks on the first date on which The V/all Street
Journal is published in each month. If The Wall Street Journal ceases publication of the Prime
Rate, then the "Prime Rate" shall mean the "Prime rate" or "base rate" announced by the bank
with which the Company has its principal banking relationship (whether or not that rate has
actually been charged by that bank). If that bank discontinues the practice of announcing such
rate, "Prime Rate" shall mean the highest rate charged by that bank on short-term, unsecured
loans to its most creditworthy large corporate borrowers.
1.27 Regulations. Federal income tax regulations promulgated under the Code by the
United States Department of the Treasury, as amended from time to time.
1.28 Successor in Interest. A Person other than a Member who succeeds to ownership
of all or any portion of a Member's Interest in the Company upon the death, dissolution, or
Bankruptcy of such Member or upon any other disposition of that Interest to that Person. A
Successor in Interest shall be bound by, and take such Interest subject to, the terms and
conditions of this Agreement as it applies to Members and their Interests, but a Successor in
Interest shall not have any other rights or privileges of a Member unless and until such Successor
in Interest is admitted as a Member in accordance with the provisions of this Agreement.
ARTICLE II
FORMATION AND TERM
2.01 Formation. The Members acknowledge the formation of the Company under the
Act. The Virginia State Corporation Commission (SCC) issued the Certificate of Organizationon
the25th day of March,2009.
2.02 Term. The term of the Company shall be perpetual unless terminated in
accordance with this Agreement.
2.03 Business and Purpose of the Companv. The Business and Purpose of the
Company is to engage in any lawful business, including without limitation the purpose of
acquiring certain real estate in the Town of Pearisburg and Giles County, Virginia, and
developing and operating thereon affordable housing apartments and amenities and commercial
office space, using a combination of debt and equity derived from federal low income housing
tax credits and to do all acts necessary or incidental to the accomplishment of that purpose and to
engage such engineers, 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.
2.04 Partnership Tax Treatment. The Members intend that the Company be classif,red
as a partnership for federal income tax purposes and this Agreement shall be interpreted
accordingly.
ARTICLE III
NAME. PRINCIPAL OFFICE. AND REGISTERED AGENT
3.01 Name. The name of the Company is OLDE TOWNE HOUSING, LLC. The
Business of the Company may be conducted under such trade or fictitious names as the Members
may determine.
3.02 Principal Office. The principal office of the Company, at which the records
required to be maintained by the Act are to be kept, shall be 601 V/enonah Avenue, Pearisburg,
YA 24134 or any other place as the Members may determine.
3.03 Registered Agent. The Company's agent for service of process shall be James A.
Hartley, a resident of Virginia and a member of the Virginia State Bar, whose business address is
503 Mountain Lake Avenue, P.O. Box 5l l, Pearisburg, VA 24134, or any other qualified Person
as the Members may designate.
ARTICLE IV
MEMBERS AND CAPITAL
4.0I Initial Members and Initial Capital Contributions. The names, addresses,
Economic Interests, ownership Interests, and initial Capital Contributions of the Members, who
agree fhat the initial Capital Contributions will be made simultaneously with the execution of this
Agreement, are set forth in Exhibit A. For any Person who acquires an Economic Interest in the
Company after the date of execution of this Agreement and is admitted as a Member pursuant to
paragraph 8.01(c), the initial Capital Contribution will be determined by a majority of the
Members.
4.02 Intellectual Property as Initial Capital Contribution. V/ithin five business days
after the execution of this Agreement, the Members shall contribute to the Company as their
initial Capital Contribution:
i. All rights, title,

and interest in intellectual property (IP) and any patents,
patent applications, inventions, trade secrets, trademarks, and other
intellectual property rights relating to IP as identified on Exhibit A;
ii. All drawings, specifications, parts lists, supplier lists, operating manuals,
and all other documentation and materials relating to IP;
iii. An inventory of parts and materials relating to IP by executing an

assignment and bill of sale in substantially the form of Exhibit C. The
Members agree that this contribution shall have an agreed Fair Market
Value of $ allocated as reflected in Exhibit A and Exhibit C.
4.03 Additional Capital Contribution. No Member shall be required to make any

Capital Contribution in addition to his or her initial Capital Contribution. The Members may
make additional Capital Contributions to the Company only if such additional Capital
Contributions are made pro rata by all the Members or all the Members consent in writing to any
non-pro rata additional contribution.
4.04 Interest and Return of Capital Contribution. No Member shall receive any interest
on the Member's Capital Contribution. Except as otherwise expressly provided in this
Agreement, the Members shall not be allowed to withdraw or have refunded any Capital
Contribution.
4.05 Loans by Members. No Member shall be required to make any loan to the
Company. Any Member may loan to the Company any sum thatamajority of Members
determine to be appropriate for the conduct of the Business. Any such loan shall bear interest at a
fluctuating rate equal to two percentage points above the Prime Rate. Any loan under this
paragraph shall be repaid in full before any distributions are made under Article VI.
4.06 No Third-Pa4v Beneficiaries. The provisions of this Agreement relating to the

financial obligations of Members or Successors in Interest are not intended to be for the benefit
of any creditor or other Person to whom any debts, liabilities, or obligations are owed by the
Company or any of the Members or Successors in Interest. No creditor or other Person shall
obtain any right or make any claim against the Company under this Agreement with respect to
any debt, liability, or obligation of any of the Members or Successors in Interest.
4.07 Capital Accounts. Separate Capital Accounts shall be maintained for each
Member in accordance with the following provisions:
a. Each Member's Capital Account shall be credited with the Fair Market Value of
that Member's:
r. initial Capital Contribution;
ii. additional Capital Contributions;
iii. distributive share of profits; and
iv. amount of any Company liabilities that are assumed by the

Member.
b. Each Member's Capital Account shall be debited with the amount of cash and the
Fair Market Value of that Member's:
i. property distributed to the Member pursuant to any provision of

this Agreement;
ii. distributive share of losses; and
iii. amount of liability of the Member that is assumed by the Company

or secured by any property contributed by that Member to the
Company.
c. Ifany Member makes a non-pro rataCapital Contribution to the Company or the

Company makes a non-pro rata distribution to any Member, the Capital Account
of each Member shall be adjusted to reflect the then-Fair Market Value of the
Assets held by the Company immediately before the Capital Contribution or
distribution.
4.08 Effect of Sale or Exchange. If there is an approved sale or transfer of a Member's

Interest in the Company, the Capital Contributions of the transferor shall become the Capital
Contributions of the transferee to the extent they relate to the transferred Interest.
ARTICLE V
ALLOCATIONS
5.01 Net Income. Net Loss. and Tax Credits. Net Income and Net Loss shall be as
determined for reporting on the Company's federal income tax return and adjusted in accordance
with the Regulations under Code Section 704(b). All items of income, gain, loss, deduction, or
credit shall be determined in accordance with the Code, and Net Income shall first be allocated to
those Members receiving Preferred Distributions, until the aggregate amounts allocated under
this sentence for the current year and all prior years equals the aggregate amount of Prefened
Distributions paid for the current year and all prior years. Thereafter, all remaining items of
income, gain, loss, deduction, or credit shall, except to the extent otherwise required by the Code
and the Regulations, be allocated to and among the Members and their Successors in Interest in
proportion to their respective Economic Interests.
5.02 Maintenance of Capital Accounts. Except as otherwise required by the Code and
Regulations, all allocations of profits and losses for purposes of maintaining the Capital
Accounts of the Members shall be made to the Members in accordance with the Members'
Economic Interests in the Company, which shall be in accordance with the "partners' interest in
the partnership" within the meaning of Code Section 704(b).
5.03 Mid-Year Transfers. In the case of a Member's Economic Interest that has been
transferred during the Company's fiscal year, unless otherwise agreed by the parties:
i. All Net Income and Net Loss assignable to such Economic Interest shall
be allocated between the transferor and the transferee in the ratio of the
number of days in the year before and after the effective transfer date
without regard to the dates during the year on which the income was
earned, losses were incurred, or Net Cash from Operations was distributed.
ii. All Gains from Sale or Loss from Sale shall be allocated to the holder of
the Economic Interest as of the date on which the Company recognizes
that gain or loss.
iii. Net Cash from Operations shall be allocated and distributed to the holder
of the Economic Interest on the date of distribution.
ARTICLE VI
DISTRIBUTIONS
6.01 Net Cash Flow Distributions. Subject to paragraph 6.02 below, on or before
March 15th the Company shall make annual distributions to the Members, provided Assets
remain after the Company satisfies its debts and liabilities. Net Cash Flow shall be distributed to
the Members as follows:
i. In an amount sufficient to pay the accrued and unpaid Preferred

Distribution upon the Capital Contributions from the date or dates of such
contributions, to the date or dates of actual payment;
ii. As provided in paragraph 6.02, for payment of federal and state income
taxes; and
iii. The balance, if any, to the Members and any Successors in Interest in
proportion to their Economic Interests.
6.02 Distributions to Pay Tax. The Company shall, except as otherwise agreed upon
by the unanimous consent of the Members, cause the Company to make a "Tax Distribution"
prior to the tenth day of April, July, October, and January of each fiscal year of the Company in
an amount equal to one-fourth of the Members'Estimated Tax Liability, which amount shall be
distributed among the Members pro rata in proportion to their respective Economic Interests for
the relevant portion of such fiscal year, provided, however, that the Tax Distribution payable to
the Members for a fiscal year (or portion thereof) shall be reduced to reflect the tax effect of net
losses and deductions (i.e., the excess of losses and deductions over income and gains) and
credits allocated by the Company to the Members generally for federal income tax purposes in
any and all earlier periods (except to the extent previously applied to reduce a Tax Distribution or
to the extent the carryforward period for such losses or credits has expired). [In the event that any
Members are allocated a share of taxable income in respect of the Company, and the Company
does not have sufficient funds available to make the Tax Distribution, then the Company shall
borrow such funds as shall be necessary to effect the provisions of this Section 6.021.
For purposes of this Section 6.02,the following terms shall have the following meanings:
i. "Members' Estimated Tax Liabilit¡r" means the product of (i) the

Estimated Taxable Income from Operations of the Company for the
current fiscal year of the Company or other current period allowed under
current Regulations pertaining to estimated income tax liability, as
projected from time to time by the Company, multiplied by (ii) the Tax
Distribution Rate, minus (iii) tax credits of the Company.
ii. "Estimated Taxable Income from Operations" means the excess of

(i) income and gains (not including income exempt from federal income
tax) over (ii) deductions and losses (not including any expenditures of the
Company described in Code section 705(a)(2)(B) or any expenditures
treated as if so described pursuant to Regulations ¡ 1.704-l(b)(2)(iv)(i)
under the Code) that was recognized by the Company prior to the month of
any distribution and will be allocated among the Members for federal
income tax purposes for the fiscal year of the Company (other than income
allocated with respect to any Member's preferred return), excluding any
income, gains, deductions or losses arising in such fiscal year from the
disposition of substantially all ofihe Assets of the Company.
iii. "Tax Distribution Rate" means forty-five percent or such other percentage
as may be determined by the Company from time to time as the
approximate highest current marginal combined federal and state income
taxrate (determined after giving effect to the deduction (if allowed) of
state income taxes for federal income tax purposes) as is applicable to a
person ultimately taxed on the income of a Member.
ARTICLE VII
MANAGEMENT AND MEMBERS
7.01 Manasement. The powers of the Company shall be exercised by or under the
authority of the Members. The Business of the Company shall be managed under the direction of
the Members. The Members shall be entitled to make all decisions and take all actions for the
Company, including but not limited to the following:
i. Entering into, making, and performing contracts, agreements, and

other undertakings binding the Company thaf may be necessary,
appropriate, or advisable in furthering the purposes of the
Company and making all decisions and waivers thereunder;
ii. Opening and maintaining bank and investment accounts and

arranging, drawing checks and other orders for the payment of
money, and designating individuals with authority to sign or give
instructions with respect to those accounts and arrangements;
iii. Collecting funds due to the Company;
iv. Acquiring, maintaining, utilizing for the Company's purposes, and

disposing of any Assets of the Company;
v. Paying debts and obligations of the Company to the extent that the
funds are available;
vi. Borrowing money or otherwise committing the credit of the

Company for Company activities, and voluntarily prepaying or
extending any such borrowings;
vii. Consenting to a plan of merger;
viii. Engaging, removing, and changing the authority and responsibility

of attorneys, accountants, and consultants;
ix. Obtaining insurance for the Company; and
x. Declaring or setting the payment date or form of payment of any

distributions pursuant to paragraphs 6.01 and 6.02 of this
Agreement
7.02 Action bv Members. In managing the Business of the Company and exercising its
powers, the Members shall act collectively through meetings or written consents as provided in
this Article.
7.03 Required Consent for Action. The decision of the Member or Members holding a
majority of the Economic Interests shall prevail and be the decision of the Company in any action
requiring the consent of the Members. Only if an article or paragraph of this Agreement
specifically provides for a vote of Economic Interests different than that of a majority will the
majority rule of this paragraph not apply.
7.04 Action bv Written Consent. Any action required or permitted to be taken at a

meeting of the Members may be taken without a meeting if the required number of Members for
that action to be taken at a meeting sign one or more written consents to such action. The consent
or consents shall be filed with the minutes of the meetings of the Members. Action taken under
this Article is effective when the requisite number of Members have signed the consent or
consents, unless the consent or consents speciff a different effective date.
7.05 Voting by Proxy.
a. A Member may vote his or her shares in person or by proxy. A Member may
appoint a proxy to vote or otherwise act for him or her by signing an appointment
form, either personally or by the Member's attorney-in-fact. An appointment of a
proxy is effective when received by the meeting secretary or other ofhcer or agent
authorized to tabulate votes. An appointment of a proxy is revocable by the
Member unless the appointment form conspicuously states that it is irrevocable
and the appointment is coupled with an Interest.
b. The death or incapacity of a Member appointing a proxy does not affect the right
of the Company to accept the proxy's authority unless notice of the death or
incapacity is received by the meeting secretary or other officer or agent authorized
to tabulate votes before the proxy exercises his or her authority under the
appointment.
c. An irrevocable appointment is revoked when the Interest with which it is coupled

is extinguished. A transferee for value ofan Interest subject to an irrevocable
appointment may revoke the appointment if the transferee did not know of its
existence when he or she acquired the Interest and the existence of the irrevocable
appointment was not noted conspicuously on the writing representing the Interest.
d. Subject to any legal limitations on the right of the Company to accept the vote or
other action of a proxy and to any express limitation on the proxy's authority
appearing on the face of the appointment form, the Company is entitled to accept
the proxy's vote or other action as that of the Member making the appointment.
7.06 Actions Requiring Unanimous Consent. Notwithstanding paragraph 7.03, the
unanimous consent of the Members shall be necessary for any of the following actions to be
taken on behalf of the Company:
i. Fixing or modiffing the salary paid to any Member or fixing or paying any bonus
or other compensation to any Member;
ii. Electing to manage the Company through Managers;
iii. Confessing a judgment or judgments against the Company;
iv. Endorsing any note or notes or acting as an accommodation party or otherwise

becoming a surety or guarantor for any other Person or Persons;
v. Obtaining any loans or borrowings or requiring the personal guarantee of any

Member or Members;
vl. Making any loans or advances on behalf of the Company to any other party;
vii. Electing to dissolve the Company;
viii. Amending the Articles or this Agreement;
ix. Admission or expulsion of a Member; or
x. Any other matter under which the express terms of this Agreement require the
unanimous consent of the Members.
7.07 Annual Meeting. The annual meeting of the Members shall be held on the first
day of May of each year at 4 p.m.or at any other time as shall be determined by the Members for
the purpose of the transaction of any business as may come properly before the meeting.
7.08 Special Meetings. Special meetings of the Members, for any pu{pose, unless
otherwise prescribed by statute, may be called at the request of any Member.
'Written
7.09 Notice of Meetinss. notice is required for any meeting of the Members.
The notice must state the place, day, and hour of any meeting and, if it is a special meeting, the
purpose for which the meeting is called. The notice must be delivered to each Member not less
than two but no more than twenty-one days before the date of the meeting, either personally or by
mail, by or at the direction of the Person or Persons calling the meeting.
7.10 Conduct of Meetines. All meetings of the Members shall be presided over by a
chairman of the meeting, who shall be designated by the Members. The chairman of any meeting
of Members shall determine the order of business and the procedure at the meeting to include the
manner of voting and conduct of the discussion. The chairman shall appoint a secretary to take
minutes of the meeting.
7.Il Participation by Electronic Means. Members may participate and hold a meeting
by means of conference telephone or alternate communications equipment that provides for the
simultaneous distribution and reception of information among the Members. Such participation
shall constitute attendance and presence in person at such a meeting.
7.12 Waiver of Notice. When any notice of a meeting of the Members is required to be
given, a waiver of such notice in writing signed by a Member entitled to such notice shall be
equivalent to the proper giving of notice for that meeting. The writing may be signed before,
during, or after the meeting described in the notice.
ARTICLE VIII
TRANSFER OF INTEREST
8.01 Transfer of Economic Interest and First Right of Refusal.
a. Except as provided in paragraphs 8.02 and 8.03 and Article X of this Agreement,
each Member agrees that no transfer of any part of the Member's Economic
Interest in the Company will be made to any Person without first offering to sell
that Economic Interest to the Company or to all the Members.
b. The Company or any of the Members shall have the right to accept the offer of a
Member at any time within thirty days following the date on which a written offer
is delivered to the Company. The consent of all non-assigning Members shall be
required to authorize acceptance by the Company or any of the Members of such
an offer. If the Company or any of the Members fails to accept the offer within the
thirty-day period, the Member's Economic Interest may be disposed of free of the
restrictions imposed by this Agreement over the next ninety days. However, the
purchase price for the Member's Economic Interest shall not be less favorable and
the terms of purchase for the Economic Interest shall not be more favorable than
the price and terms originally offered to the Company. Any Economic Interest not
disposed of within the ninety-day period shall remain subject to the terms of this
Agreement.
c. No Successor in Interest, other than a Member, shall become a Member of the

Company except upon the consent of the non-assigning Members.
d. The assigning Member shall be deemed to have voluntarily withdrawn from

membership in the Company upon completing such assignment, and shall
thereafter no longer be a member.
8.02 Gift to Family Member. Notwithstanding paragraph 8.01, a Member is not

required to offer to sell his or her Economic Interest to the Company before transferring that
Economic Interest to his or her spouse, any lineal descendants, or any trust exclusively for the
beneht of such Person, provided that no such Successor in Interest shall become a Member of the
Company except upon the consent of a majority of the non-assigning Members.
8.03 Dissociation.
a. An Option Event will occur if any Option Member of the Company triggers a
dissociation provision under the Act. The Company shall have the option to
purchase the Option Member's Interest upon the terms and conditions set forth in
this Article.
b. Upon any Option Event, the Option Member shall deliver written notice of such
occuffence to the Company. The Company shall have the option, but not the
obligation, to purchase the Option Member's Interest for the Fair Market Value at
any time during the thirty-day period immediately following the date on which it
receives notice of the occurrence of the Option Event. The consent of all of the
non-Option Members shall be required to authorize the exercise of the option by
the Company. The option must be exercised by delivery of a written notice from
the Company to the Option Member during the thirty-day period. Upon delivery
of such notice, the exercise of the option shall be final and binding on the
Company and the Option Member.
If the option is not exercised, the Business of the Company shall continue, and the
Option Member shall retain the Economic Interest but shall no longer be a
Member of the Company.
d. The Fair Market Value of the Option Member's Interest shall be equal to the pro
rata share of the Company's Fair Market Value as of the last day of the month
preceding the month in which the notice of an Option Event was received by the
Company. The Company's Fair Market Value will be determined in the followinø
manner:
By agreement of the Option Member and the Company. If no such

agreement is reached within the thirty-day period following the
notice of the Option Event, a qualified and disinterested business
appraiser shall be jointly selected by the Option Member and the
Company within thirty days after the expiration of the thirty-day
period. The appraiser shall return the appraisal to the Company
within ninety days of the notice of the Option Event. The cost of
the jointly selected appraiser shall be borne by the Company;
ll. If the parties are unable to agree upon an appraiser, the Company's
Fair Market Value shall be equal to the averuge of appraisals made
independently by two appraisers, one selected by the Company and
the other by the Option Member, provided the higher appraisal
does not exceed the lower by more than25Yo. Each party shall
select an appraiser and deliver written notice of the appraiser's
name and address to the other party within ninety days after the
expiration of the above thirty-day period. The appraisers shall
return the appraisals to the Company within ninety days of the
notice of the Option Event. The cost of the appraiser selected by
the Company shall be borne by the Company. The cost of the
appraiser selected by the Option Member shall be borne by the
Option Member;
iii. If the higher of the two appraisals exceeds the lower by more than
25o/o, athird appraiser shall be selected by the first two appraisers
within one hundred fifty days of the notice of the Option Event,
and the Company's Fair Market Value shall be the value of the
avetage of the two closest appraisals. The appraiser shall return the
appraisal to the Company within two hundred ten days of the
notice of the Option Event. If apafi fails to appoint an appraiser
within the ninety-day period, the other appraiser so appointed shall
act alone and the decision will be binding on all parties. The cost
of any third appraiser shall be borne equally by the Company and
the Option Member.
If the option to purchase the Option Member's Interest is exercised by the

Company, then no later than thirty days after the date on which the above
appraisal is complete; the Company shall make a distribution of property to the
Option Member with a value equal in amount to the Fair Market Value of the
Member's Interest. The Company will make the distribution in four equal annual
installments, the first of which will be made on the 30th day after the date of the
appraisal. The three subsequent payments shall be mad.e on the same date each
year thereafter until fully paid. The Company retains the right to accelerate,
without penalty, all or any part of the installment payments at any time.
The Company will pay additional amounts computed as if the Option Member
were entitled to interest on the undistributed amount of the total distribution to
which the Option Member is entitled, multiplied by an annual rate equal to two
percentage points above the Prime Rate as determined on the 30th day after the
appraisal. Additional amounts, computed like interest, shall be due and payable on
the same dates as the annual installments of the distributions payable to the
Option Member.
o
Þ' Any unpaid Capital Contributions of the Option Member and any damages
occurring to the Company as a result of the Option Event shall be taken into
account in determining the net amount due the Option Member at the closing and
at any subsequent distribution. Any such unpaid Capital Contributions and
damages shall be offset against payment for the Option Member's Interest and
subtracted from the installment payments as they become due.
h. When the Company obligates itself to purchase an Option Member's Interest and
it is prohibited from purchasing all or any portion of such Interest pursuant to the
Code or any loan agreement or similar restrictive agreement, the Option Member
and the remaining Members shall, to the extent permitted by law, take appropriate
action to adjust the value of the Company's Assets from book value to a fair
valuation based on accounting practices and principles that are reasonable under
the circumstances in order to permit the Company to purchase such Option
Member's Interest. If the Company obligates itself to purchase an Option
Member's Interest under this Article and the above action cannot be taken or does
not create sufficient value to permit the Company to do so, the Company shall be
obligated to purchase the portion of the Option Member's Interest it is permitted to
purchase.
In order to fund any obligations under this Agreement, the Company or the
Members may, but shall not be obligated to, maintain such life insurance policies
on the lives of one or more Members as the Members determine to be desirable.
8.04 Absolute Prohibition. Notwithstanding any other provision in this Article, the
Option Member's Interest, in whole or in part, or any rights to distributions therefrom, shall not
be sold, exchanged, conveyed, assigned, pledged, subjected to a security interest, or otherwise
transferred or encumbered, if as a result thereof and in the opinion of Company counsel, the
Company would be terminated for federal income tax purposes or such action would result in a
violation of federal or state securities laws.
8.05 Expulsion. The Members may elect to expel another Member with or without
cause. The Company shall provide written notice to an expelled Member within three working
'When
days after the Company's decision to expel such Member. a Member is expelled from the
Company, he or she is immediately dissociated from the Company and the Company shall
purchase the expelled Member's Interest for $1,000.00. The Company reserves the right to seek
damages from the expelled Member for any acts or omissions related to the expulsion.
8.06 Resignation. Any Member may elect to resign from the Company and to sell his
or her entire Interest in the Company to the Company at any time by serving written notice of
such election upon the Company. Such notice shall set forth the date upon which such
resignation shall become effective, which shall not be less than fifteen days and not more than
sixty days from the date of such notice. The purchase price for a resigning Member's Interest in
the Company shall be established at the time of resignation and shall be payable in such equal
annual installments as are established at the time of such resignation.
8.07 Effect of Prohibited Action. Any assignment or other action in violation of this
Article shall be void and of no force or effect.
8.08 Rights of a Successor in Interest. If a Successor in Interest is not admitted as a
Member because of the failure to satisff the requirements of paragraphs 8.01, 8.02, and 8.04,
such Successor in Interest shall nevertheless be entitled to receive such distributions from the
Company as the assigning Member would have been entitled to receive under paragraphs 6.01,
6.02, and 9.0a(c) of this Agreement withrespect to the Member's Economic Interest had the
assigning Member retained such Interest. In that event, the assigning Member shall no longer be
entitled to receive such distributions.
ARTICLE IX
DISSOLUTION AND TERMINATION
9.01 Events of Dissolution. The Company shall be dissolved upon the first to occur of
the following:
i. Any event under the Act that requires dissolution of the Company; or
ii. The unanimous written consent of the Members to the dissolution of the
Company; or
iii. At any time there are no members.
9.02 Liquidation. Upon the dissolution of the Company, it shall wind up its affairs
and, subject to paragraph 9.04(c), distribute its Assets in accordance with the Act by either one or
a combination of both of the following methods as the Members shall determine:
i. Selling the Company's Assets and, after the payrnent of Company

liabilities, distributing the net proceeds from the sale to the Members
Interests; and/or
ii. Distributing the Company's Assets to the Members in kind with each
Member accepting an undivided interest in the Company's Assets, subject
to the Member's liabilities, in satisfaction of the Member's Interest. The
interest conveyed to each Member in such Assets shall constitute a
percentage of the entire interests in such Assets equal to such Member's
Interest.
9.03 Orderly Liquidation. A reasonable time, as determined by the Members not to

exceed nine months, shall be allowed for the orderly liquidation of the Assets of the Company
and the discharge of liabilities to the creditors so as to minimize any dissolution losses.
9.04 Distributions. Upon liquidation, the Company Assets shall be distributed in the
following order and in accordance with the following priorities:
i. First, to the payment of the debts and liabilities of the Company and the
expenses of liquidation, including a sales commission to the selling agent,
if any; then
ll. Second, to the setting up of any reserves that the Members deem
reasonably necessary for any contingent or unforeseen liabilities or
obligations of the Company. At the expiration of such period as the
Members shall deem advisable, but in no event to exceed twelve months,
the Company shall distribute the balance thereof in the manner provided in
the following subparagraph; then
nr. Third, to the Members and any Successors in Interest who have positive
Capital Accounts immediately preceding the liquidation in proportion to
their positive Capital Accounts until all positive Capital Accounts have
been reduced to zero.
9.05 Distribution in Kind. If there is a distribution in liquidation of the Company's

Assets in kind, the Fair Market Value of such property shall be determined by a qualified and
disinterested business appraiser selected by the Members, who is actively engaged in appraisal
work in the area where the Assets are located. Each Member shall receive an undivided interest
in such Assets equal to the portion of the proceeds to which he or she would be entitled under the
immediately preceding paragraphs if such property were sold at Fair Market Value.
9.06 Taxable Gain or Loss. Taxable income, gain, and loss from the sale or
distribution of Company property incurred upon or during liquidation and termination of the
Company shall be allocated to the Members as provided in Article VL
9.07 No Recourse Against Members. Except as provided by law, upon dissolution,

each Member shall look solely to the Assets of the Company for the return of his or her Capital
Contribution. If the Company property remaining after the payment or discharge of the debts and
liabilities of the Company is insufficient to return the Capital Contribution of each Member, such
Member shall have no recourse against any other Member.
ARTICLE X
BUY-SELL AGREEMENT
10.01 Sale or Purchase.
a. If the Members are Deadlocked in the management of the affairs of the

Company, they shall agree to submit their differences in good faith to mediation conducted under
the auspices of an agreed mediation intermediary. If there is a Deadlock following such good-
faith mediation, any Member (Triggering Member) may give written notice to any one or all of
the Members (collectively, Recipient Members) that he or she desires either:
i. to purchase all of the Interests of the Recipient Members; or
ii. to sell all of the Triggering Members'Interests to the Recipient Members.

Such notice shall designate a price for the Interest and such other reasonable terms and
conditions for which the Triggering Member is willing either to purchase or sell the Interest.
b. The Triggering Member shall deposit in escrow fifty percent of the total
price offered for all of the Recipient Members'Interests
contemporaneously with the sending of notice. Such deposit will be made
with an independent or certified public accountant then serving the
Company (Escrow Agent), who shall act as a bona fide Escrow Agent.
c. Within thirty days after receipt of the notice from the Triggering Member,
the Recipient Members shall elect either:
i. To sell all of the Recipient Members'Interests to the

Triggering Member for the offered terms and conditions
and at the designated price; or
ii. At the Recipient Members' sole option, to purchase all of

the Interest of the Triggering Member for the offered terms
and conditions and at the designated price.
Such election shall be made by sending notice to the Triggering Member and to the Escrow
Agent. If the Recipient Members elect to purchase all of the Triggering Member's Interest, the
Recipient Member shall deposit in escrow one hundred percent of the total price offered for all of
the Triggering Member's Interest contemporaneously with the sending of written notice of such
intent.
d. If the Recipient Members shall elect to purchase all of the Triggering

Member's Interest, the Escrow Agent shall promptly return to the
Triggering Member the deposit the Triggering Members placed in escrow.
The failure or refusal by the Recipient Members to elect either alternative
afforded, and the failure or refusal by the Recipient Members to comply
fully, within the prescribed time periods, with all provisions of this
Article, shall be deemed to constitute the election to sell all of the
Recipient Members'Interests to the Triggering Member for the offered
terms and conditions and at the designated price.
10.02 Settlement. Subject to the provisions of paragraph 10.03, settlement of the

purchase of either all the Triggering Member's or all the Recipient Members'Interests shall be
held at the principal offrce of the Company within thirty days after the expiration of the thirty-day
period set forth in paragraph 10.01(c) or within thirty days after the Recipient Members' election,
by the written notice specified in paragraph 10.01(b), whichever occurs sooner. The following
terms and conditions apply to the settlement:
i. The entire purchase price for the Interest being conveyed (less the amount
previously placed in escrow, which shall be released by the Escrow Agent
to the Member whose Interest is being conveyed) shall be paid in cash or
by good check at settlement;
ii. Upon settlement, the Member whose Interest is being conveyed shall
withdraw as a Member of the Company and shall have no further interest
or claim to or against the Compmy, ffiy Member, or their Assets or
properfy.
10.03 Guaranteed Debt. Notwithstanding the foregoing paragraphs, if the Company has
guaranteed debt outstanding at the time this "buy-sell" procedure is invoked, the Member who
obligates to sell his or her Interest shall not be required to consummate such sale unless and until
the selling Member is released from his or her respective personal guaranties on such guaranteed
debt by the creditor thereof. Alternatively, the purchasing Member may indemnifu the selling
Member provided such indemnification is consented to by the selling Member. Such consent
shall not be unreasonably withheld by the selling Member. No such release from guaranteed debt
or indemnification shall impair any obligation incurred by an indemnif ing Member to indemniff
a paying Member accruing before the date of settlement under this Article.
ARTICLE XI
REPORTS AND RECORDS
1 1.01 Records. The Company shall keep full and accurate books of account and records
at the principal office. Upon reasonable notice, each Member, or the Member's designated
representative, shall have access to these books and records during reasonable business hours and
may inspect and make copies of them at the Member's expense.
I1.02 Financial and Operating Statements and Tax Returns. Within thirty days of the
close of each fiscal year of the Company, the Company shall deliver to each Member and
Successor in Interest a statement setting forth that Member's or Successor in Interest's allocable
share of all tax items of the Company for such hscal year and all other information as may be
required to enable the Members or any Successors in Interest to prepare their federal, state, and
local income tax returns. The Company also shall prepare and file all federal, state, and local
income tax returns required for each fiscal year.
I 1.03 Banking. The funds of the Company shall be kept in one or more sep¿rrate bank
accounts in the name of the Company in such banks or other federally insured depositories as
may be designated by the Members. The funds of the Company may be invested in the name of
the Company in such manner and upon such terms and conditions as may be designated by the
Members. All withdrawals from any such bank accounts or investments established by the
Members shall be made on such signature or signatures as may be authorized by the unanimous
consent of the Members. Any account opened for the Company shall not be commingled with
other funds of the Members or interested Persons.
11.04 Accountins Convention. The Company shall keep its books in accordance with
the cash basis method of accounting.
ARTICLE XII
GENERAL PROVISIONS
12.01 Governing Law. This Agreement and the rights and liabilities of the parties shall
be governed exclusively by the Agreement's terms and by the laws of the Commonwealth of
Virginia, without reference to its choice of law provisions, and specifically the Act.
12.02 Construction. Whenever the context may require, any pronouns used herein shall
include the corresponding masculine, feminine, or neutral forms, and the singular form of nouns
and pronouns shall include the plural and vice versa.
12.03 Survival of Representations. All representations and warranties herein shall

survive until the termination of the Company, except to the extent thatarepresentation or
warranty expressly provides otherwise.
12.04 Severability. Every provision of this Agreement is intended to be severable. If

any term or provision herein is illegal or invalid for any reason, such illegality or invalidity shall
not affect the validity of the remainder of the terms or provisions within this Agreement.
12.05 Successors. Each and all of the covenants, terms, provisions, and agreements
herein contained shall be binding upon and inure to the benefit of the parties hereto and, to the
extent permified by this Agreement, their respective heirs, legal representatives, successors, and
assigns.
12.06 Counterparts. This Agreement may be executed in counterparts, each of which

shall be deemed an original, but all of which shall constitute one and the same instrument.
12.07 Entire Agreement. This Agreement sets forth all of the promises, agreements,
conditions, and understandings among the parties regarding the subject matter hereof and
supersedes all prior and contemporaneous negotiations, conversations, discussions,
correspondence, memoranda, and agreements among the parties concerning such subject matter.
12.08 Attorney Fees. If any Member brings an action to enforce any provision of the
Agreement against the Company or any other Member, the prevailing party shall be entitled in
addition to any other rights and remedies available to him or her, to collect from the non-
prevailing party the reasonable costs and expenses incurred in the investigation preceding the
action and the prosecution of such action, including but not limited to reasonable attorney fees
and court costs.
72.09 Addresses. Each Member shall keep the Company informed of his or het current
address.
12.10 Notices. Except as otherwise provided in this Agreement, anynotice permitted or

requir.ed hereunder shall be in writing and shall be deemed given when hand-delívercd or sent by
registered or certified mail to the intended recipient at his or her last address appearing in the
Cõmpany's records. Notice sent to a Member's addtess as maintained in the Company's rccords
shall be effective with respect to such Members or any Successor in Intercst of such Members.
iN WITNESS TVHEREOF, the Members have executed this Agreement.
Pealisburg Community Development Corporation
By:
Rebècca H. Moses
March 25,2A09
Ethl,þit Ä
b{embers and Succq$$çîs i4 Érærcst
or:
NmelÄddresc oflder¡rbc¡ fuitÍal Çapital
lnterest
Successor in Conffibuti-on tnterest Economic Interest
Pearisburg Community $100.00 i00% 100Vo

ÞprelopmsúCoryoration
Olde Towne Housing, LLC
Pearisburg Comrnunþ
Development Corporation
Sole Member
Rebecca Moses, President
Wanda Meador, Executive Dir.
TAB C
(VA SCC Certifïcation)
Hartley & Chidester PC Fax 15409212008 l,lay 5 2009 09:15am P002/002
eÆ
Srnrc ËonpoRAroN Gov¡r¡rssroN
fticfimon{, fuIørcñ 25, 2009
'fñis is to cert{y tfrat tfre certficøte of organi"zatioru of
[)lde Towne Housing, LLC
wds tfüs [ry issae{ anl dlTnittef to recor[ in tfüs office ønf tñat
tfr,e søil fimitef, tia6i[ít1 Ëonnpenr] is autfioríxe[ to transøct its
fiusiness suïject to ø$'llirginia faws appficdhfe to tfr.e compãnJ
øn[its *usiness. Effectiae {ate: ful-arcfr 25, 2009
S tate Ç orp orøtion C ommis non
Ãttest:
CISO364
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TAB I)
(Principal's Previous Particip ation C ertification)
Previous Porlicipotion Certificotion
Development Nome: woodrum Monor/westview

Nome of Applicont: olde Towne Housing, LLc
Conlrolling Generol Portner: Peorisburg Community Developmenl Corpgroþr
INSTRUCTIONS:
I Thiscertificofion must be signed by on individuol who is, or is outhorized to oct on beholf of the Controlling Generol
Portner (if LP) or Monoging Member (if LLC) of the Appliconl, os designoled in the Applicoiion. VHDA will occept
on outhorizqtion documenl, which gives signolory outhorizolion to sign on behqlf of the principols.
2 Atloch o resume for eoch principol of lhe generol portnership (GP) or limited liobility compony (LLC) ond on
orgonizotion chort for the limiled porlnership (LP) ond LLC.
3 A Schedule A is required for eoch principol of lhe GP.
4 tor eoch property lisled os "non-complionce found," pleose ottoch o deloiled explonotion of the noture of the non-
complionce, stoting whether or not it hos been resolved.
5 The dote of lhis certificotion musl be no.more thon 30 doys prior to submission of the Applicofion.
Foilure to clisclose inforrnotion obout properlìes whìch hove been founcJ to i:t; oui of cornplioncê ôr ony moleriol mis-
representctions ore grounds for rejeclion of on opplicotion and prohibilion ogoinsl fulure opplicolions.
DEFINITIONS:
For the purpose of this Certificolion, lhe following definilions sholl opply:
Develoomenf sholl meon fhe proposed multifomily rentol housing development idenlified obove.
Porticioonls sholl meon the principols who will porlicipote in the ownership of the development.
Principol sholl meon ony person (including ony individuol, joint venture, porlnership, limited liobility compony,
corporolion, nonprofit orgonizotion, trust, or ony other public or privofe entity) lhot (i) with respecl lo the proposed
development, will own or poriicipote in the ownership of the proposed development or (ii) with respecf to on existing
multifomily rentol projecl, hos owned or porlicipoted in the ownership of such project, oll os more fully described
hereinbelow. The person who is lhe owner of the proposed developmeni or mullifomily renlol project is considered o
principol. ln determining whether ony other person is o principol, the following guidelines sholl govern:
l. ln the cose of o portnership which is o principol (whether os the owner or otherwise), oll generol portners ore olso
considered principols, regordless of the percenloge interest of lhe generol portner;
2. ln the cose of o public or privole corporolion or orgonizoiion or governmentol enlity thot is o principol (whether os
the owner or otherwise), principols olso include the presidenl, vice president. secretory, ond treosurer ond other
officers who ore directly responsible to the boord of direclors or ony equivolent governing body, os well os oll
directors or ofher members of the governing body ond ony slockholder hoving o 25% or more interesl;
3. ln the cose of o limited liobilily compony (LLC) thof is o principol (whether os the owner or olherwise), oll members
ore olso considered principols, regordless of the percentoge interest of the member;
4. ln the cose of o trust thot is o principol {whether os the owner or oiherwise), oll persons hoving o 257" or more
beneficiol ownership interest in lhe ossets of such trust;
5. ln lhe cose of ony other person thoi is o principol (whether os lhe owner or otherwise), oll persons hoving o 25% or
more ownership interest in such olher person ore olso considered principols; ond
6. Any person thot directly or indirectly conlrols, or hos the power 1o conlrol, o principol sholl olso be considered o
principol.
CERTIFICATIONS:
Ihereby certify thot oll lhe stotemenls mqde by me ore lrue, complete ond correct io the best of my knowledge ond
belief qnd ore mode in good foith, including the doto contoined in Schedule A ond ony slqlements otloched to this
cerlificqtion.
t. I further certify thot for the period beginning l0 yeors prior to the dqte of ihis Certificolion:
During ony lime thoT ony of the porticiponts were principols in ony mulfifomily rentol projecl, no projecl hos been
foreclosed upon, no morigoge hos been in defoult, cssigned to the mortgoge insurer (governrnenlol or privote), nor
hos mortgoge relief by the mortgogee been given;
b. During cny time thot ony of the porticiponts were principols in ony mullifomily renlol projecl, Ihere hos not been ony
breqch by lhe owner of qny ogreements reloling to the construction or rehobilitolion, use, operolion, monogemenl
or disposilion of lhe project;
c. To lhe best of my knowledge. there qre no unresolved findings rqised qs o result of stote or federol qudits,
monqgement reviews or other governmentol invesligotions concerning ony multifomily renlol projecl in which ony of
the poriiciponls were principols;
During ony time thot ony of the porticiponis were principols in ony mullifomily rentol project, there hos nol been o
suspension or lerminqtion of poyments under ony stote or federql ossistonce contrqcl for ihe project;
None of the porliciponls hqs been convicled of o felony ond is not presenily, to my knowledge, lhe subject of o
comploini or indictment chorging o felony. A felony is defined os ony offense punishoble by imprisonment for o term
exceeding one yeqr, but does not include ony offense clossified qs q misdemeonor under the lqws of o stqfe ond
punishoble by imprisonment of lwo yeors or less;
None of lhe porticiponts hos been suspended, debqrred or otherwise restricled by ony federol or slqle
governmenlol enlity from doing business wilh such governmentol entity; ond
9. None of the porliciponts hos defqulted on on obligolion covered by o surety or performonce bond qnd hos nol
been the subject of o cloim under on employee fideliiy bond.
2. I further certify thol none of the porticiponts is o Virginio Housing Development Authority (VHDA) employee or o
member of the immediote household of ony of its employees.
I further certify thot none of ihe porticiponls is porticipoting in the ownership of o multifomily rentol housing project os
of this dole on which construction hos stopped for o period in excess of 20 doys or (in the cose of c multifomily rentol
housing project ossisted by ony federol or stqte governmentol enlily) which hqs been substontiolly complefed for
more thon 90 doys bul for which requisite documents for closing, such qs ihe finql cosl certificotion, hove nol been
filed with such governmentol entity.
4. I further certify thot none of the porticiponts hos been found by ony federql or slqle governmenlol enlily or court lo
be in noncomplionce wiih ony opplicoble civil rights, equol employment opporlunily or foir housing lows or
reguloiions.
5. I further cerlify thoi none of lhe pcriiciponts wos o principol in ony multifomily rentol project which hos been found
by ony federol or stote governmentol enlity or court to hove foiled to comply with Seclion 42 ol Ihe Iniernol Revenue
Code of l98ó, os omended, during the period of time in which lhe porticipont wos o principol in such project.
6. Slolements obove (if ony) to which I connot certify hove been deleled by striking through the words. ln the cose of
ony such deletion, I hove otloched o lrue ond occurole stotemenl to exploin lhe relevonl focls qnd circumstonces.
WARNING: lF THIS CERTIFICATION CONTAINS ANY MISREPRESENTATION oF A MATERIAL FACT, THE AUTHORITY MAY REJECT THE
APPLICATION FOR LOW-INCOME HOUSING TAX CREDITS AND MAY PROHIBIT THE SUBMISSION BY THE APPLICANT OF
APPLICATIONS FOR SUCH CREDITS IN THE FUTURE.
Rebecco Moses S/r.f /Ot¡
Dote (nrust be no rnore thon 30 doys prior lo subrnissiotr of the Applicotion)
Schedule A: list of All Tox Credit Developmenls lor Eoch Prlncipol to lhis Cerlificotion
Complele fhe following, using seporote poge(s) os needed, for eoch principol. Lisl oll developments thol hove
received ollocotions of tox crediis under Section 42 of the lRC.
Peorisburq Communily Developmenl Corporolion Conlrolling G. P. of Proposed Project?
Principol's Nome: YorN
Wolf Creek - Meodows ll, Wolf Creek, L.P.

Pembroke, VA 921-281 5 No uncorrecle
Coscode, L.P.
921-281 5
Glen Mountqin, L.P.
540-921-2815 No uncorrecte
4 PHO, L.P.
921-281 5
No uncorrecle
Ã
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7
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12
13
14
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17
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l9
20
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27
28
29
30
3ì
32
JJ
34
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I st PAGE TOTAT: 100% Totql unils
Pearisburg Community Development Corporation
601 Wenonah Avenue
Pearisburg, VA 24134
s40-921-2815
Resume
Managing general partner for housing tax credit developments in Giles County, Virginia
including:
e V/olf Creek, Pembroke, VA

o Cascade, Pernbroke, VA
o Mountain Glen, Glen Lyn, VA
o 'Woodrum
Manor & Westview Apartments, Pearisburg, VA
Wanda L. Meador
?O Box166
PearÍsbu rg, VA 24134
$40) 921-2343
EDUCATION
William Fleming High School - Roanoke, VA - GraduatedJune 1977
New River Community College - Dublin, VA - 1989-1993

Studied Business Management, Supervision, Human Resources and Business Law
The Spectrum Company -2003

C3P Certification in Low Income Housing Tax Credits
Housing Credit Colle ge Elizabeth Morelan d - 200 4

NCP Certification in Low- Income Housing Tax Credits
National Association of Home Builders _ 2005

HCCP Certification in Low Income Housing Tax Credits
Department of Professional and Occupational Regulation - 2005

Certified in Fair Housing
State of Virginia -2006

Licensed Realtor
National Development Council - 2006

Certification as Housing Development Finance Pro fes sional
National Affordable Housing Management Association - 2006

SHCM Certification in Low Income Housing Tax Credits
Institute of Real Estate Management-2}}7

Accredited Residential Management
Virginia Association of Housing Counselors - 2009

Certified Housing Counselor
EMPLOYMENT HISTORY
Executive Director - Giles County Housing & Development Corporation

Pearisburg, VA - July 2005 - present
o Human Resources
o Accounting/Budgeting
o Property Development
o Property Management
o LIHTC Compliance
r Advertising/Marketing
¡ Program Management
o Property Maintenance
Property Manager - Giles County Housing & Development Corporation
Pearisburg, VA - September 2002 - June 2005
o LIHTC Compliance
o PropertY Inspections
o Resident Issues
o QualifyingApplicants
. Leasing
. Filing
Site Tours
o Property Maintenance
o Accounting/Budgeting
o Advertising/Marketing
Team Lead - Target

Christiansburg, VA - September 2000- August 2002
o Department Manager
o Merchandising
o Supervise team members
o Vendors
o Training
o Inventory
Store Manager - Heilig Meyers Furniture
Indio, CA - June 1997 - June 2000
o Human Resources
. Sales in excess of $3 Million annually
o Inventory
o Advertising/Marketing
o Training
. Manage Credit Department
o Manage Sales Staff
o Manage Warehouse and Procurement
. Sales Promotions
r Customer Service
Manager- Heilig Meyers Furniture

Store
Ocean4 WV -November 1994 - June 1997
Credit Manager, Sales Associate and Cashier - Heilig Meyers Furniture

Pearisburg, VA-April 1988 -November 1994
Olde Towne Housing, LLC
Pearisburg Comrnunity
Development Corporation
Sole Member
Rebecca Moses, President
Wanda Meador, Executive Dir.
TAB E
(Nonprofit Questionnaire)
VHDA
Nonprofit Questionnaire
Part II, 13VAC10-180-60, 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 ûom 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. General Information.
a. Name of developmenf Woodrum Manor/Westview
b. Name of owner/applicant: Oldq lg!¿ngXqUqtng,ttç
c. Name ofNonprofit entity: Pearisburg Community Developmen! Corporation
d. Address of principal place of business ofNonprofrt entity: 601 V/enonah Ave., Pearisbtrg,YA24l34
Indicate funding sources and amount used to pay for office space:
Manasement fees from existine housing proiects.
e. Taxexemptstatus: X sot(cx:) n sot(cx+) n sot(a)

f. Date of legal formation of Nonprofit: 21811993 (must be prior to application deadline);
evidenced by the following documentation:
g. Date of IRS 501(cX3) or 501(c)(4) determination letter: l2l2lll994

(must be prior to application deadline and copy must be attached).
h. Describe exempt purposes (must include the fostering of low-income housing in its articles of incorporation):
Purposes include the sale, fmance, purchase, management, maintenance, consfiuction, improvement and
rehabilitation of housing for people with low, very low and moderate incomes who live in Pearisburg,
Vireinia and surrounding communities.
i. Expected life (in years) of Nonprofil Pe¡pqlqq!
j. Explain the anticipated future activities of the Nonprofit over the next five years:
PCDC will seek to facilitate the development of additional units of aflordable housing in Giles County.
Potential proiects include downtown housing in Pearisburg, housing for aging Giles County residents and
additional large family units (3-bedroom or larger.)
1/09 Page 1 of8

NONPROFIT QUESTIONNAIRE, continued
k. How many full time, paid staffmembers 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, stafi etc.) have? 3 How many part time,
paid staffmembers? I Describe the duties of all staffmembers:
Executive director (full-time)-Leads housing development efforts, obtains commitment of financing,
and provides guidance to the board of directors. Propefi manager (full-time)-Assists executive director and
oversees day-to-day rental operations. Property maintenance supervisor (full-time}-Oversees day-to-day
maintenance of rental properties. Leasing assistant (parttime)-Assists with resident applications and
adminishative duties. PCDC shares staffwith Giles County Housing and Development Corporation.
Does the Nonprofit share staffwith any other entity besides a Related Nonproftt described above?
[Yes X No If yes, explain in detail:
How many volunteers does the Nonprofit and, if applicable, any Related Nonprofit have? 20
University students assist with rehabilitation eflorts and other housing proiects each year during the spring.
What are the sources and manner of funding of the Nonprof,rt? (You must disclose all financial and/ or
the arrangements with any individual(s) or for profit entity, including anyone or any entity related,
directly, indirectly, to the Owner of the Development
PCDC serves as General Partner for four existing housing tax credit developments.
List all directors of the Nonprofit, their occupations, their lenglh of service on the board, and their
residential addresses:
Rebecca Moses-retired teacher; 14 years on the board; 306 Gale Road, Pearisburg, VA 24134.
Dan Level-retired business owrìer; 7 years:31 I Painter St., Pearisburg,VA24l34
Ann Angert-grant writer, New River Community Action/retired Executive Director, PCDC & GCHDC;
3 years; P.O. Box 292, Newport, VA 24128
Nonprofit Formation.
Explain in detail the genesis of the formation of the Nonprofit:

PCDC was initiallv formed to act as General Partner for Pearisburg Housing Opportunities, L.P.
(the current ownership entify of Woodrum Manor/Westview.) PCDC has served as General Parûrer
for every housine development undertaken by Giles County Housing and Development Corp. since.
b. Is the Nonprofit, or has it ever been, affiliated with or controlled by a for profit entity or local housing
authority? n yes X No If yes, explain in detail:
Has any for profit organization or local housing authority (including the Owner of the Development, joint
venture parher, or any individual or entþ directly or indirectly related to such Owner) appointed any
directors to the governing board of the Nonprofit? ! Yes X No Ifyes, explain:
1/09 Page 2 of I
d. Does any for-prof,rt organization or local housing authorify have the right to make such appointments?
n Yes X No Ifyes, explain:
Does any for profit organization or local housing authority have any other affrliation 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? !ves No, If yes, explain:
X
Was the Nonprofit formed by any individual(s) or for profrt entity for the principal purpose of being
included in the Nonprofit Pool or receiving points for nonprofit participation under the Plan?
nves XNo
o
b. Explain in detail the past experience of the Nonproht including, if applicable, the past experience of any
other Related Nonproht of which the Nonprofit is a subsidiary or to which the Nonprofit is otherwise
related (by shared directors, staff, etc.): See accomplishments listed in Tab D/Previous Participation.
h. If you included in your answer to the previous question information conceming 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.
3. Nonnrofit Involvement.
a. 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(ixl) of the Code)?
Xves n No
(Ð Will the Nonprofit own at leasI l\Yo of the general partnership/owning entþ? X Yes n No
(iÐ Will the Nonprofit own 100% of the general partnership intereslowning entity? [ Yes ! No
If no to either 3a.i or 3a.ii above, specifically describe the Nonprofit's ownership interest:
b. (D Will the Nonprofit be the managing member or managing general parürer? fi Ves n No
If yes, where in the partnership/operating agreement is this provision specifically
referenced?
Operating agreement, exhibit A (see Tab B)
(iD Will the Nonprofit be the managing member or own more than 50% of the general partnership interest?
Xves nNo
Will the Nonprofit have the option or right of first refusal to purchase the proposed development at the
end ofthe compliance period for a price not to exceed the outstanding debt and exit taxes ofthe
for-profrt entity? fi Ves E No If yes, where in the partnership/operating agreement is this provision
specifically referenced? Section 8.01 ofthe olglatrng 3€reglqgnt
X Recordable agreement attached to the Tax Credit Application as TAB V
If no at the end of the compliance period explain how the disposition of the assets will be structured:
1/09 Page 3 of 8
NONPROFIT QUESTIONNAI RE, continued
d. Is the Nonproht materially participating (regular, continuous, and substantial participation) in the
construction or rehabilitation and operation or management of the proposed Development? X Yes ! No If yes,
(D Describe the nature and extent of the Nonprofit's proposed involvement in the construction or
rehabilitation of the Development:
PCDC shares staffwith GCHDC. PCDC will approve draw requests during construction. PCDC staff
will assist with change order review and approval in coniunction with the proiect architect.
(ir) 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): PCDC is the General Parbrer and is responsible, on a
day-to-day basis, for decisions regarding the property. PCDC will arrange for GCHDC to operate
and manase the proìect throueh the Extended Use Period.
(iii) Will the Nonprofit invest in its overall interaction with the development more than 500 hours annually
to this venture? XYes ! No If yes,
subdivide the annual hours by activity and staffresponsible and explain in detail:
Property management - 990 hours annually - Karla Whorley, property manager; Maintenance - 990
hours-Allen Neice, Maintenance supervisor ; Leasing/administrative assistance - 480 hours - Hope
Crockett, Leasing assistant
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 govemment? board member? housing needs study?
Third party consultant? other?
Woodrum Manor/Westview completed the l5-year compliance period in 2008.
PCDC staffdetermined that the qualiw of housine offered at this property could be
significantly improved if the property could be rehabbed to meet VHDA's current design requirements.
Existing appliances, kitchen cabinets, window and flooring materials, and bathroom water conservation
features have become outdated as industry standards have improved during the past 15 years; the TIVAC
systems in particular are no longer considered effrcient. Roof replacement is imperative. Staffidentified areas
where residents would also benef,rt from enerry effrciency upgrades that will enhance comfort and
affordability.
f. List all general parbrers/managing members of the Owner of the Development (one must be the Nonprofrt) and
the relative percentages oftheir interests:
Pearisburs Community Development Comoration æCPC) - 100%
g. If this is a joint ventwe, (i.e. the Nonprofit is not the sole general partnerlmanaging member), explain the
nature and extent of the joint venture partner's involvement in the construction or rehabilitation and
operation or management ofthe proposed development.
h. Is a for profit entþ providing development services (excluding architectural, engineering, legal, and
accounting services) to the proposed development? E Yes I No If yes, (i) explain the nature and extent
of the consultant's involvement in the consûuction or rehabilitation and operation or management
of the proposed development.
1t09 Page 4 of I
(ii) explain how this relationship was established. For example, did the Nonproflrt solicit proposals from
several for-profits? Did the for-profit contact the Nonproht and offer the services?
i. Will the Nonprofit or the Owner (as identifred in the application) pay a joint venture paÍner or consultant
fee for providing development services? n yes No If yes, explain the amount and source of the
I
flnds for such payments.
j. Will any portion ofthe 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 orjoint venture
partner? f] yes X No If yes, explain in detail the amount and timing of such payments.
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? ! yes No If yes, explain:
X
1. Will any member of the board of directors, offrcer, or staffmember of the Nonprofit participate in the development
and/or operation of the proposed development in any for-profit capacity? yes X No
n
Ifyes, explain:
m. Disclose any business or personal (including family) relationships that any of the staff members, directors or
other principals involved in the formation or 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 parûlers,
employees, limited partners or any other parties directly or indirectly related to such Owner:
No such relationships anticipated.
n. Is the Nonprofit involving any local, community based nonprofit organizations in the development, role and
operation, or provision of services for the development? [Ves n¡qo If yes, explain in detail,
including the compensation for the other nonprofits:
Giles County Housing and Development Corporation will be engaged as the management agent and,
accordingly, will be compensated through a management fee based on rent collections.
4. Virsinia and Community Activity.
a. Has the Virginia State Corporation Commission authorized the Nonprofit to do business in Virginia?
fiYes nNo
b. Defure the Nonprofit's geographic targei area or population to be served:
The Town of Pearisburg and surrounding communities.
1t09 Page 5 of 8
NON PROFIT QUESTIONNAI RE, cont¡nued
c. 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)? fiYes n No If yes, or no, explain nature, extent
and duration ofany service:
PCDC is the current general partlrer for Woodrum Manor/IVestview, which has been operating in the Town
of Pearisburg since 1993. Additionally, PCDC is general partner for the following tax credit developments:
Mountain Glen, Glen Lyn, VA, which has been operating since 1998; Cascade, Pembroke, VA, which has
been operating since 1999; and Wolf Creek, Pembroke, VA, which has been operating since 2006.
Does the Nonprofit's by laws or board resolutions provide a formal process for low income, program
beneficiaries to advise the Nonprofrt on desip, location of sites, development and management of affordable
housing? X Yes n No If yes, explain:
By-laws provide this process.
Has the Virginia Department of Agriculture and Consumer Services (Division of Consumer Affairs)
authorized the Nonprofit to solicit contributions/donations in the target community? Xyes No n
Does the Nonprofit have demonstrated support (preferably furancial) from established organizations,
institutions, businesses and individuals in the target community? [Ves lWotf yes, explain:
Partnership for Excellence, Pembroke Management, [nc., Carilion Foundation, DHCD, Giles Health
and Family Center, andUSDA
o
Þ' Has the Nonprofit conducted any meetings with neighborhood, civic, or communþ groups and/or tenant
associations to discuss the proposed development and solicit input? !
Yes X No lfyes, describe the
meeting dates, meeting locations, number of attendees and general discussion points:
h. Are at least 33Vo of bhe members of the board of directors representatives of the community
being served? X yes No lfyes, (i) low-income residents ofthe community?
n n Yes X No
(ii) elected representatives of low-income neighborhood organizations? n yes X No
Are no more than 33o/o of the members of the board of directors representatives of the public sector (i.e. public
offrcials or employees or those appointed to the board by public officials)? ffiVes n No
Does the board of directors hold regular meetings which are well attended and accessible to the target
community? X yes n No lfyes, explain the meeting schedule:
Rezular meetinss are held in downtown Pearisburs.
k. Has the Nonprofit received a Communþ Housing Development OrganizaÍion (CHDO) designation, as defined
by the U. S. Department of Housing and Urban Development's HOME regulations, from the state or a local
participatingjurisdiction? [ Yes X No
1/09 Page 6 of 8
l. Has the Nonprofit been awarded state or local funds for the purpose of supporting overhead and operating
expenses? X yes n ¡¡o lfyes, explain in detail:
In its history, PCDC has received fundine from DHCD and local govemment in Giles County.
Has the Nonprofit been formally designated by the local govemment as the principal community-based
nonprofrt housing developmenl organization for the selected targelarea? Yes ! X No
If yes, explain:
Has the Nonproflrt ever applied for Low Income Housing Tax Credits for a development in which it acted as a
joint venture parûrer with a for-profit entity? ! Yes X No If yes, note each such application including:
the development name and location, the date of application, the Nonprofit's role and ownership status in the
development, the name and principals of the joint venture partners, the name and principals of the general
contractor, the name and principals of the management entity, the result of the application, and the current
status of the development(s).
Has the Nonprofit ever applied for Low Income Housing Tax Credits for a development in which it acted as
the sole general parbrer/managing member? [ Ves ! No If yes, note each such development including
the name and location, the date of the application, the result of the application, and the current status of the
development(s
Sole general partner for Woodrum Manor/Westview, Pembroke, VA/successful tax credit application in
1992; Mountain Glen, Glen Lyn, VA/successful tax credit application n 1996; and Cascade, Pembroke, VA/
successful tax credit applications n 1997 8. 1998. (PCDC was controlling general partner for Wolf Creeh
Pembroke, VA.) All aforementioned developments are currently operational.
p. To the best ofyour knowledge, has this development, or a similar development on the same site, ever
received tax credits before? X yes n ¡¡o Ifyes, explain:
Received tax credits as a result of a successful tax credit application n 1992.
q. Has the Nonprofit been an owner or applicant for a development that has received a reservation in a previous
application round from the Virginia Housing Partnership or the VHDA Housing Funds?
I ves n No Ifyes, explain:
The developments known as Mountain Glen in Glen Lyn, VA: Cascade in Pembroke, VA: and Wolf Creek
in Pembroke, VA each received VHDA and/or DHCD financing.
Has the Nonprofit completed a community needs assessment that is no more than three years old and that,
at a minimum, identifies all of the defured target area's housing needs and resowces? yes
fl X
No
Ifyes, explain the need identified:
s. Has the Nonprofit completed a community plan that (1) outlines a comprehensive stratery for addressing
identiflred community housing needs, (2) oflers a detailed work plan and timeline for implementing
the strategy, and (3) documents that the needs assessment and comprehensive strategy were developed
with the maximum possible input from the target community? [Ves No X
If yes, explain the plan:
1/09 Page 7 of I
5. Attaclments. Documentation of any ofthe above need not be submitted unless requested by VHDA
The undersþed Olner and Nonprofit hereby each certify thaf, to the best of its knorvledge, all of the
fotegoíng infonnation is complete an<[ accurate. Furthennorg each certifies that no attempt has been or rvill be made to
circurnvent the requirements for nonprofit participation contained in the Plan or Sectîon 42 ofthe Internal Revenue
Code.
May 14.2009
Date
Olcie Torvne Housing. LLC
May 14.2009 Peadsburg Community Development Corporation

Date Nonprofit
1/09 Page I of I
TAB F
(Architect' s Certification)
l*ù.tnã tø* ,td "
'*Jfr,htlc
INSTRUCTIONS FOR THE COMPLETION OF

APPENDIX F
ARCH ITECT'S CERTI FICATION
(This Form Must Be Submitted Under Architect's Letterhead

and included in the Application - Tab F)
NOTE: lf the development includes any combirution of New Construction, Rehabilitation and
Reuse, then separate Architect Certifications must be provided for each eonstruction type.
The proper completion of this certification is critical to calculate the average unit square
feet and net rentable square feet of each unit type, to document amenity items for which points
will be awarded, and to calculate certain elements of the efficient use of resources points.
lf this certification is not completed correctly there may be loss of points or disqualification of the
application to compete for tax credits. lf this development receives an allocation of tax credits and
items are not provided as indicated on this certification then VHDA mav. at its sole option. require
the pavment bv the Owner of an amount up to 10% of the Total Development Cost (as set forth in
the Application) of the development as liquidated damaqes for such violation or the total loss of
credits mav result. Therefore, it ís imperative that this certification reflect the true and accurate intent
of what will be provided in return for an allocation of tax credits.
Each section of this certification contains instructiòns on how the information should be provided.
For Unit Size Calculations, the Average Unit Square Feef and Net Rentable Square Feef should be listed
to two (2) decimal places. The number of units indicated should be only the units for which rent will be
collected. For Average Unit Square Feef calculations, the Total Square Feet should equal the Average
Unit Square Feet multiplied by the Number of Units/Type. The total at the bottom of the Total Square
Feet column should equal item (D) on the same page of the certification, or be within 1 digit due to
rounding. The total at the bottom of the Number of Units/Type column should equal the number of units
in the tax credit application.
Accessibility certifications on page 8 are for tax credit point categories only and are not to be
confused with minimum code requirements.
The architect signing this document is certifying that all unit and site amenities indicated in this
certification are incorporated into the development plans and specifications and unit-by-unit work
write-up, and that all products necessary to fulfill these representations are available for these purposes.
The individualwho certifies this information must initialthe pages where indicated, provide
the personal information requested and sign on the last page. This certification should not be
mailed separately to VHDA but returned to the developer for inclusion in the tax credit application.
(Acknowledqe and include this instruction sheet as part of the certification)
Acknowledged:
Printed Name: Larry S. Martin, AlA, LEED AP

MARTIN
ARCHI*r€G"rs,
co.IFJC,
TO: Virginia Housing Development Authority

Richmond, Virginia 23220 -6500
Attention: Jim Chandler
RE: ARCHITECT,S CERTIFICATION

Name of Development: WOODRUMMANOR& WESTVIEW APARTMENTS
Address of Development; 601&.502 WENONAHAVENVry4
Name of Owner/Applicant: OLDE TOWNE HOUSING, LLC
The above-referenced Owner has asked our office to provide this certification regarding (i)
plans and specifrcations, (ii) the development square footages, average unit square footages and net rental square
footages, (iii) the amenities the development will have upon completion, and (iv) federal and state requirements
pertaining to development accessibility for persons with disabilities. This certiflrcation is rendered solely for the
confîrmation of these items. It is understood it will be used by the Virginia Housing Development Authority solely
for the purpose of determining whether the Development qualifies for points available under VHDA's Qualified
Allocation Plan for housing tax credits and future consequences for failure to provide items certified below.
Plans and Specifications:
Required documentation for all properties (new construction, rehabilitation and adaptive reuse)
I A location map with property clearly defined.
2 Sketch plan of the site showing overall dimensions of main building(s), major site elements
(e.g., parking lots and location of existing utilities, and water, sewer, electric,
gas in the streets adjacent to the site). Contour lines and elevations are not required.
3 Sketch plans 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 plan(s) of typical dwelling unit(s);
d. Typical wall section(s) showing footing, foundation, wall and floor structure.
Notes must indicate basic materials in structure, floor and exterior finish.
In addition: required documentation for rehabilitation properties

A unit-by-unit work write-up.
Initials
ARCHITECT'S CERTIFICATION, continued
certification includes two (2) separate calculations ofsquare footage:

1. Aversge Ûnit Squarc Feet Measurements trnclude A P¡orata Share o:fHeated Residential Common Area
Z. ilet B9E1CÞ gg!: Measurements Do Nat Include A Prorata Share of Any Common Area
and Refleot Al'l Floor Plans of Each Unit Type (l-B& 2-BR, etc.
1. Average Unit Square Feet: (These measurements impact the scoring of tax credit applications)
For purposes of determining the usable residential heated square feet, the building(s) were measured from the
outside face of exterior walls and the centerline of any party walls. All unheated spaces and stairwells
which are no more than heated breezeways and nonresidential, income producing commercial spaces were
subtracted from this measurement. Community rooms, laundry rooms, property management offices and
apartments, heated maintenance facilities, and other common space designed to serve residential tenants were
not deducted. Based on this procedure, I certi$ the following calculations in determining the usable heated
square feet for the above referenced development:
28,687.35 (A) Total floor area in (sq. ft.) for the entire development
l,589.33 (B) Unheated floor area (breezeways, balconies, storage)
4,904.48 (C) Nonresidential, commercial (income producing) area
22,193.54 (D) Total usable residential heated area (sq. ft.) for the development
INSTRUCTIONS FORAVERAGE UNIT SQUARE FEET CALCULATIONS:

Provide the average unit size for each bedroom type, (1 bedroom elderly, 2 bedroom garden,3
bedroom townhouse, etc.) by adding the total square feet ofall the same bedroom types (2 bedroom
garden with I bath and 2 bedroom garden with 2 baths) and adding the prorated share ofheated
common residential space and divide by the total number of the same bedroom types (2 bedroom
garden). I)o not alter any items below.
Average Number of Total

Unit Types Unit Sq. Ft.* x Units/Type : Square Feet
Assisted Living 0.00 0 0.00

I Story/EFF-Elderly 0.00 0.00
I Story/lBR-Elderly 0.00 0.00
I Story/2 BR-Elderly 0,00 0.00
Eff,rciency Elderly 0.00 0.00
I Bedroom Elderly 0.00 0"00
2 Bedrooms Elderly 0.00 0.00
Efficiency Garden 0.00 0 0.00
'I t4 10,367.38
Bedroom Garden 740.53
2 Bedrooms Garden 985.51 t2 11,826.16
3 Bedrooms Garden 0.00 0 0.00
4 Bedrooms Garden 0.00
2 Bedrooms Townhouse 0.00 0.00
3 Bedrooms Townhouse 0"00 0.00
4 Bedrooms Townhouse 0.00 0.00
26 Total 22,193.54
* Including pro rata share of heated, residential common area
Initials
ARCHITECT' S CERTIFICATION, continued
2. Net Rentable Square

For purposes of calculating Net Rentable Square Feet, the units were measured from the face of each interior wall. The
values below therefore indicate the actual square footage ofeach unit floor plan. (For example, there may be 2 distinct
l-bedroom floor plans, 3 distinct 2-bedroom floor plans, etc. The purpose ofthis section ofthe Architect Certification is to
document and certifu the floor space attributable to residential rental units in the development.)
Floor Plan Number of Units

Unit Type Square Feet This Floor Plan Total
Efficiency 0 0.00
Efficiency 0.00 0.00
Efficiency 0"00 0.00
Efficiency 0^00 0"00
Efficiency 0.00
Efficiency 0.00
I Bedroom 522.32 522.32

I Bedroom 474.43 474.43
I Bedroom 524.76 524.76
1 Bedroom 41631 I 416.71
1 Bedroom 49t.79 I 491J9
I Bedroom 516.57 516.57
1 Bedroom 527.91 527.9t
I Bedroom 442.09 442.09
I Bedroom 524.54 524.54
I Bedroom 470.02 470.02
I Bedroom 528.52 528.52
I Bedroom 614.23 614.23
I Bedroom 4113t 4ll.3l
I Bedroom 466.41
I Bedroom 0.00 0.00
Initials
(Net Rentable Square Feet continued)
2 Bedroom 723.21 723.21

2 Bedroom 668.01 668.01
2 Bedroom 620.39 620.39
2 Bedroom 744.86 744.86
2 Bedroom 668.79 668.79
2 Bedroom 707.91 707.91
2 Bedroom 630.88 630.88
2 Bedroom 631^60 631.60
2 Bedroom 75033 750.73
2 Bedroom 890.82 890.82
2 Bedroom 64L36 642.36
2 Bedroom 642.27 1 642.27
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0.00
2 Bedroom 0.00 0.00
3 Bedroom 0.00 0.00

3 Bedroom 0.00 0.00
3 Bedroom 0.00 0.00
3 Bedroom 0.00 0.00
3 Bedroom 0.00 0.00
3 Bedroom 0.00 0.00
3 Bedroom 0.00 0.00
3 Bedroom 0.00 0.00
3 Bedroom 0.00 0.00
3 Bedroom 0,00 0.00
3 Bedroom 0.00 0.00
3 Bedroom 0.00 0.00
3 Bedroom 0.00 0.00
3 Bedroom 0.00
3 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00

4 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00
4 Bedroom 0,00 0.00
4 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00
4 Bedroom 0.00 0.00
Total: 26 _rs2s3.44
Initials
Development Amenities:
I certify that the development's plans and specifications, work write-up, and proposed budget
incorporate all items from VHDA's most current Minimum Design and Construction Requirements.
The Requirements apply to any new, adaptive reuse or rehabilitated development
(including those serving elderly and/or physically disabled households).
The Minimum Design & Construction Requirements may be found on VHDA's website at
www.vhda.com.
For any development upon completion of construction/rehabilitatíon: (non-mandatory amenities)
0 % a.(l) Percentage of 2 bedroom units that will have 1.5 or more bathrooms
0 % a.(2) Percentage of 3 or more bedroom units that will have 2 or more bathrooms
n b. The development will have a community/meeting room with a minimum of 749 square feet.
100 oá c. Percentage of exterior walls covered by brick (excluding triangular gable end area,
doors windows and retaining walls)
E d. All kitchen and laundry appliances meet the EPA's Energy Star qualifred program
requirements
E e. All windows meet the EPA's Energy Star qualifred program requirements
E f. Every unit in the development is heated and air conditioned with either (i) heat
pump units with both a SEER rating of 14.0 or more and a HSPF rating of 8.2 or
more and a variable speed air handling unit (for through-the-wall heat pump equipment
that has an EER rating of I L0 or more), or (ii) air conditioning units with a
SEER rating of 14.0 or more and a variable speed air handling unit, combined with gas
furnaces with an AFUE rating of 90%o or more
E g. Water expense will be sub-metered (tenant will pay monthly or bi-monthly bill)
tr h. Each bathroom consists only of low-flow faucets (2.2 gpm maximum) and
showerheads (2.5 gpm maximum)
E i. Provide necessary infrastructure in all units for high speed cable, DSL or
wireless internet service
n j. All water heaters will meet the EPA's Energy Star qualihed program requirements.
Initials
For all developments exclusively serving elderly and/or handicapped tenants, upon completion of
construction/rehabilitation; (non-mandatory amenities)
n a, All cooking ranges will have front controls

n b. All units will have an emergency call system
! c. All bathrooms will have an independent or supplemental heat source
n d. All entrance doors have two eye viewers, one at 48" and the other at standard
height
For all rehabilitation and adaptive reuse developments, upon completion of construction/ rehabilitation:
(non-mandatory)
n 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 ofthe
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
Building Structure:
Number of Stories
E Low-Rise (l-5 stories with an)¡ structural elements being wood frame construction)
n Mid-Rise (5-7 stories with no structural elements being wood frame construction)
n High-Rise (8 or more stories with no structural elements being wood frame construction)
Initials
Accessibility:
I certify that the development plans and specifications meet all requirements of the federal
Americans With Disabilities Act.
I certiff that the development plans and specifications meet all requirements of HUD regulations
interpreting the accessibility requirements of section 504 of the Rehabilitation Act. Please reference
Uniform Federal Accessibility Standards (llFAS) for more particular information.
Check one or none ofthe following point categories, as appropriate:
¡ For any non-elderly property in which the greater of5 or l0% ofthe units (i) provide federal project-based
rent subsidies or equivalent assistance in order to ensur.e occupancy by extremely low-income persons;
(ii) conform to HUD regulations interpreting accessibility requirements of section 504 of the Rehabilitation
Act; and (iii) are actively marketed to people with special needs in accordance with a plan submitted as
part of the Application. (If special needs include mobility impairments the units described above must
include roll-in showers and roll under sinks and front controls for ranges). 50 pts.
n 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
as part the Application. 30 pts.
El 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. 15 pts.
As architect of record for the above referenced development, the above certifications are
correct to the best of my knowledge.
-þ
Signed:
Printed Name: Larry S. Martin, AIA, LEED AP
Title: President
Virginia Registration #: 3930
Phone: 540 731-4472
Date: j|¡day 14,2009
NOTE TO ARCHITECT: Any change in this form may result in disqualihcation or a

reduction of points under the scoring system. If you have any questions, please call Jim
Chandler at VHDA (804) 343-5786.
Return this certification on Architectos Letterhead to the developer for inclusion in the
tax credit application package.
Appendix F - VHDA's Universal Design Standards Certification
tr Units in the development will meet VHDA's Universal Design Standards.

Before issuance of IRS Form 8609, applicant will provide documentation to VHDA as
evidence that such units meet VHDA's Universal Design standards.
The number of rental units that will meet these standards:
The total number of rental units in this development: 26
NOTE: For Elderly Developments, 100% of the units in the development must meet the
Universal Design standards in order to qualiff for points.
For Family Developments, points are awarded based on a percentage of the

number of units meeting the Universal Design standards.
For the tax credit applicant to qualiff for points associated with Universal Design,
the architect of record must on VHDA's list of Universal Design certified architects.
Initials
Appendix F - EarthCraft or LEED Development Certification
tr Earthcraft Certification - The development's design meets the criteria for

EarthCraft certification according to energy modeling projections and the areas of
emphasis worksheet. Before issuance of IRS Form 8609, applicant will obtain and
provide EarthCraft Certification to VHDA.
n LEED Certification - The development's design meets the criteria for the U.S.
Green Building Council LEED green building certification. Before issuance of IRS Form
8609, applicant will obtain and provide LEED Certification to VHDA.
NOTE: Select only one of the above two options.
For the tax credit applicant to qualiff for points associated with this section,
the architect of record must on VHDA's list of LEED or Earthcraft certified
architects, as appropriate.
Signed:
Printed Name: Larrv S. Martin,AIA, LEED AP

Architect of Record
(same individual as on page 8)
Date: løay t4,2oo9
10
Appendix F - LEED Accredited Design Team Member CertifTcation
l. Please identify the following information of the LEED Accredited Professional:
Name: Larrv S. Martin, AIA, LEED AP

Company: Martin & Co. architects, Inc.
Title: President
Phone Number: (s40\ 73t-4474
Fax Number: (540) 639-2030
Email: larry@,mco-arch.com
2. List below the attributes of the proposed development which would or may qualify for points
*
under the U.S. Green Building Council's LEED certification rating system:
(Add space as necessary)
r þevelopment Density
r \{ater Use Reduction
I Minimum Energy Performance
r Building Reuse
: Çonstruction Waste Managemnet
r Environmental Tabacco Smoke (ETS) Control
' Low-Emitting Materials: Adhesives & Sealants
r Çontrollability of Systems
I þaYlight and Views
I
¡
¡
I
¡
I
3. Please attach å copy of the LEED Accredited Professional Certificate to this document.
ll4¿y 14,2009
Signature of LEED Accredited Professional ** Date
* This page must include items that woutd qualify for points under the LEED certification
system. No points will be awarded in this cateeorv if nothins is listed here.
** This individual is not required to be the architect of record signing the Architect Certification. It is
sufficient that this individual is a member of the design team.
11
TAB G
(Relocation Assistance Plan)
Relocation Assistance Plan
RELOCATION ASSISTANCE PLAN
Wood rum Ma nor/Westvíew
Temporary relocatíon of all 26 households will be necessary during the rehabilitation of

Woodrum Manor/Westview, in large part due to the extent of work required to kitchens and baths in
order to bring the apartment features up to VHDA's minimum design standards.
The project sponsor/management agent will relocate residents in accordance with VHDA's
Relocation Assistance Guidelines during this process. The project sponsor/management agent will utilize
a relocation assistance expert during this process.
y-,,|t"*D,-*.
Relocation Assistance Guidelines
These guidelines are the Authority's standards for the provision of assistance to tenants forced to
relocate because of changes in the use or condition of their rental units regardless of the length of the
remaining lease term.
Any contract for the acquisition of a site with existing residential property may not require an
empty building as a condition of such contract, unless relocation assistance is provided to displaced
households, if any, at such level required by the Authority below.
I. Applicabilit_v
The guidelines apply to all developments that will displace existing tenants and must be followed
to qualiff for Low Income Housing Tax Credits. These guidelines will be incorporated by reference in
and enforced by the Contract to Enforce Representations Regarding Low-Income Housing Tax Credit
Development if the development qualifies for a reservation of credits.
The guidelines apply to all multi-family buildings when tenant moves are required for reasons
such as rehabilitation, demolition, and sale by contract speci$ing an empty building. They apply to
rented single-family houses when tenancies are terminated because of planned demolition.
IL Summary
In the situations specifîed above, owners must undeftake the following:
l) Relocation payments
2) Relocation assistance
3) 120-day vacate notice
4) Full communication of plans
IIL Relocation Payments
Owners must provide relocation payments to all households receiving notice to vacate the
development and not return to the existing development. See item V. for Temporary Relocation. The
payments are designed to help cover moving expenses and the additional costs of relocation. Relocation
payments for unfurnished dwelling units should be in accordance with the cunent moving expense
schedule for Virginia under the Uniform Relocation Act. The payments currently specified by the Act
are as follows:
Occupant owns furniture Oceupanl does not own

furniture
I I 3 4 5 6 7 8 Each 1 room Each

room rooms rooms rooms rooms rooms rooms rooms add'1. not furn. addtl. room
room
550 750 9s0 t1s0 1350 1550 1750 1950 200 350 t5
RELOCATION ASSISTANCE GUIDELINES, continued
To each leaseholder whose gross income is less than 50Yo of the applicable Area Median Gross
Income (AMGÐ adjusted for household size, owner/applicants must provide a relocation payment of
twice the amount listed above.
Owners are encouraged to discuss the details of their relocation plans with the Authority staff in
order to identi$ special tenant circumstances that might require fine tuning of the arrangements.
Owners must make at least half of the relocation payment when a tenant gives a definite move
out date, the remainder to be paid when the tenant actually vacates. Many need this to help pay the
security deposit on their next residences. Owners are urged to give careful consideration to providing
relocation payments to tenants who have not yet received their 120-day notice to vacate but have
compelling reasons to move early.
IV. Relocation Assistance
Owner/applicants should provide additional relocation assistance such as:
Expediting return of security deposits, or allowing tenants to apply them to the last month's rent
Contacting comparably priced rental complexes to request priority for persons being displaced
Providing transportation for tenants needing to look at other housing, especially those who are
elderly or disabled
Giving attention to the special problems of timing moves for families with school age children
Offering to help (trucks and drivers) move furnishings
Relocation assistance and services should be made available to tenants not only during regular
business hours but during evenings and weekends to accommodate tenants who would otherwise have to
miss work. Owners should provide tenants written materials and/or translation services in their native
languages if necessary.
V. Temporary Relocation Assistance
Owner/applicants must provide assistance for two moves when it is necessary for occupants
qualiffing for a renovated unit to move temporarily during the renovation work and then return to a
renovated unit. Assistance can be either a payment to reimburse the actual cost of the move and utility
transfers or moving services provided by the developer and a payment to cover the cost of utility
transfers. Tenants are expected to provide documentation of their expenses. Payment for only one move
is required if the tenant elects in writing to move to a renovated unit and not return to his or her original
unit.
VI. 120-Day Notice to Vacate
State law requires 120-day vacate notice for all condo and co-op conversions and for any change
in the use of buildings with at least four rental units. These guidelines extend that notice period to all
multi-family rental units vacated due to rehabilitation or demolition, and to single-family houses being
demolished.
VIL Full Communication of Renovation and Relocation Plans
Owners must inform tenants of renovation and relocation plans as soon as possible, and to
arrange for interpreters to help non-English speaking persons understand what the owner intends to do
with the property. Open communication with tenants about plans for the development can be helpful to
both owner and occupants by minimizing rumors and misunderstandings.
Owners of complexes containing 20 or more units are required to submit a renovation and
relocation plan to the Authority and to affected tenants. The plan should be as complete as possible, and
updated as changes are made. The scope of the plan should be appropriate to the scale of the
development being renovated, including at a minimum:
1) Name, address and contact person for the owner/ developer/ management company
2) Scope of the work to be done and phasing of work, including estimated timetables
3) Relocation payments and services to be offered
4) Anticipated rents and rental policies after the changes
5) Measures planned to minimize construction impact on occupied units.
The plan should be submitted to the Virginia Housing Development Authority, Multi-Family
Development Division, Attention: Tax Credit Program Administrator.
VIII. Documentation of Compliance
Owner/applicants are required to maintain files which can, if required by the Authority,
document compliance with the above requirements. Such files should include, but not be limited to
copies of relocation plans, notices, canceled checks, and other items providing evidence of compliance
with the above requirements.
REQUIRED NOTICE WHEN BUILDINGS UNDERGO CHANGE
Section 55-222 of the Code of Virginia requires 120 days' notice to tenants being vacated from
any building containing at least 4 residential units, if the building is to be renovated, demolished, sold on
a contract requiring an empty building, or converted to hotel, motel, apartment hotel, or other commercial
use.
Vireinia Code Section 55-222
NOTICE TO TERMINATE A TENANCY; ON WHOM SERVED; WHEN NECESSARY. - A

TENANCY FROM YEAR TO YEAR MAY BE TERMINATED BY EITHER PARTY GTVING THERE
MONTHS; NOTICE, IN WRITING, PRIOR TO TFIE END OF ANY YEAR OF THE TENANCY, OF
HIS INTENTION TO TERMINATE THE SAME. A TENANCY FROM MONTH TO MONTH MAY
BE TERMINATED BY EITF{ER PARTY GTVING THIRTY DAYS' NOTICE IN V/RITING, PzuOR
TO THE END OF THE MONTH, OF THIS INTENTION TO TERMINATE THE SAME. HOWEVER,
I2O DAYS' WRITTEN NOTICE IS REQUIRED IF THE TERMINATION IS DUE TO
REHABILITATION OR A CHANGE IN THE USE OF ALL OR ANY PART OF A BUILDING
CONTAINING AT LEAST FOUR RESIDENTIAL LTNITS. CHANGES SHALL INCLUDE BUT NOT
BE LIMITED TO CONVERSION TO A HOTEL, MOTEL, APARTMENT HOTEL OR OTHER
COMMERCIAL USE, PLANNED UNIT DEVELOPMENT, REIIABILITATION, DEMOLITION OR
SALE TO A CONTRACT PURCHASER REQUIRING AN EMPTY BUILDING. THIS I2O-DAY
REQUIREMENT SHALL NOT BE WATVED; HOWEVER, A PERIOD OF LESS THAN I2O DAYS
MAY BE AGREED UPON BY BOTH THE LANDLORD AND TENANT IN A WRITTEN
AGREEMENT SEPARATE FROM TT{E RENTAL AGREEMENT OR LEASE EXECUTED AFTER
SUCH NOTICE IS GTVEN AND APPLICABLE ONLY TO THE I2O-DAY NOTICE PERIOD. WHEN
SUCH NOTICE IS GTVEN TO THE TENANT IT MAY BE SERVED UPON HIM OR UPON
ANYONE HOLDING UNDER HIM THE LEASED PREMISES, OR ANY PART THEREOF. WHEN
IT IS BY THE TENANT IT MAY BE SERVED UPON ANYONE WHO, AT TI{E TIME, OWNS TI{E
PREMISES IN WHOLE OR IN PART, OR THE AGENT OF SUCH OWNER, OR ACCORDTNG TO
THE COMMON LAW. THIS SECTION SHALL NOT APPLY WHEN, BY SPECIAL AGREEMENT,
NO NOTICE IS TO BE GTVEN; NOR SHALL NOTICE BE NECESSARY FROM OR TO A TENANT
WHOSE TERM IS TO END AT A CERTAIN TIME.
THE WRITTEN NOTICE REQUIRED BY THIS SECTION TO TERMINATE A TENANCY

SFIALL NOT BE CONTAINED IN THE RENTAL AGREEMENT OR LEASE, BUT SHALL BE A
SEPARATE WRITING.
**
For buildings containing fewer than 4 residential units, the Authority requires the same 120'day vacate
notice to tenants.
The Virginia Condominium Act requires in Section 55-79.94(b), as amended in 1980, that
tenants of all complexes being converted to condominiums be given 120 days' notice to vacate.
TAB H
(PIIA/Section I Notification Letter)
Olde Towne Housing, LLG
601 Wenonah Avenue
Pearisburg,VA 24134
PHA or Section I Notification Letter
(This Form Must Be Included With Application)
Date: May 13, 2009
Pembroke Management lncorporated

604 Wenonah Ave.
Pearisburg,VA 24134
Attention: Brett Rader
RE: PROPOSED AFFORDABLE HOUSING DEVELOPMENT
Name of Development: Woodrum ManorMestview

Name of Owner: Olde Towne Housing, LLC
I would like to take this opportunity to notify you of a

proposed affordable
housing development to be completed in your jurisdiction. We are in the process of
applying for federal low-income housing tax credits from the Virginia Housing
Development Authority (VHDA). We expect to make a representation in that application
that we willgive leasing preference to households on the local PHA or Section I waiting
list. Units are expected to be completed and available for occupancy
beginning May 2010
The following is a brief description of the proposed development:
Development Address (should correspond to 1.4,2 on page 1 of the Application):

502 & 601 Wenonah Ave. Pearisburg,VA 24134
Proposed lmprovements: (Should correspond with I.B & D and lll.A of the application)
I ttew Construction: # Units # Buildings TotalGross FloorArea

flAdaptive Reuse: # Units # Buildings TotalGross FloorArea
ElÉehabilitation: # Units # Buildings 28687.35 TotalGross FloorArea
Proposed Rents (should correspond with Vll.C of the Application):
I Efficiencies: $ / month
WLe"aroom Units: $ 304-404 / month
Wzaedroom Units: $ 430-455 / month
I g aedroom Units: $ / month
! a AeOroom Units: $ / month
PHA or SEC I Notification Letter, continued
Other Descriptive lnformation (should correspond with information in the application):
We will appreciate your assistance in identifying qualified tenants. lf you have

any questions about the proposed development, please call me'at (xxx) )oo(-xxxx,
Please acknowledge receipt of this letter by signing below and returning it to me.
Sincerely yours,
ñt Executive Director
To þe completed by the Local Housing Authority or Sec I Administrator:
Seen and Acknowledged By:
Printed Name:
Title:
Phone: (rq^,\ (2 t- I þ ¿ .---

Date: fftz
i
NOTE: Any change in thls form letter may result in a reduction of points rtnder the
scoring system. lf you have any questions, please catl Jim Chandler at VHDA
(804) 343.s786.
TAB I
(Loeal CEO Lefted
Town of Pearìsburg
ll2Tazewell Street
April7,2009
Barbara M, Stafford
Mayor
Jim Chandler
Councll
Danlel H. Robertson
Virginia Housing Development Authorìty
Robert L. Dickerson, Jr. 601 South Beividere Street
'Rebecca H. Moses Richmond, Virginia 23220
JimmieR.Williams
Ceorge G. Psathas
Charles R, Via VHDA TrackingNumber: 2009-2.-146
Development Name: Old Towne Housing, LLC
Kenneth F. Vittum . Name of Owner/Applicant:. 'lVanda Meador
Town Manager
lo{ttum@palsburg.org
Dear Mr. Chandler:
Rick C. Tawney
.Town EnglneerlPublic The construction or rehabilitation of the above-named development and the
Wo*s Dl¡ectar
allocation of federal housing tax sredits available under IRC Section 42 for said
Jackie C. Martin development will help to meet the housing needs and pliorities of the Town of
Chief of Poltce
Pearisburg. Accordingly, the Town of Peatisburg supports the allocation of
Judy Harrell
federal housing tax credits requested by Old Towne Housing, LLC for this
Town Clerk development.
W. R. Johnston
Recreatian Director
Yours truly,
Sandra Robertson
Líb¡arlan
Rodney F. Wilson
{,---drÈ-sfu3-
Kenneth F. Vittum
BuìldineOÍficial TownManager
Telephoner
(540) 921-0340
FAX:
(540) 92i-0086
Website:
www.pearisburg.org
TAB J
(Homeownership Plan)
TAB K
(Site Control Documentation)
OPTION AGREEMENT
THIS OPTION AGREEMENT is made this 25th day of March,2009,between
PEARISBURG HOUSING OPPORTUNITIES. L.P., a limited partnership organized
pursuant to the Virginia Revised Uniform Limited Partnership Act (the "Grantor"), and
OLDE TOWI\E HOUSING. LLC. a Virginia Limited Liability Company, a Virginia
Corporation (the "Grantee"), provides that the parties hereto covenant and agree as
follows:
WHEREAS, the Grantor has acquired certain real estate situate in the Town of
Pearisburg, Giles County, Virginia, and more particularly described as follows:
PARCEL ONE ("the Western Hotel Property"):
Lots 5 and 6 in the Pearson Subdivision in the Town of Pearisburg, as shown on a
map thereof of record in the Clerk's Offrce of the Circuit Court of Giles County, Virginia,
in Map Book l, atPage 63,to which reference is hereby made.
PARCEL TWO ("the Kelly property"):
Lot Number 4I and Lot Number 53 which are adjoining lots and as shown upon a
plat of the old town of Pearisburg, recorded in the Clerk's Office of the Circuit Court of
Giles, Virginia, in Deed Book E, at Page 289,To which reference is hereby made.
TAX MAP NUMBERS: 404 10 E 41; 404 1 1 5; and 404 1 16
THERE IS EXCEPTED, HOWEVER, THEREFROM the following described
parcel:
BEGINNING at a drill hole at the corner of Mountain Lake Avenue and Tazewell
Street, thence with Mountain Lake Avenue, N 65 degs. 14' 06" 8,107.28 feet to a rock
ledge; thence leaving Mountain Lake Avenue, S 23 degs. 48' 04" E, passing a rod set at
fi.ve feet, approximately 130 feet to a point; thence S 65 degs. 14' 06 W, approximately
I07.28 feet to a point in the right of way of Tazewell Street; thence with Tazewell Street
N 23 degs. 48' 14''W, approximately 130 feet to the point of Beginning.
The foregoing property is collectively identified herein as the "Property", and is
the same real estate conveyed to the Grantor by deed dated December 18, 1992, which is
of record in the Clerk's Office of the Circuit Court of Giles County, Virginia, in Deed
Book 242, at Page 653; and
WHEREAS, the Grantor now desires to grant an option to purchase the Property
to the Grantee.
NOV/, THEREFORE, for valuable consideration, the receipt of all of which is
hereby acknowledged, the parties hereto agree as follows:
1. Purchase Option. Grantor grants and conveys to Grantee an irrevocable and
exclusive option to purchase Grantor's interest in the Property and all improvements
owned by the Grantor thereon under the terms provided herein at any time before
December 31,201I,
2. Notice. Grantee shall give Grantor at least ninety (90) days prior written notice
of its election to exercise its option to purchase the Property.
3. Purchase Price. The purchase price under this Option Agreement shall equal the
sum of a) all outstanding indebtedness of the Grantor secured by title to the Property;
plus b) One Dollar ($1.00); plus c) all amounts owed to any Limited Partner of the
Grantor under any Limited Partnership Agreement of the Grantor; plus d) all Federal,
state and local income taxes payable by the partners of Housing Equity Fund of Virginia,
L.P., and Pearisburg Community Development Corporation as a consequence of the
2
purchase option granted by this Option Agreement. At any time after Grantee exerclses
its option, Grantor, upon written request from Grantee, shall furnish to Grantee within
thirty (30) days after receipt of the request, a Certificate setting forth Grantor's best
estimate of the purchase price (as of the date of the request). Grantee may revoke its
election to purchase prior to closing if the actual purchase price is materially different
from that set forth in the Certificate. The revocation of such election shall not terminate
or affect Grantee's ability to exercise this Option Agreement after such revocation.
4. Closing. Grantor shall convey to Grantee good and marketable title to the
Property and improvements by deed with special warranty of title, free of all liens,
encumbrances and leases, except for (a) leases of residential and commercial property
given in the ordinary course of Grantor's business, (b) exceptions for the permanent
financing obtained by Grantor and (c) exceptions listed in Grantor's title insurance policy
issued by Lawyers Title Insurance Corporation effective June, 1993. Risk of loss or
damage by fire or other casualty to the property after the exercise of the option and before
settlement is assumed by the Grantor. Settlement shall be made on or before forty-five
(45) days after the expiration of the notice period for exercise of the Option Agreement.
Real estate taxes and rent shall be prorated as of the date of settlement.
5. Binding Effect. This Option Agreement shall apply to and bind the successors
and assigns of the parties.
IN WITNESS WHEREOF, the Grantor and the Grantee have caused this Option
Agreement to be executed in their respective names, all as of the date first above written.
GRANTOR:
PEARISBURG HOUSING OPPORTUNITIES, L.P.

Byl Pearisburg Community Development Corporation Its General Partner
By:
Rebecca H. Moses, Its President
GRANTEE:
OLDE TOWNE HOUSING, LLC
By: Pearisburg Community Development Corporation Its Sole Member
By:
STATE OF VIRGINIA
COITNTY OF GILES, TO WIT:
The foregoing instrument was acknowledged before me this J$A*V ot

20A9, by Rebecca H. Moses, Prcsident, of Pearísburg Community
Developmerf Corporation, General Partner of Pearjsburg Housing Opportunities, L.P., as
the act and agreement of said cotpomtion.
My commission expires: þa)

A. WHORTEY
KARIA
Bolory Puþllc
Êommonwrolth ol Vlrglnlg
stttôt
Hy Commlflotì lrp¡rc¡ Feb 29, 2012
STATE OF VIRGINIA
COTINTY OF GILES, TO WIT:
The foregoing instrument was acknowledged before me this day of
2009, by Rebecca H. Moses, President, of Pearisburg Community -

Development Corporation, Sole Member of OIde Towne Housing, LLC, as the act and
agreement of said cotporation.
My commission expires:
NOTARY PUBLÏC
TAB L
(Plan of Development Certification Letter)
Town of Pearishurg
ll2Tazewell Street
Bartara M. Stafford
Mayor DATE: MaY 12,2A09
Counclt:
Daniel H, Robertson
TOI Virginia Housing Deveþment Authority
601 South Belvidere Strcet
Robert L' Dickerson, Jr.
'Rebecca H. Moses Richmond, Virginia 23220
timmieR.Wllliams Attention: Jim Chandler
Ceorge G. Psathas
Charles R. Via
RE¡ PLAN OF DEVELOPMENT CBRTIFTCATTON
Kenneth F. Vittum
Name ofDeveloPment: Woodrum ManodWestvierv
fown Managet
lwitlum @ Peadsburg.org Name of Orvnery'APPlioant I Tld-eTorvne Housing, LLC . - - -
Name of Seller/Cun'ent Own€l: Teatisburg Housing Opportunities, L'P'
Rick C. TawneY
.Town EngineeilPublic this offìce to complete this
Works Diredot The above+eferenced orvnery'Applicant has asked
proposed Developrnent (more firlly desclibed
for.m letter regarding tf* ,itt pfuo of thå
Jackie C. Maftin purpose of confînning the status of
belorv). This cer"tificutiooi. tän¿ered solely for the
Chìef of Pollce It is understood that
plan of devetopment åi-ii, prun uqqtoygl of the Devélopment.
Devolopment Authority solely for the
Judy Hanell this letter.rvill be usea Uy tnå vireinia Housing under
poi'ts available
Town Clerk our'ose of determinit*-í*.ìi.t tñe Developm-ent qualifies for
plan for housing tâx credits.
W. R. Johnston
iHb¡, Qualified Allocation
Recreation Dlrgctor by the orvner)
DEVELOPMENT DESCRIPTION: (To be providetl
Sandra Robenson
Libra¡ìan Development Address (should correspond to LA'2
on page I of the application):
502 & 601 Wenonah 4ye'Peaúgþgg'VA-
24134
' RodneY F, Wilson
BuildíngaÍficial
Legat Description (should cou'espoûd to the site

control clocument in the application):
e1 orihose parcels of real estate situate in the Town of Pearisburg, Gile
"rrtin
as follows:
County, Virginia, and more particular'þ described
PARCEL ONE
Telephone: Lots 5 and 6 in the Pearson subdivision in the Town of Pearisbwg,

(540) 921-0340
* ,t o*n on a map thereof of record in the clerk's office of the
FAX:
cirruit court of Giles county, virginia, in Map Book 1, at Page
(540) 921-0086 63, to which reference is heleby made'
Website:
www.pearisburS.org
PLAN OF DEVELOPMENT CERTIFICATION, Page Trvo
PARCEL TWO
Lot Number 41 and Lot Number 53 whioh are adjoining lots and
as shown upon a plat of the Old Town of Pearisburg, recorded in
the Clerk's Office of the Cilsuit Court of Giles County, Vìrginia,
in Deed Book E, at Page 289, to which reference is hereby made.
THERE IS EXECEPTED, HOV/EVER" THEREFROM the following

described parcel:
BEGINNING at a drill hole at the corner of Mountain Lake

Avenue and Tazewell Street, thence with Mountain Lake Avenue,
N 65 degrees 14' 06'8, I07.28 feet to a rock ledge; thence leaving
Mountain Lake Avenue, S 23 degrees 48' 04'8, passing a rod set
at.5 feet, approximately 130 feet to a point; thence S 65 degrees
14' 06" W, approximately ß7.28 feet to a point in the dght of
way of Tazewell StreetN23 degrees 48' \4" W, approximately
130 feet to the point of Beginning.
Tax Map Nos, 40.4' l0 E 41; 40,{ 11 5; and 404 11 6
The foregoing real estate is the same real estate conveyed to Pearisburg Housing
Opportunities, L.P., a limited partnership organized pusuant to the plovisions of
the Virginia Revised Uniform Limited Pafinership Act, by deed dated December
18,l992,from the Town of Pealisburg, which deed is of record in the Clerk's
Offi.ce of the Circuït Court of Giles, County, Virginia, in Deed Book242, at page
653.
Plan of Development Number:
Proposed Improvements (bhould corespond rvith LB & D and III.A of the application):
I Nerv Construotion: # Units # Buildings Total Gross Floor Area

! }daptive Reuse: # Units #Buildings Total Gross Floor Area
ElRehabilitation: 26 # Units # Buildings 28687.35 Total Gross FloorArea
Other Desoriptive Information: (Should correspond rvith information in the application)

PLAN OF DEVELOPMBNT CERTIFICATION Page Thlee
LOCAL CERTIFICATION: (To be completecl by the appropriato local officíal)
Check one of the follorving as appropriate:
X The proposed development desuibed above h¿s an approved final plan of development or sito
plan (as applicable to the site). No further plan of development or site plan approval is requÍred
before issuance of a building permit.
The proposed clevelopment is an existing development rvith proposecl renovations and no

aclditional plan of development approval is needed.
Theaboveplanofdevelopmontapprovalis ineffectuntil: tJ. - 3 I- ZO J :-
signed: * 'VT -
71 =,..
Printed Name: ,(t ^u .otÂ F / , *fr,. r^^
*7-"d
Title: q¡ r,. -L\ o-n_o,
\-s¡r
Phone: suo "9[, -ô3¿{cl
nate: ! r,/ ,/ 2r/o=7
NOTE TO LOCALITY¡
1. Return this certification to the developer for inclusion in the tax cretlit application package.
2. .A.ny change in this form may result in a reduction of points under the scoring system. If
you have any questlons, please call Jlm Chaniller atYHDÄ (804) 343-5786.
NOTE TO DEYELOPER¡ You nre strongly encoulaged to submit this certification tó the
apprnpriate local official nt least three weeks in advance of the application deadline to ensure
adequate time for review nnel approval.
TABM
(Zoning Certifi cation Letter)
Town of PearÍsburg
ll2Tazewell Street
Barbara l*1. Stafford

Mayor ÐA?E¡ May 12,2009
Councll:
Daniel H. Robertson
TO: VirginiaHousingDevelopmentAuthority
Roben [. Dlckerson,Jr' ' 601 South Belvidere Street
'Rebecca H. Moses Richmond, Y ir ginia 23220
limmie R.Williams Attention: Jim Chandler
ceorge G. Psathas
Charles R. Via
RE¡ ZONINGCBRTIFTCATTON
Kenneth F. Vittum
Town Manager Name ofDevelopmont: Woodrum Manory'lVestvierv
hitlum@peadslruq.org Name of Olnery'Applicant; Olde Torvne Housing, LLC
Name of Seller/Current Orvnen , Pearisburg Housing Opporhrnities, L.P.
Rick C. Tawney
.Town EnglneerlPublic
Works Di¡ecto¡ The above-referenced Orvnery'Applicant has asked this office to complete
this form letter regarding the zoning of the proposed Development (more fully
Jackle C. Martin described belorv). This certification is rendercd solely for the purpose of
Chief of Pollce
confïrming proper zoning for the site of the Development. It is understood that
Judy Harrell this letter rvill be used by the Virginia Housing Development Authority solely for
Town CIe¡k the purpose of deterrnining whether the Developrnent qualifies fot points available
under VHDA's Qualified Allocation Plan for housing tax credits.
W. R, Johnston
Rec¡eation Dl¡ector
DEVELOPMENT DESCRIPTION: (To be provided bythe Orvner)
Sandra Robertson
Libtarian Development Address: (Should cot'respond to I.4.2 on page 1 of the application)
502 &,601 WenonahAve Pearisburg, VA 24134
Rodney F. Wilson
BuíldineQflicial
Legal Descriptíon (should conespond to the site eontrol document in the

application):
Al1 of those ce*ain parcels of real estate situate in the Town of Pear{sburg, Giles Count
Telephoner PARCEL ONE

(540) 921-0340
Lots 5 and 6 in the Pearson Subdivision in the Town of Pearisburg, as shown

FAX:
(s40) 921-0086 on a map thereof of recold in the Clerk's Office of the Circuit Coufi of Giles
. County, Virginia, inMap Book 1, at Page 63, to whichreference is hereby
Websitel made.
www.pearisburg.org
ZONING CERTIFICATION, Page Trvo
PARCEL T\¡YO
Lot Number 41 and Lot Number 53 which ate adjoining lots and as shown
upon a plat of the Old Town of Pearisburg, rrecorded in the Clerk's Office of
the Circuit Court of Giles Count¡ Virginia, in Deed Book E, at Page 289,to
which reference is hereby made.
THERE IS EXECEPTED, HOWEVER, THEREFROM the following described

patcel:
BEGINNING at a drill hole at the corner of Mountain Lake Avenue and

Tazewell Süeet, thence with Mountain Lake Avenue, N 65 degrees 14' 06" E,
I07.28 feet to a rock ledge; thence leaving Mountain Lake Avenue, S 23
degrees 48' 04" E, passing a rod set at 5 feet, approximately 130 feet to a
point; thence S 65 degrees 14' 06" W, apploximately 107.28 feet to a point in
the right of way of Tazewell Street N 23 degrees 48' 14" W, approximateþ
130 feet to the point ofBeginning.
Tax Map Nos. 404 10 E 41; 40,{ l1 5; and 40'{ 11 6
The foregoing real estate is the same real esfate conveyed to Pearisburg Housing
OpporfunitÌes, L.P., a limited partnership organized pulsuantto the provisions of the Vit'ginia
Revised Uniform Limited Partnership Act, by deed dated December 18,1992, fi'om the Town
of Pearisburg, which deed is ofrecord in the Clerk's Office of the Circuit Court of Giles,
County, Virginia, in Ðeed Book242, at page 653.
Proposed Improvements (should conespond rvittr I.B & D and III.A of the application):
flNerv Construction: # Units # Total Gross FloorArea

Buildings
I Aclaptive Reuse: # Units
JJ
ñr Total Gross FloorArrea
Buildings
ffiehabilitation: 26 # Units # 28687.35 Total Gross FloorArea
Buildings
ZONING CERTIFICATIOIU, Page Thrce
CunentZoning; Muti:Fqqlly¡ryitË:l allowing a density of

units per acre, and the follorving other applicable conditions:
Zoning is proper only if the property on rvhich the development is or rvill be located complies rvith
existing zoning requirements; provided, holevÊr, that if the zoning is not tesidential rvith an "R"
designation, zoning will not be deemed to be proper, unless the chief executive officer of the locality
certifies, on behalf of such locality, appl'oves the rcquest of the above-refe¡enced Orvner/Appliaant to
such locality that the zoning be deemed to be proper for the sole purpose of arvarcling points under the
Qualified Allocation Plan, notrvithstanding that the zoning for the prnperty does not have an "R'
designation.
Other Descriptive Information: (Should correspond rvith information in the application)
LOCÁ,L CERTIFICATION: (To be completed bythe apprrcpriate local official or Civil Enginee$
Check one ofthe follorving as appropriate:
x The zoning for the proposed development described above is ploper and cunently is an "R"
zoning designation or a special use permit has been issued. To the best of my knorvledgq there
are presently no zoning violations outstanding on this properly. No further zoning approvals
andlor special use permits are required,
T The development described above is an approved non-conforming use in an "f{' zoning

designation. To the best of my knorvledge, there are presently no zonittg violations outstanding
on this propelty. No further zoning approvals and/or special use perrnits are required.
n There are no zoning requirements currently applicable to the site describe<l above.
(Signature)
Kenneth F. Vittum
(Printed Name)
Torvn Manager
(Title of Local Official or Civil Engineer)
Phone: (540) 921-0340
Date: M;ay 12,2009

ZONING CBRTIFICATION Page Four
To be completed only by Chief Executive Officer (applicabte only if zoning does not have rrR"
designation):
The zoning for the ploposed development does not have an o'R" designation, holveve6 the chief
exeoutive officer ofthe locality certifies in the space provided belorv that he/she has, on behalfof
such locality, approved the request of the above-referenced Owner/Applicant to such locality that
the zoning be deemed to be proper for the sole purpose of arvarding points under the Qualified
Allocation Plan.
The undersigned, rvho is the chief executive officer of the City/County of

Pearisburg , Virginia, hereby certifies that he/she has, on behalf of such locality,
approved the request of the above-referenced Orvnery'Applicant to such locality that the zoning be
deerned proper for the sole purpose of arvarcling points under the Qualifred Allocation Plan,
nohvithstanding that the zoning for the prþpelty does not have an "R" designation.
Kenneth F. Vittum
(Printed Name)
Torvn Manager
(Title of Chief Executíve Officer)
Date: N.{av 12,2009
NOTETOLOCALITY:
1. Return this certifÏcation to the developer for inclusion i¡i the tax credit application package.
2, Any chauge in this form may result in a rerluction of poirtts under the scoring system. If you have
any questions, please call Jim Chandler at VHDA (804) 343-5786.
NOTE TO DEVßLOPER: You are strongly encouraged to submit this certilTcation to the appropriate local
offïcial at least three ryeeks in advance of the application deadline to ensure adequate time for review and
approval.
TAB N
(Copies of 8609's To Certify Developer Experience)
Tab N-Notes regarding 8609s and developer experience
The 2009 tax credit application for Woodrum Manor/Westview is seeking developer experience points
on the basis that the principal for the proposed development has developed at least one tax credit
development that contains at least the number of housing units in the proposed development. The
number of units in the proposed development is 26. The principal has developed 4 tax credit
developments which include a total of 63 LIHTC units. Form 8609 is included for each of the following
tax credit developments:
¡ Wolf Creek, L.P. (11 LIHTC units)

¡ Cascade , L.P. (L2 LIHTC units)
r Glen Mountain, L.P. (14 LIHTC units)
o Pearisburg Housing Opportunities, L.P. (26 LIHTC units)
,*,8609 Low-lncome Housing Credit
(Rcv. DooJl$ofãXlô)
DÇtüngltdüE Tr!Ëury Allocation Gertification OlrB No. 15${¡988
Alloc¡üon of Crâd¡t
Aüllbn þ Qudifi€d Bæb AmededFom
A Addrecs d bulldlng (do rct use P. O. box) (see kshrclions) B Name etd adù€ss dhourlng ordü rgmcy
2lLCoburn Court
lirginia Housing Development Authorlty
Pembroke, VA 24L36 601 S. Belvidere Street
G Name, addrsss, and TIN of bulHlng ourr ææiúr¡ abcatbn D Employor klenlifiætin numbedagenry
Vlolf Creek, L.p. 54-0921,892
601 ¡tenonah Avenue
Pearisburg, VA 24L34
E Bulldiry klenliñcaüon nümbor (BlN)
Tm ) 5+19?3390 vAo437001
lr Daleofallmlion S.-12/70/Oa b M¿rimumhousingcæüldollaranountallowable. ç rL,2O2
2 Ma,rimum applkable cndil perc*rtage allowabl€ 8 . LOo/o
3¡ Marimum qualified besis . , s138,296
lf lhe eligiHe bæis used ln fre ætpulalion of line 3a was inseased, dredt trre applicable box
end enter tfie perosltagÊ lo srñldt ho dþlble wæ increæed (see insfudions) .
El autmng bcdod h üe Gulf @rrunily (GO) Zone, Rita G0 Zone, or Wlma GO &ne
E Section I4O¡S¡C) hifg cost d€a Ëovúsions
I Percentage d the aggregnre basb financed la(€xempl bonds. (lf zero, enler 0-.) . .
by - .
5 Dateh¡ildiædædineervice.... .....,. ) L2/t/06
6 vrrÍ,ñ
check he
u*r rtr¡¡t5
boxes trat o€lrcnæ
urarlne affiilon
rtescribe üre cbcdim I(r
for uì9 build!4g (dredt
the otfiEmg (cltêd( ltl088
ü¡ose hat
rrat ep!ly):
epcy):
¡ E NewlvcørsüuctertardfederdlysubslrtÞed b Éì¡dtco,r.r;d;däñã."rru.r.nysubddized c fl exntrymruing
d tr Sec. 42(e) retraHtita[ion expendtuæs federalty subsidized ê El Soc. 12(e) rdraHlitation erçørdiluæs not federaily õubaidzed
masmd undersec,4?i)lâ(B s ElAltocaüon und€r sec.
Signature of A¡¡tñorlzsd f!9usþq!rcdlt Agency Offlchl - Compteted by Housing Credi4ency Onty
Sþnaturadatüuiæd
.'A!,ÍES M.
AUTHORIZED OFFTCER
CITAITDI,ER
Nane (pleæe typeorpint)

ê-z-oZ Daûe
Flr¡t-Year Gerfflcaüon - Gompleted by Building Orners with lo the firct Year of the Grcdit Pedod
7 Eligible basis of bnlldirng (see hstuctions)
8a Orlginal qualified bæls d fre buikting at doæ d finst yea of sedtt peiod ... .
b Aæ pu bealing this hrildlng as pat d a muttiple building pnrjæ{ b gnposæ d sæ,tion 42 (see
instnuims)?
tr Yes El No
r
9 lf box 6a u bor 6d is d¡ecked, & you dæt to reduce eligiHe bæis unrter sedion (42(i)(2}(Bp tr Yes tr No
b For marfiet*de unfts óove lhe average qualiþ slandards of bnincoræ units in fre buildlng, do yor eled
l0
to reduce dþible bæ¡s by disproportknale cosb of nfi{ow hoane units under sedion {2(d¡1g¡1g)? , . .
Ghedr üe 4propiate boxheadr dec{on:
, . tr Yes tr No
G¡¡¡tlo¡: Otw nú, üß ¡cßldng ffioasælrarocaûþ,

t Electbbegincreditpdiodhetutyeaderürehl[dingbflacedinæwiæ(sedim42(f[1)) ........ tr Yes tr No
b Eþc{ notto üsaû hgepãherltt¡pæ hxpayêr(section 4ZüXSD
u Yes
c
d
Eledminimumsd€Ektercqullerrnnt(secüora20))Feeirph¡dions)
Elec{deep nnt skeund
EJ 20.5() E 40{0 E 2560 (N,Y.C. only)
ls40
ldedanlhdüoaboìte hdld[n ænünmsb ouafr asa eñda ouaffied h{¡æm€ hoüsho ¡rdeclend mæblho rpoul¡mnh
Underosnalüæ of oeú¡ry.
of lnBnal
Codes€cüon42. ll}auoexall*lodtftbbrmadltbdrnub,alrdbllrebedofmyhroudeseanrtb€let,üeyaph¡e.cqr€6¡andcomplob.
)¡)
S¡gmt rÞ Togayer ihnücaüon nuaúer Dab
¡laflp (ploass ryps or prhl) Taxycar

ActÌú
t,r 8609 Low-lncome Housing Gredit
(Rov. Jaruay 2t)00) OMB No. í54il)988
Al location Certification
Departrenl ol lhe Treæury
lnlemal Revenue Sorv¡ce
)
Do not file separately. The building owner must attach Form 8586, Altachment
Form 8609, and Schedule A (Form 8609) to its Federal lncome lax return. N0.36
Allocation of Credit - Housinq Credit On
Check lf tr Addition to Qualified Basis tr AmendedForm
A Address of bulldlng (do not use P, 0. box) (see inshctions) B Name and address of houslng credit agency
600 Cascade Drive, #À Virginia Housing Development Authority

Pembroke, VA 24136 601 S. Belvidere Street
Richnond, VÃ 23220-6504
C Name, addrcss, and TIN of bulldfng owner receivlng allocation D Employer identifiætion number of agency
Cascade, L. P. 54-0927892
60L Wenonah Avenue
Pearisburg, VA 24L34 E Building identificalion number (BlN)
TN ) 31-f577179 vAg7 01 101
la Date of allocation
) l2/L9 / 97 b Maximum housíng credit dollar amount allowable $ 17,449
2 Ma,rimum appr¡ca¡re øa-irìJJriaõ'elllowaute 8. 60t
3 a Marimum qual¡l¡ed basis . . ç202,895
b Checkhere ) E¡ iftheeligiblebasisusedinthecomputationof line3awasincreasedunder
the high- cost area provisions of sælion 42(d)(5)(C). Enter the percentage lo which the eligible
basis was increased (see instruclions) . , . .
4 Percentage of the aggregate basis financed by lax€xempt bonds. (lf zero, enter - 0-.) -0-
/ r / 99
5
Date building placed in service . -L2
6 Check the box lhat describes the allocation lor the building (check one only):
a E ¡ta'¡ly constructed and federally subsidized b E Newly constructed and not federally subsidized c fl Existing building
d fJ Sec. 42(e) rehabililation expenditures federally subsidízed e E Sec. 42(e) rehabilitation expendilures not federally subsldized
Under penallies of ædury, I declare that he atlocation made is in compliance wilh the requiremenb of section 42 of he lntemal Revenue Code, and lhat I have o<amined
I of üris fom and to the best of my knorledge and belief, the lnfornation is ûue, conect and complete.
¿t .- f - JAMES M. cHANDLER
24"* --/
-fu =.|*fuJe ) ---1ul1"il'i:-T::':i-- - -
offìcial
Sisnature óf aulhorized Name (please type or prinl)
-
Part ll First-Year Certification - Completed by Building Owner for First Year of Credit Period Only
ta Datebuildingplacedinserviæ) !-¿L!-J33. b Eligiblebasísofbuilding(seeinstructions) z, tq
8a Odginal qualified bæis of the building at close of fint year of øedit period . . .
b Are you treating lhis building as part of a multiple building project fø purposes of section 42 (see
instruclions)? E Yes tr No
Ia lf box 6a or box 6d ls checked, do you elect to reduce eligible basis under seclion (42(|X2)(B)? tr Yes E No
b Do you elect to reduce elígible basis by disproporlionate costs of non{ow-income units (seclion 42(d)(3)? tr Yes E No
10 Chec* the appropriate box foreach election:

a Elect lo begin credit period the first year after the building is placed in serviæ (seclion 42(0(1)) X Yes n No
b Elect not to treat large partnership as tupayer (section 42ÜX5)) n Yes

c Elect minimum set-aside requirement(sætion 42(g))(see inslructions) n 20'50 X 40€0 D 25{0 (N,Y.C. only)
d Elæt dee¡renl-skewed proJæt (sec'tion 142)dX4XB)) (see instructions) tr 1540
Note: A sepaiate Scl¡edute A (Forn 8609), Annual Sfafemenf, for each building nust he attached lo lhe correspondlng Forn8609
lor each year of the 1í-year conpllance peîlod,
Caution: Read the instructions under Signature (page 4) before s¡gn¡ng this part.
Under penalties buikiing coniinues to quálify as a part of a qualified low-income hou,sing project and meets the
d pedury, I dedare that the n-bove
I has nol t D
requiremenls of lntemal Revenue Code section 42 and lhalthe qualified basis of the building has fr
decreased for lhis lax
year. I have examined this form and attachments, and lo the besl of my knowledge and belief, they are true, conecl, and c-omplete,
Sþnature Taxpayer identifcation number Date
Name (please type or pdnt)
For Paperuork Reduction Act l,lotice, see page 4. Ca[ No. 63981U form 8609 nev.l-zoæ)
i*,,8609 Low-lncome Housing Credit OMB ålo. 15110088
(Rsí.À¡gfl tl¡¡¡
Allocation Certification
t)lÉilnlolrr.Tilrf
Irhrii¡rrrtrrb ' Do ÍotñþiËpff¡lsly. Th*hr[Ëlng ornernldtd' ForñË8q
Forn8609.¡¡d
Allocation sf Cr€dit - CornpÞted by Housing Credit Agency Only
cm*tû tl Add¡lionbAr¡affodBass E ¡menCæfom
A â¡lrlm¡ ol bullding (do nd ue P. O. bcx) {æe haüudiom) B Nnrp s¡O eddne¡ dhoniry cndltrgary
100 Pine Crest Lane Virginia llousing DeveJ.o¡rmenÈ .å,utbority
clen tyn, VA 24093 601 S. Bel-videre Street
Richmond, VA 23220-6504
C Nama, add¡æ, and TIN olbulküng otmrrecêåfig aþcalidr D E np$er*le¡¡ffcAion nunöerdagacy
GLen MounËain, L.P. 51-O921892
601 Wenonah Avenue
Pearísbur9¡ VÀ 24L34 E efldíttglhnlificaüonnünbsr(Bt.l)
TlN > 54-!781067 vÀ9600{01
ta Dated*æaion,æ ) t2/20/96 Þ Maim,m lrusingcr€dtülararnnt á I 2,5à9
2 Madmum apdidle credit percstÞgn dlourde 3. 69r
3a Madmumquaffffedbæls . $69, O90
b Chec* here ) E f üp cørpfalion d liæ 3a uas fiuæett uMer the hi$r cosl
ûre efrgÐle bæis used in
area prsvisiûF d,dú
14O{5XC). qilor üþ pergllags b rnhhà tre dt¡¡bþ bæis was
ircteæ€il(#hsfrtËffiËh:i ;-: ; ; .' : ; . ;;.-.-; ; .;
;-, ;-; ; ; ; .-; .- . ;'; ;-; : . .
I Perceil4edhè aggpgale basbfrmoed byHaønpt bonds. (lf æo, €nbr-$.)
5 Date brlildng placed h'sendæ.
7 /L/98
6 Check lhe bor hat dessibes üê allocalím ftr üt€ h¡¡ldng (dnd( me only):
"¡rfl nam¡rænsfircãtardßderãty.srùddiæd b El Nwlyccrsüudedûdnotb&rdlysubsldiæd c El E)dstirubu[dng
dn Seë.42(Eltèh'¿*tlllta[oéøçendbresteOeøtyurUOOÞø , 'êE'Sec.12(E]rdråbiftafoncxpendih¡res.nottudedry;súdd¡zed
'¡enatiesof
pe¡lury"l decla¡alhdüre.e&cattxrrna& bhcoqn[alrall.¡h,Urçfsqrûsntenbof sect'gl {2d$s tnþmal Rflsnrþ Codq andtrati'
illris brmand bhe bestof.my knmþdæand beüsf,1læirrfomalion bhta por.ectardænrpÞ1e.
JAI4ES M. CTIANDLER
AUTHORIZED OFFICER
Name(pleasetypeorffi
First-Year Gertificatlon - Gompleted by Building Owner br First Year of Gredit Period Only
7e Datebu¡ldingdacedinservice t *L*/.1_.1 .9.8.-.. b EligiHebæisdhrilding(seeínstrud¡ons)

8a Original qualified basis of lhe buildng d dose d ffi yea d øed¡t p€riod
b ls the building parl of a multiple büilding proied? E Yes E tto
9a lf box 6a ø box 6d is d¡ecked, do yur dæ{ h reduce digHe basis under section (42(¡X2XB)? tr Yes fl No
b Do you elec{ to reduce eli$ble basis by dispropuüonate costs of non low-income units (sec{ion 12(d)(3)F . fI Yes trNo
10 Check the apploiliate box for eadr dedion:
a Elect to begin cred¡l period lhe first ye üer he tuildirg is plært in service (sedion 12(f)(1D fl Yes .K ruo
b Elecl not to treat large partnership as tatpayer (sec{m 44i)F)) n Yes
c Elecl minirnum set-aside requiremenl (sec{iør 42{g) (see insùtrclians) tr 2o.so .F ¿o¡o tr 25$0(N.y.C. onty)
d Elect deeprent-skeræd proied (sedion 142þ[4[8) {see instructions) tr 1s4o
Note: A separate Schedule A (Forn 8609ì, Annual Statemønt, for each building rnusf àe attached to the corresponding farmSæg
each vear of the I 5-
Czutlan: Read the instuclions urfler 9þnzturc (pags 4) betue sþning this pat.
Underpenaltiesof perþç I dedanthatütû aboßh¡Uhgconl¡nuesb qualiúy asa pgrtof aquafifiedbn-inæme houlng p{ojed.and mee6he requiæmenb of lrrtemal Revenue
Code sec{ion 42 and that he qualified knis of dre buiktiry¡ has ) E tras not t p decæased lor ürb tar year. I have enmined ürb 6¡m and athdrments, and to lhe best of my
knodedge and belief, üey are hre, ærect and complåte.
Sþnatuæ
'
- --.--' -iaxöäiäiriiñüiäiüilumË;
Date
Name (please type or gint)

OMg No. l3rtS-0ttt
8609 Low-lncome Houslng Crcdlt Erora ÈtO4C
Jnryt tFrl Allocatton Certlñcatlon
> oo not lllr ¡ro¡r¡toly. l'h. òuildlng olnl? ftÜlt ltlrcù Forn 658t' ^n¡cñtlrl
Sæuro no. 38
tr f'tãrv
ol
form O¡Og. ¡ntl Sclrctlulo
ß¡¡rr¡ S¡r¡r
Allocatlon of credit{ompleled by Housing credit Agencl only
Äodrlion lo Ouahl¡ed gesls funended Form
I l{¡lË ¡ilr ¡4't!r¡ ol hq¡¡lr9 cr'lrl rg'îq
I AüËa ot bar,tdlllg lcto lìot u¡¡ P O' borx3't rñtl'l^Élton¡l
tiæa;-#!¡t ãC i¡a¡-s¡rg & @ûrrnity Deve'roprent
502 lde¡orat¡ Aven¡e 501 ãrd Street
Pearisburg, \rA 24L34
Itictrr¡¡r¡d, \IA 232L9
Narnc lrtt ¡oórË! ol burldlng owî'7 tccãvlrtg ¡¡læ¡lrol O €rprmr ¡ûlrrfc¡uon numðr ol ¡gcncy
541083047
Pearish¡rg Hansing qPPorurnities E Suldrng Éúrdþ.non nsmþcr l8lNl
604 !{er¡ø¡afi At¡ern¡e
1A 9260201
..u..!.!.y.'-l-..... sb ilrrsrril,vg-,,.:r
Maxrmum houstng vrcæctit clollar amount allowable
la oate of allocarion > ..6..t.3-9.t-9-?-----
ol allocallon rìn.¡
2 Maximum applicable credil percentage allowable

3a
-; Motimum qualified
-t basts
basls
under
ói""f i"r"
iljf;"rJ-t E ¡l tne etigibte basrs used in the computation ol line 3a was increased
the eligible
percedage by which
lhe
the
the high-cost area provisions ol section 42(d}(5xc). Enter
basis was increased (see instruclions)'
percentage of the agtregate bass financed by tax'exempt bonds. --' (lf -0-')
--'-'-enter 7
4 ' zero' tI ¡93
5 Date building placed in service ' 2 """1"";"""
building (check one only):
t"
6 Check the box that descnbes the allocation lor the
-ï;ry-.ån.r*rr.o and nor recterarry subsidized c E,Existins buirdins
äiäJil""ffi,il"i0ïiï;:ä'r;,Ëilä'-;
42le) rehabititatlg!_exoenditures r;-;¡¡u srñs¡dized e E sec. ¿zfe) retrauil¡tation expeÍrctitures- not fecterallY subsidized
¿ EI sec. ll¡u! Gr¡tnncd
ccrron 12 ol lhc lntGmal FlcvGnur codc. and lhål I
; bcftcl. lho Inlonîaton ls trur. cotlìlcl. end complala.
trt I ol l¡,s lom end ro rn" ooi of rty rno.rcogc an<t
'
'
Partll
¿*Z*-
/ Sügnrturc ol aul
)-
Flrst-Year Certilicatlon{ofnpleted by Building Owner for First
Year of Credit Period Only
s .z./.=l.rtt
742
7a oate buird¡ng pracecr ¡n service >...7t..1.r-93..-. b Êrigibrebasisof buirding(seeinstructions) 3g,7 42
first year of credit period
8a Original qr"t¡¡"d basis of the builcting at close of E
E Yes ¡¡o
b ls the building part of a multiple building proiect? ' ' . 1. .' '
9a lf box 6a or box 6d is checked, do you etect to reduce eligible basis under section 42(iX2XB)?. tr Yes Eltlo
b Do you elect to rectuce etigible basis by disproportionate
costs of non-low-lncome units (section 42(dX3D? tr Yes El¡lo
t0 Check lhe appropriate box for each election:
e Hea to begin credit perioct the f¡rst year atter the
builcling is placecl in service (seaion 42(0(1)) tr Yes E ¡¡o
b Elect not to treat lafge partnership as taxpayer
(section 42(¡X5D . tr Yes
c Elect minimum set-aside requirement (seaion 42(g))(see
instructions) El ZO'SO E ¿O-eO tr 25-60 (N.Y.C. onlY)
d Headeep.rent.skewedproiect(sectionl42(dX4XBD(seeinstruaions).
tr 15-40
attached to the conesponding Form 8609
Note ¿4 sep¿rnate schcdute A (Form gæg), Annuat statemenr, for each buitcting rnust ôe
lor each year ol the |'-year comptiance period atter 1987'
pan.
Gaution: Read the n{truct¡ons under Slgnalure þage 4) before agning this
unrter penalties ol penury. I dectâre that
(l) rhe above building conrinues to qual¡fy as a part ol a qualilied low'income housing proiecl and me€ts
42: (2) the qualilied basrs ol the building has Þ E] t no,- t- decreased lor rhis lax
lhe requremenrs ot tdemal Flevenue code secr¡on "t __F.
passrve ross rules under section 502 ol the Ta¡ Reform Act ol 1986 lor thls property' I have
yeâr: anct (3) I am nor craimrng any retrel lrom rhe
my knowledge ancl beliel, they afe true. cotrect. and complete'
e¡smtned this ,orm and attechments. and to the best of
Nanìe loleage lvoêl or o?tnll

No 639ElU rorm 86O9 tRev r.9¿l
For Paperwork Reduction Act Notice' see instructions'
Cal.
TAB O
(Photographs)
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?of'\, V l.l
rAB a
(Utitity Allowances and Rental dssistance)
tSltLlzøt't ll!:11 E4ø92Ll85ø PEMBRDKE MANAGEþIENT PÁGE ø21ø4
rilüffi
o r rtv
vr rg r nra Houstårîårüf;å[T]?lr1 Auth
Al o¡¡tncel för
1?ñI n t Fl¡Tíl$had utll¡tlÔE
ilrd }fiâr Sërvlcsl
tJnlt Type: 2 g!!:!g 1,glll
rago I of 1
iïlDA,Utllfty Allowencs $chedule - 7/2008

PAGE øZIø4
ø?ltll2øtl'{ flf ¡ 11 64ø92LL8ã4 FEMBRü<E MANAffi-1El'ff
{[ fl ï få-åt*tiod uf ï rrtrêË
¡¡rd Íftsr$ervfocs
Effettlvs Errte. 0?f0]lu0ûS

4.
Ut'lllty
Pego 1 ef I
\'llDA/utlllty AllÔwenoê
schEdulE - ?8008
TAB R
(.Il,oeumentatlon of OperafÍng Budget)
Documentation of Operating Budget
Woodrum Manor/Westview
'Woodrum
The operating budget for Manor/Westview was developed based on an
analysis of actual 2007 &,2008 operating costs for the property, which Giles County
Housing and Development Corporation has been managing for 15 years. A reasonable
increase was assumed for most expense line items, while other expenses such as owner-
paid utilities are expected to decrease because of the proposed change to the tenanlowner
paid utility structure and general efficiency measures.
TAB S
pocumentation of Pro,ject Budget)
THE T/ILLIAM G. SIMMONS COMPANI INC.
General Contractors
Post Offìce Box 386
Nârrows, Virginia 24124
May 1, 2009
540-7 26-2436 . FAX 5 40-7 26-2A 57
To: Mrs. Wanda Meador
From: Jack Cecil
RE: Woodrum Manor/Westwiew Apartment Renovations
Dear Mrs. Meador:
Our preliminary estimate for the above referenced project not including any escalation
or
contingency funds is as follows:
Off-site lmprovements *t\,--

Site Work ò
¿{aaâ- (2rsr5 -'o-
Other {Appliances} ?1 , oç7 ==-
Unit Structures {New} *(>-
Unit Structures (Rehab)
Accessory Building
Asbestos Removal
Demolition $ocro-
Commercial Space Costs b Lt¡
Structured Parking Garage
5ubtotal Lã{
General Requirements
Subtotal t, >3(.., çri-o'-

Overhead (7%) .. BL, srB 53
Profit (7%) A*/51e iZ
Bonding Fee {$9.00 per thou.} lL ,_(' g.¡ aZ
Other *"Q¿
Total Contractor Cost l, '{zl , ûv\V
lf you have any questions please do not hesitate to call.
TAB T
(Doeumentafion of Elnanclng ßources) I
Town of Pearisburg
112 Tazewell Street
Pearisburg Virginia 24134
Baóara M. stafford
Mayar May 13,2009
Çouncll:
Daniel H. Robertson
Robert [, Dickerson, Jr. Virgina'Housing Development Authority
'Rebecca H. Moses Attention: Jim Chandler
JimmieR.Williams
George C. Psathas
601 South Belvidere Sheet
Charles R. VÍa Richmond, VA2322A
Kenneth F. Vittum
RE:
Town Manager
lwltlum @ peaisbut'g.og Name of Deveþment: Wooclrum ildanory'Westvierv
Rick C. Tawney Name of Orvnery'Applicant: Olde Torvne Housing LLC

.Town EngìneeilPublic
Wo¡ks Director Name of Sellery'Current Orvner: Pearisburg Housing Opportunities, L.P.
Jackle C. MartÌn
Çhieî of Police
Dear Mr. Chandler:
ludy Harrell
Town Cle¡k
As the holder of note and deed of trust dated December?t, L994,
W, R. fohnston payable to the Town of Pearisburg in the original amount of $657,429'86,
Recreation Dlrecto¡ which note and deed of trust are executed by Pealisburg Housing
Opportunities, L.P,, and which deed of trust is a lien against the Woodrum
Sandra ßoberÌson
Líb¡arian ManollüVestview development. The curtent balance in accordance with the
audit is $755,699. The Town of Pearisburg rvill permit Olde Tolilne Housing,
Rodney F. Wilson
LLC to assume the loan fiom Peat'isburg Housing Opportunities, L,P., at the
BuildíngAffÍcial
existing interest rate on the sunent loan, with payments ofprincipal and
interest deferred as provided in the note and deed oftrust.
Sincetely,
{-::x{rlræ--*-^
Kenneth Vittum
Telephonel Town Manager
(540) 921-0340
FAX:
(540) 921-0086
Website:
www.pearisburg.org
*"'' *o'
-î,Tlfr:' t.cr ':ti],r', Efìfì
ä$i#'#ffit#äî",'
Decenbet, 199{¡'anongrffirginía
DecenbeÏ, 1994r'â¡ÌonE Rcvia
å*Ì:* iîi:äã"1ål.iã?!tïí=i'!,.i#"n:*i:: "iåo*ÌäÏi"';
TlåÍ;ii, "il:s.:ii"Ë;liiür
I
lålfrFËlç*?
-il:iËiåid-?Ï "i;lliii":rüit* í;:":"-*T:i:":'
:äii"i;:;tiil¿,"ål'llloí,oä:, "::"""'
ËïËtãâä' rã'- iñã
t;Ëiäãii";-ãefine4,
i!
Þ'n:f(the 9l..ll:
frugtees)i
ltrINESiSE:rX¡
*.äiË.ïli#ritüiili;ili*çïl¡å;ii;ç$'lilf;
;;;;; atrd conveyÊ to the Trustees'
r'r!n $i;i"¡il
set forth'
Énoligtr covenånr' or"tiäi",-äiIãpi'as.'"ráinaf,ter
Giles coünty'
ttrË land and intereat'iiãiåin-"1luatE-ii
described in Exhibit I
-\ virqinia, and more pãtËïã"rãify
tS
.s' a¿táched hereto,
Ith
_¿\ã gi:flHi:If;
rocErItER'*:.:lli"l*åtgå',.i:'"1åi'Ho'*t'|. !H-
ãt-ippo'tun"r:.:{i!i*ï;git:l¡"1îi .,
. .l{'\\. Ehoreunto þelonslns or aPr
"låä'.el';;t
Iiä"iñiii-titÏ;; flxÈuree' ancl
\'! ¡ ,l!H rhe Borrower's rlsnti ;'Itíã ilå-iñtursst-tn
lt
\ ñ ,;il lncludlns but' noü

gubetírurtone and rrårÀ'ä!åã"Ëä-tfiäiãiot"'
r: !':$ Þ ïfi;;"å-;;;. ãrr r*,,Ti;i"ä:ïig:i:ltii ;¿i,::iî'¡ii:åiii:9"'
!ã tårffiiÏÍr"iiiäi;;,-äna-iir" pieventióñ-ánd' sprrnktins
iÌt, ie :lå
:äTldääÏ":ïi,:f*;*iÏii'*'il'::**l iå:l"tli"å'll'n'
'Property, "
+ of atl Èhe covenantt
IN TRUST to Éecure perfonnanco. in full ot a
rS and asreenente.¡ereíi äãiiiioãã lîd :h:';pa!menè
\ iät.-in tr," n'r".re-iÏ fräl*:ä":';"Tllli::"liåTäi?ilËî. ""'."
åi ri:'$"-'
"'
ii!#äiïii*lül,llt:i;:i'iii!*ü:iri''ri::
Pearisburg, Virgrnrt
i ruããii-ã¡
iõãnã' paiä, che thereon, .'n" åneli"!îFlil'ii:hii-"'
-
f
I iããïiã¿'intärest "nåí'å-Ëãshall be 'lue
¡
I
2I ,
20.24,
I
IN rRusr to- pav !Y.ïloiåt'iiåi3¿"
AND FuRTHER
reaeonable attorneyÊ' fees and-oth9l-Iu: "t
iiäãËïäi- rrnå in"oil"¿r;i"f rH::!iü-::'^
*i*i*tr*":::
l?:;,11,':?ffi'l;: :l!!riii4-i;1":il:itiiii;:,':,:""i#å:.;'
preeervation of the ProP€rty'
Default,(Þ) tne P;;;;i;;-;nd
Ïi':::i:åîHiisi"ii.;ii"::l"iit:ùtl':':l*i'':iï:ü!?iii:":'
accrúÍ-ns bv virtue åt-tñt'p;i;i"ióng-t'erããi'-år
tit" righta of
lï# :¿l*u1ï';irffi qii*Hi:n,"

ifr *t,iii', whatsoeve''iT
i:t::: '*¡î",
:["ffi:'i"iål'ä'"îä'-;";iñq-Ànv-"i'"pg
Ëntorcins t'liÉ D99-9 ãi ìiú"t' clãimi;'q-;;i"*l'li:tl";iåìH ot
;îñ;;-"Ë the proviaions hereof' or exe¡
Éereunder.
år*iYå*t"*''llfuriii'iki¿lr:flrrîiçiidi"ffi*''
""'
REFINANCÊ AN EXIST]
I{HICH IS
DEBT SECUtr
BEEN PAID. lHE.AM(
section
paY the PrinciPal i; iflffiTi' l3i'iiäîiã'in"t
" """
,:';_'r¿
,, ^.'.,-..-l--)-
.i-*??
r-r,, :.Ìl.J.ij, îf7

I
observe and perf,orÍ¡ aJI covenants, conditionn and agreeEetrte

cnont¡iued in the Note and thiE Deed gf TruBt, all ae providd
herein and therein. I
I
't
I secÈion 2.
I tbc follo¡¡ing shall be an Event of Default heréunder: I
I
' (a) Failure of the gJrowei, go pay any
i
pârt of the principal of or intqreEt on uhe Nôte
I
she¡ due and che continuatioD of, Êuch failure for three
,i business dayÊ åfter !ùritten or eral notice of, Eucb
l
I
failure. i
I
(b) Breach of any otter covenant contained ÍD
:l
I
this Deed of Trusc and failure Uo renedy Euch breach
' uithin"
.l 30 days after ¡rritten noçice tbeieof by .the holder
I
of the ¡¡ote to the Borrower, orlin ¿he caÊe of any such
breäch thaË caur¡ot rditb due diligence be cured rithi¡
I 6uch 30 day period buÈ which can be cured within a
.-i reaeonable ti.me without the impainnent of the
Benefici.ary's position, in the geneficíary's opiuion,
I
failure of the Borrower to proceed pronptly to cure the
Eäne and thereaf,ter proÊecute a¡d cornplete the curing of
¡
.t
I the eðme nilh due diligence sithin such tírne.
.t I (d) Àppointmenc of aitruetee, receiver or
ir liquidaÈor for the Property by órder of a cour.g of,
il competent jurisdiccion and the failure of euch order to
be discharged within 60 days frgn the date of, such
l
åppointment,.
¡
Upon t,he occurrence and continuation of aD EveÌ¡È of

'l
I
Default, herãunder, the holder of ti¡elNote may' at Ít8 optio!
and with such notíce as rnay be reqti¡ed by 14il' declare the
Note i¡nmediatel,y due and payable a¡dl shall have t,he right to
have Èhe Trusteés seII thè Þroperty, ¡ as'a whole or in parcele,
at, public auction, for caeh or credit, upoù any tenns the-.
Trustees shall deem appropriater Bef,ore euch sale at Public
aucÈio[ is,made, there. shãll first be advertised the ti¡ne,
place and ierms'of e¿lä as required by law, and there ehal'l be
given, as required by lan, ltfittetr nòtíce of -tbe time, place
Ãnd tàr¡ne of-the sale, A bidder'6 depocÍt of not more than
l0t bf the Êa1e price may be requirefl a¿ Èhe option of the
holder of the NoLe or the TrusÈees. I rhe holder of the Note
may becone the purchaEer of Èhe property so so1d, and, no-
puichaser ehall-be reguired to sãe tþ the proPe5 application
ãt tne purchase money.- The proceeds'of any Euch-sale.shall-be
applied-in tlre mannei preccribed by SecÈion 55-59.4(À)l3l 9t
tirä virqinia Code. upän the occurieþce and contj.nuation of äD
Event oí DefaulÊ hereùnder, the TruEt€e8, at the requeet of
the holder of the Note, ahall have tþe'abËolute right to eDt€r
the ProperÈy and Èake poeøeesion thereof, and the Borror'ter
ågre,es i:o eürrender th-e Property to t,he Truatee6 Promptly utr'o¡
dãmand. upon Èhe occurrencè and conÈinuaÈion of an Event of
Default heieunder,. the holder of thei Note shall håve the
right, but Ehålt not be obligated, tb e¡ter the ProPerty add
oeifor¡n any covenants hereunder, andj all reaÊonable cost
[r¡eie"i snäll ¡e eecured by this Deeit of lrus! and shall be
oaid, tooeÈher with interest Èhereonl at the rate per annun
åiã"ií to'trre rate of interest sÈatedl in the Note. Tbe
oËiiãtn.o"è of anv euch covenanÈ by.þbe holder of, the Noùe,
ñor"t.r, ehåll noÉ be deemed a waive¡ of default'
The holder of the Note is þuthorized, for the
I
i¡ccount of and åfter uritten Dotice ,tor the Borrolter, to naße

åny required pal¡nents under any'.1íeni-priqr. heretot -9I-:19:I-
this Déed of irust, the nonPayrnent oF whicb would con6tltute to
t.
iñ-s"ãoi of oõfauli, hereundèri incluSing buÈ not lj$itedehall b€ar
ilxãE ¿na ineu¡ance prãn1une.' All ei'rna-ao advancednate stqtd
inÈeússÈ st I rôte Eå;-ñ"t egual .to tbe lDterest
ii-t¡ã-Ñoic fron thè date of tte advance tooftbetbedate of
;;dpdã;"¡ãi¡ ãii"ã¡ to sad becomP ¡'ðrÈ debt sêcured
¡..;r iíìiJ,r'.,Sfi:Î
by ths llc¡ ercatdd hercunder, and rhall boconc payablc rt rly

I
t-i¡ne on denand thdrefore. Tho f¡llure Èo ntko PllmcnÈ oD

denand shtll, tt qhe option of the holder of ths l¡ote;
col8titute an Evedt of Default hereunder.
rhe hotder of, the Note dud thè lruEtees (rith Èbc
I
oèrrnieeion of tbe lholder of the lloÈe) nay.grânt aíy extenaioD,

?orbearance or otder indulgence, nay release ôûy P¿rt of thê
Prooertv from the llien hereof and nay releaee ,sny Person fron
fiaËifiÊv vrithout laffecting the Per6onð] liabiliÈy ot qny-.
fór
Irerson paynen!. of indebtedness secured hereby or the lien
hereof. I
i3. Ihg'Ællüseq.. rhe Tru€teeË aball be

I
seetion
undér ¡o duty to dake ã¡l ãction hereunder except as expreaoly
iècuire¿, or-to pCrform åny acc shich would involve Èhen in
ã*ðènee år tia¡iiÍtv or to-institute or defend any euit in
reÈpect hereof, unlãsg properly indenrnified to their
satiefaction.'AIi reaeönable èxpenses, including counsel
feea¡ incurred by lthe TruËtee¡ in and ôbout the adtninistrâtlon'
and äxecution of-qhe trust6 hereby created, and the
perf,or¡nance of thCir duties and powere hereunder, shall be
ãácured bv t,hiE Dced of, trust and ehall bear ínterest at a
rate Þer ånnum eqrial .to. the ¡nterest Râte ståted ln Èhe llotc.
sithri-ãr-Ë;th ;¡ lihe trustees nay exercíee all the righte and
Dowera of the Trudtees hereunder'. Pur6uant to t'he ProvlErona
ãf section 26-49 d,f the virginíå Code,. or any eucceseor
orovision of law, lthe holder of the No¿e hereby Becured, eith
ãr wíthout cause; lín its discretion and for åny reason
whatÉoever, is heçeby autho¡ized and empowered to sub8titute
ãnà aoooini,, bv ari iirstru¡nent recorded trherever this Deed of
fru6t'is reêorâedJ a Trustee in the plðce of any Trustee
hereunder. i
sectlon i4. (a) tliecellaneoüs. ÀI1 notices,

demande, approvalC, consentg, requests ånd other
ããürüriå"tiãns ¡èiåunaer shail bé. given in the nanner provldcd
b;iã;t provided dh"t, for purposeÀ of section 55-58'2 ofnåy the
lï"ãi"i"-code onLd, tÍre addiesË at rchÍch conununicatione lown bo
i'ãiÍãã-ãr-aÀriv.rÊlå to the Noteholder secured he-1çly.ie
äi-pããriã¡u tgi ttl sazeetell .Àvenue, PeariËburg, -Yi:qllll
24L34, îot õf eaid secti.ón 55'58.2t-the
.. t -..e Noteholder
eecured Itho Eofvn .of, PeârÍ.6burg-. The addreee at
;ii;h-;"*ttniÉairdu" rnay be ¡nailed'or delivered r;o t!9
ää;;;;;l;-îããiii¡urg ftousins oPportunítíes, L'P'. 601
Wenonah Àvetrue, Pëårisburg, VA 24L34,
.(b) Sudeessere and Àqgígrrg. Thl,e Deed ofbe lruot
¡
eball be bi;áínAIpon, ínure io thé benefít of and

ãliãicãã¡tã ¡i Ét¡J'p.itieE herêto and thêír gucceseóre and
û8Sr.gDA.
(c) rabílity. Îf any provieion of thia oacd oJ
llrugt .ehall be -Ínvalíã bv anv èourt of cotnpetenÈ
Juríedfcùlonr 6uc holding ahãll not ínvalidate âny othêr
provlsioo hereof,.
(d) Ihis De'êd ðf, TruÊt shall bG
govêrnod by the lase of, Virginia.
il !ûHEREoF, thê gorroee¡ hae cauaed thl?
Deed of Trust to d;üi¿ã'in its. nãlrê as .of thê dâtâ fist
6þove wrLtteh.
, -* - **--*--f-.*:- -- -- "
r'-
I
I
'ü"h*
I
-i
rur Ìlì.],r,:,
I
$!'í$
PEAB¡SBIIRG llot sI!¡G OPPORT{,NIfIES, L.l.

By! Peâriêburg con¡nuuiay Developne¡l Corporetion
G€neral Partner I
By:
President
'Seþretary
't
STATE OF VIRGINIA
COUNrY OF GILES, to-wit;
The foregoing instrurnent htaE -acknowledged before,ne,-in nÍ

iuriadicÈion Ãforãeaid thíe '):Jxl dayi 6¡ Decenberr. L994t Þy
fiñä-i:-¡ioããe' and Jean paãõ ae- President and-secretery'
lããoecttvetv of Pearigburg connunityi DeveloPnenÈ - cor¡'oråslont
ãanåral:Þêr¿Der ãi
äã;;i;;É¡ãi of, pã"rieÉurs @perÈuniti€g, L'P',
Houaing oPpcrÈunitr€E¡
Pearieburg xouaing fr'P'¡ ac
ae
'' ihe.iiÁcc, änd deed of . aald corporqtlotrt
.i'
':'í,il'',i,:¡,'¡¡'.*lseron erpiree: ldlsì't¿
.$)ii il \
.l 'lrll',r¡,7'ìrr ?1., ','
ï:,:r' I Notary PuÞ¡l!
.
Ji.iill
{":'.!.ót'
,!ii,,¡
[Í
Æ\
\sy
ù
.Ì.,.,'¡ lr I fr,,.t, f," ,i, ù., , rr{'¡ilft ¡l
a"'à Lrtrtr
-. .* ,-.*-.JÊ.-à2n9t
-l¡.flq/.'-..,::þt, i: ..,1. ¡ .¡t¡4"ti:
Éh
\li¡:,7
¡¡r Ì13,",f?0'
' |
ÉTsrgrf'r
TO À DEED OF DECEÎ{BSR ¿-1-' 199¡I' FR'6I PEÀRISBIIRG
IRI'ST DAÎ'ED
sot srNG oPPoRsttNrrríiïîpî ro inue-s--l' ¡nnrr'er AND RlcHÀRD
"""i:*c;i;;ËñË;iñiårEËi ;' rÑ rne ÂuoltNr oF s657' 42e' 86
situaÈè in thè Tosn of Pearisburg' GileÉ courty'
vrrgiiîãllãia t"iä¡rãttïcuiarrv described ae follow¡:
-t
PÀRcEf, ONE ('the wåstern gotel Pioperty'):
' Lot€ s ai,a e in the PearËon subdivision in tba
losn of p"tiiãËuiõ, ãs ehonn.on â naD thereof
' å;-;.;;r[-il"ñ;^ðí";['ã-óiii"* or'tùe circuit
nap Book 1'
ðãttt-ãii-eii"ã'-õoooc!, Yitsili¡'isi'nberebv
;;-;;ñ-bã;-ü ;bi;h'iererðnce nade'
PÀßCErr tfilo ('the Kêl1y property")!

BECTNNIITG at a drill hole foúnd
ln tbe -norther¡
ñ;ñî-;-i't;v ritã õi wenonah Àvenue and the
rtãút-ði way line of Tszeuell
eaatern-reãiins-wenoiaþ streeÈ'
th;;õ Avenue' and nitb'
48' L4' w 264'2e foet te
:
õäilîãni siläãt, Ña 23o t
å*iãið-ãrliiãã-io velk; tbe¡ce 191vils-

I
9', ¿12f i22J"

t t
:' :x; : il :i:: lJ il"' ï å,' I i' ""'

i
rigbt' of way
¡
I
i"'ã-tãã-ioo-nl io the nor'tbern
thelge with wenonah
L
ii"; ;; w;;õlin-Át'"nu";
{
"
Àvenue s iäõ-iT':'òõï-w'tot,zt teet to the
poinÈ I
I
äi-sããithing, and containing 0'6s3 acr€' I

I
I
I
I
estâÈe conveved to
t
the sane real
I
And beidg I
is*:¡ili:'n¿ ï;i; iT ""*

I
ãä:Fl$s'ffil;ifi
peariE¡r¡rá,-w¡iãrr'¿èta ie o¡ record ín the i
clerk's ;olíiåã-ãi iuã'circuit. court of Gileg I
;ñilv; ;ùl"sini", in Deed Book 242t at Pase .tf

653. :
ì
I
È
SIGNED rOn ronr¡rtrICAlION!

I
PEÀRÎSBURG HOUSTNG OPPORIÍJNITTES'

f"P'
lryr connunity Developnent cor¡nratlon
- reJríelurg
Ge¡ieral Parüner
t'
iR
I
nebÞcca H. Moseg
,i
.et|."., f
t
I
i.
!'
" ãÞr
.: Íj,j::;:à
; \1 ,1-: ¿J
!, \/
TAB V
(Nonprolit or LHA Purchase Option or Right of First Refusal)
This instrument was prepared by Hartley & Chidester, P.C., Attorneys atLaw,503 Mountain
Lake Avenue, P. O. Box 511 Pearisburg, Va. 24134
Tax Map Nos. 404 10 E 41; 404 11 5; and 40A ll 6
PURCHASE OPTION AND RIGHT OF FIRST REFUSAL AGREEMENT
This Purchase Option and Right of First Refusal Agreement ("Purchase Agreement") is
made as of the 29th day of April, 2009 by and between OLDE TOWN HOUSING, LLC, a
Virginia limited liability company (the "Company"), Grantor, and PEARISBURG
COMMLINITY DEVELOPMENT CORPORATION, a Virginia Corporation, Grantee.
Whereas, the Grantee, concunently with the execution and delivery of this Purchase
Agreement, is entering into a certain Operating Agreement dated as of the date hereof (the
"Agreement") creating the Company; and
Vy'hereas, the Company is wholly owned and controlled by Grantee; and
will be instrumental in the development of the Project Property, as

Vy'hereas, Grantee
described in the Agreement, and will act as guarantor of the obligations of the Company in the
continuation of the Company for the further development of the Project Property; and
Whereas, the Project Property is or will be subject to one or more governmental agency
regulatory agreements (collectively, the "Regulatory Agreement") restricting its use to low-
income housing and may become subject to a low-income use restriction (the "Special.
Covenant") pursuant to the terms and conditions of this Purchase Agreement (such use
restrictions under the Regulatory Agreement and any Special Covenant being referred to
collectively herein as the "Use Restrictions"); and
Whereas, Grantee and the Company desire to provide for the continuation of the Project
Property as low-income housing upon termination of the Company by Grantee purchasing the
Project Property at the applicable price determined under this Purchase Agreement and
operating the Project Property in accordance with the Use Restrictions; and
'Whereas,
as a condition precedent to the formation or continuation of the Company
pursuant to the Agreement, Grantee and the Company have negotiated and required that the
Company shall execute and deliver this Purchase Agreement in order to provide for such low-
income housing, and to induce Grantee to guarantee the Company's obligations thereunder;
Now, Therefore, in consideration of the execution and delivery of the Agreement and the
payment by the Grantee to the Company of Ten Dollars ($10.00) and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby
agree as follows:
1. Grant of Option. The Company hereby grants to Grantee an option (the "Option)
to purchase the real estate, fixtures, and personal property comprising the Project Property or
associated with the physical operation thereof, owned by the Company at the time of purchase
(the "Property"), after the close of the fifteen (15) year compliance period for the low-income
housing tax credit for the Project Property (the "Compliance Period") as determined under
Section 42(i)(l) of the Internal Revenue Code of 1986, as amended (the "Code"), ott the terms
and conditions set forth in this Purchase Agreement and subject to the conditions precedent to
exercise of the Option specified herein. The Project Property real estate is legally described in
Exhibit A attached hereto and made a part hereof. The Regulatory Agreement containing the
Use Restrictions to which the Project Property real estate will remain subject under Section 9
hereof is described in Exhibit B attached hereto and made apart hereof.
2. Grant of Refusal Right. In the event that the Company receives a bona fide offer
to purchase the Project Property, which offer the Company intends to accept, Grantee shall have
a right of f,rrst refusal to purchase the Property (the "Refusal Right") after the close of the
Compliance Period, on the terms and conditions set forth in this Agreement and subject to the
conditions precedent to exercise of the Refusal Right specified herein. In addition to all other
applicable conditions set forth in this Agreement, (a) the foregoing grant of the Refusal Right
shall be effective only if Grantee is currently and remains at all times hereafter, until (i) the
Refusal Right has been exercised and the resulting purchase and sale has been closed or (ii) the
Refusal Right has been assigned to a Permitted Assignee described in Section 10 hereol
whichever first occurs, a qualified nonprofit organization, as defined in Section a2(h) (5) (C) of
the Code, and (b) any assignment of the Refusal Right permitted under this Agreement and the
Refusal Right so assigned shall be effective only if the assignee is at the time of the assignment
and remains at all times thereafter, until the Refusal Right has been exercised and the resulting
purchase and has been closed, a Permitted Assignee described in Section 10 hereof meeting the
requirements of Section a2$)(7)(A) of the Code as determined in its judgment by tax counsel.
Prior to accepting any such bona fide offer to purchase the Property, the Company shall notify
Grantee of such offer and deliver to Grantee a copy thereof. The Company shall not accept any
such offer unless and until the Refusal Right expired without exercise by Grantee under Section
6 hereof.
3. Purchase Price Under Option. The purchase price for the Property pursuant to the
Option shall be the greater of the following amounts, subject to the proviso set forth herein
below:
a. Debt and Taxes. An amount sufficient (i) to pay all debts (including member
loans) and liabilities of the Company upon its termination and liquidation as projected to occur
immediately following the sale pursuant to the Option, and (ii) to distribute to the Members,
after payments under Section 4(a) of the Agreement, cash proceeds equal to the taxes projected
to be imposed on the Members of the Company as a result of the sale pursuant to the Option, all
as more fully stated in Sections of the Agreement, which is hereby incorporated herein by
reference; or
b. Fair Market Value. The fair market value of the Property, appraised as low-
income housing to the extent continuation of such use is required under the Use Restrictions,
any such appraisal to be made by a licensed appraiser, selected by the Company's regular
certified public accountants, who is a member of the Master Appraiser Institute and who has
experience in the geographic area in which the Project Property is located; provided, however,
that if prior to exercise of the Option the Internal Revenue Service (the "Service") has issued a
revenue ruling or provided a private letter ruling to the Company, the applicability of which
ruling shall be determined in its judgment by tax counsel, or tax counsel has issued an opinion
letter concluding that the nature and use of the Property may be sold under circumstances
described in this Agreement at the greater of the price determined under Section 42(i) (7) of the
Code or the price determined under subsection 3a hereinabove without limiting tax credits or
deductions that would otherwise be available, then the Option price shall be such price.
4. Purchase Price Under Refusal Right. The purchase price for the Property
pursuant to the Refusal Right shall be equal to the sum of (a) an amount sufficient to pay all
debts (including member loans) and liabilities of the Company upon its termination and
liquidation as projected to occur immediately following the sale pursuant to the Refusal Right,
and (b) an amount sufficient to distribute to the Members, cash proceeds equal to the taxes
projected to be imposed on the Members of the Company as a result of the sale pursuant to the
Retusal Right
5. Conditions Precedent. Notwithstanding anything in this Agreement to the

contrary, the Option and the Refusal Right granted hereunder shall be contingent on the
following:
a. Member. The Grantee shall have remained in good standing as a Member of the
Company without the occurrence of any event of any default under the Agreement, and,
b. Regulatory Agreement. Either (i) the Regulatory Agreement shall have been
entered into and remained in full force and effect, and those Use Restrictions to be contained
therein, shall have remained unmodified without its prior written consent, or (ii) if the
Regulatory Agreement is no longer in effect due to reasons other than a default thereunder by
the Company, such Use Restrictions, as so approved and unmodified, shall have remained in
effect by other means and shall continue in effect by inclusion in the deed as required under
Paragraph t hereof:
If any or all of such conditions
precedent have not been met, the Option and the Refusal Right
shall not be exercisable. Upon any of the events terminating the Grantee as a Member of the
Company under the Agreement or affecting the Regulatory Agreement as described in this
Section 5, the Option and the Refusal Right shall be void and of no further force and effect.
6. Exercise of Option or Refusal Right. The Option and the Refusal Right may each
be exercised by Grantee by (a) giving prior written notice of its intent to exercise the Option or
the Refusal Right to the Company and each of its members in the manner provided in the
Agreement and in compliance with the requirements of this Section 6, and (b) complying with
the contract and closing requirements of Section 8 hereof. Any such notice of intent to exercise
the Option shall be given during the last twelve (12) months of the Compliance Period. Any
such notice of intent to exercise the Refusal Right shall be given within one hundred eighty
(180) days after Grantee has received the Company's notice of a bona fide offer pursuant to
Section 2 hercof, but in no event later than one hundred eighty (180) days immediately
following the end of the Compliance Period, notwithstanding any subsequent receipt by the
Company of any such offer. In either case, the notice of intent shall specify a closing date within
one hundred eighty (180) days immediately following the end of the Compliance Period. If the
foregoing requirements (including those of Section t hereof) are not met as and when provided
herein, the Option or the Refusal Right, or both, as applicable, shall expire and be of no fuither
force or effect. Upon notice by Grantee of its intent to exercise the Option or the Refusal Right,
all rights under the other shall be subordinate to the rights then being so exercised unless and
until such exercise is withdrawn or discontinued, and upon the closing of any sale of the
Property pursuant to such notice shall expire and be of no further force or effect provided that in
the event that the Option and the Refusal Right are hereafter held by different parties by reason
of any permitted assignment or otherwise, Grantee in its assignment(s) or such parties by
written agreement may specify any other order of priority consistent with the other terms and
conditions of this Agreement.
7. Determination of Price. Upon notice by Grantee of its intent to exercise the

Option or the Refusal Right, the Company and Grantee shall exercise best efforts in good faith
to agree on the purchase price for the Property. Any such agreement shall be subject to the prior
written consent of the Consenting Member, which shall not be withheld as to any purchase price
determined properly in accordance with this Agreement.
8. Contract and Closins. Upon determination, of the purchase price, the Company
and Grantee shall enter into a written contract for the purchase and sale of the Property in
accordance with this Agreement and containing such other terms and conditions as are standard
and customary for similar commercial transactions in the geographic area which the Project
Property is located, providing for a closing not later than the date specified in Grantee's notice
of intent to exercise of the Option or the Refusal Right, as applicable, or thirty (30) days after
the purchase price has been determined, whichever is later. In the absence of any such contract,
this Agreement shall be specifically enforceable upon the exercise of the Option or the Refusal
Right, as applicable. The purchase and sale hereunder shall be closed through a deed and money
escrow with the title insurer for the Project Property or another mutually acceptable title
company.
9. Use Restrictions. In consideration of the Option and the Refusal Right granted
hereunder at the price specified herein, Grantee hereby agrees that the deed of the Project
Property to Grantee shall contain a covenant running with the land, restricting use of the Project
Property to low-income housing to the extent required by those Use Restrictions contained in
the Regulatory Agreement Such deed covenant shall contain a reverter clause in the event of
material violation of such Use Restrictions. Such deed covenant shall include a provision
requiring Grantee to pay any and all costs, including attorneys' fees of any other holder of such
reverter rights in enforcing or attempting to enforce the Use Restrictions or such reverter rights,
and to pay any and all damages from any delay in or lack of enforceability of the same. All
reverter provisions contained in such deed and in this Agreement shall be subject and
subordinate to any third-party liens encumbering the Project Property.
If prior to exercise of the Option or the Refusal Right, as applicable, the Service issued a
revenue ruling or provided a private letter ruling to the Company holding thaf a covenant of the
4
nature described hereinbelow may be utilized without limiting tax credits or deductions that
would otherwise be available, the applicability of which ruling shall be determined by counsel,
then as a condition of the Option and the Refusal Right, the deed to Grantee shall include a
Special Covenant specifically restricting continued use of the Project Property to low-income
housing as determined in accordance with the same low-income and maximum rent
requirements (excluding any right under the Code to raise rents after notice to the applicable
state or local housing credit agency if it is unable to find a buyer at the statutory price) as are
currently specified in the Agreement with reference to the low-income housing tax credit
(notwithstanding any future discontinuation of such credit or modification of federal
requirements therefor), except insofar as more stringent use requirements are imposed by the
Regulatory Agreement. The Special Covenant shall constitute part of the Use Restrictions. The
Special Covenant may state that it is applicable and enforceable only to the extent such housing
produces income sufficient to pay all operating expenses and debt service and fund customary
reserves and there is a need for low-income housing in the geographic area in which the Project
Property is located. The Special Covenant shall run with the land for a period of fifteen (15)
years after closing of the purchase under the Option or the Refusal Right, as applicable, or, if
longer, for the period measured by the then remaining period of Use Restrictions under the
Regulatory Agreement, provided that the Special Covenant shall terminate at the option of any
holder of the reverter rights described hereinabove, upon enforcement thereof.
In the event that neither the Option nor the Refusal Right is exercised, or the sale
pursuant thereto is not consummated, then upon conveyance of the Project Property to anyone
other than Grantee or its permitted assignee hereunder, the foregoing provisions shall terminate
and have no further force or effect.
10. Assisnment. Grantee may assign all or any of its rights under this Agreement to
(a) a qualified nonprofit organization, as defined in Section 42(h) (5) (C) of the Code, (b) a
government agency, or (c) a tenant organization (in cooperative form or otherwise) or resident
management corporation of the Project Property (each a "Permitted Assignee") that
demonstrates its ability and willingness to maintain the Project Property as low-income housing
in accordance with the Use Restrictions, which shall not be unreasonably withheld if the
proposed grantee demonstrates that it is reputable and creditworthy and is a capable,
experienced owner and operator of residential rental property, and subject in any event to the
conditions precedent to the Refusal Right grant and the Option price set forth in Sections 2 and
3 hereof. Prior to any assignment or proposed assignment of its rights hereunder, Grantee shall
give written notice thereof to the Company and all of its Members, Upon any permitted
assignment hereunder, references in this Agreement to Grantee shall mean the permitted
Assignee where the context so requires, subject to all applicable conditions to the effectiveness
of the rights granted under this Agreement and so assigned. No assignment of Grantee's rights
hereunder shall be effective unless and until the permitted Assignee enters into a written
agreement accepting the assignment and assuming all of Grantee's obligations under this
Agreement and copies of such written agreement are delivered to the Company and the its
Members. Except as specifically permitted herein, Grantee's rights hereunder shall not be
assignable.
11. Missellaneous. This Agreement shall be governed by the laws of the State of
Virginia. This Agreement may be executed in counte{parts or counterpart signature pages which
together shall constitute a single agreement.
(Continued on Next Two Pages)

Grantee:
PEARISBURG COMMUNITY DEVELOPMENT CORPORATION, a Virginia Corporation
By: (<r' ."¿Å/"Øþ./

RebeccaH. Moses
Its President
Gtantee Acknowledgement
I, úrLA,ü¡g¿"IJ¿.¿-a Notary Publis in and for said County in the State aforesaid, do certiff
that Rebecca H. Mo'ses, President of Pearisburg Community Development Cotporation,
personally known to me to be the same person whose name is subscribed to the foregoing
instrument as such officer', appeared before me this day in person and acknowledged that she
signed and delivered such instrument as her own and voluntary acts, and as the fiee and
voluntary act ofthe corporation known as Pearisburg Community Development Corporation, all
for the uses and purposes set forth therein
IIA¡LA A. WHONIIY
ilotory lubllc
' tåttåt
çoñnl|rþû trFfrü frÞ 2Ó, ZOI?
My Commission Expircs:
EXHIBIT A
LEGAL DESCRIPTION OF THE PROJECT PROPERTY
All of those certain parcels of real estate situate in the Town of Pearisburg, Giles County,
PARCEL ONE
Lots 5 and 6 in the Pearson Subdivision in the Town of Pearisburg, as

shown on a map thereof of record in the Clerk's Office of the Circuit
Court of Giles County, Virginia, in Map Book 1, at Page 63,to which
reference is hereby made.
PARCEL TWO
Lot Number 4l and Lot Number 53 which are adjoining lots and as shown
upon a plat of the Old Town of Pearisburg, recorded in the Clerk's Office
of the Circuit Court of Giles County, Virginia, in Deed Book E, at Page
289,to which reference is hereby made.
THERE IS EXCEPTED, HOV/EVER, THEREFROM the following described

parcel:
BEGINNING ata drill hole at the corner of Mountain Lake Avenue and
Tazewell Street, thence with Mountain Lake Avenue, N 65 degrees 14'
06" 8, 107.28 feet to a rock ledge; thence leaving Mountain Lake Avenue,
S 23 degrees 48' 04" E, passing a rod set at 5 feet, approximately 130 feet
to a point; thence S 65 degrees 14' 06" W, approximately 107.28 feet to a
point in the right of way of Tazewell Street N 23 degrees 48' 14" W,
approximately 130 feet to the point of Beginning.
Tax Map Nos. 404 10 E 41 ; 40A 11 5; and 404 11 6
The foregoing real estate is the same real estate conveyed to Pearisburg Housing Opportunities,
L}., a limitedpartnership organized pursuant to the provisions of the Virginia Revised Uniform
Limited Partnership Act, by deed dated December 18,1992, from the Town of Pearisburg,
which deed is of record in the Clerk's Office of the Circuit Court of Giles, County, Virginia, in
Deed Book 242, aT page 653
EXHIBIT B
DESCRIPTION OF
REGULATORY AGREEMENT
Title: Extended Use Regulatory Agreement and Declaration of Restrictive Covenants
Parties: Pearisburg Housing Opportunities, Limited Partnership as Owner and

Department of Housing and Community Development, an agency of the
Commonwealth of Virginia
Date: June 5, 1992
Recording Information: Circuit Court of Giles County in Deed Book 242, atPage 667.
TABW
(Original Attorney's Opinion)
APPLEGATE A THORNE.THOMSEN
A PRoFESSIONAL CORPORATION
322 SOUTH GREEN STREET BENNETT P. APPLEGATE

SUITE 4OO NIcHoLAS J. BRUNIcK
CHrcAco, lLLINols 60607 MARK W. BURNS
PHoNE 312-421-8400 ANN M. CHAVIE
FAx 3t2-421 -6162
DIANE K. CORBETT
PAUL DAVIS
STEVEN D. FRTEDLAND
DIRECT DIAL:
GLENN A. GRAFF
KELLI HARSCH
NICOLE A. JACKSON
CALEB A. JEWELL
I|l4ay 14,2009 DEBRA A. KLEBAN
WILLIAM G. SKALITZKY
KATHIE SOROKA
BENJAMIN J. SWARTZENDRUBER
THoMAS THORNE.THOMSEN
TO: Virginia Housing Development Authority WARREN P. WENZLOFF

Richmond, Virginia 23220-6500
RE: 2009 Tax Credit Reservation Request
Name of Development: Woodrum Manor /'Westview - Pearisburg, Virginia

Name of Owner: Olde Towne Housing, LLC
Gentlemen:
This undersigned firm represents the above-referenced Owner as its counsel. It has received
a copy of and has reviewed the completed application package dated May 14, 2009 (of which this
opinion is a part) (the "Application") submitted to you for the purpose of requesting, in connection
with the captioned Development, a reservation of low income housing tax credits ("Credits")
available under Section 42 of the Intemal Revenue Code of 1986, as amended (the "Code"). It has
also reviewed Section 42 of the Code, the regulations issued pursuant thereto and such other binding
authority as it believes to be applicable to the issuance hereof (the regulations and binding authority
hereinafter collectively referred to as the "Regulations").
Based upon the foregoing reviews and upon due investigation of such matters as it deems
necessary in order to render this opinion, but without expressing any opinion as to either the
reasonableness of the estimated or projected figures or the veracity or accuracy of the factual
representations set forth in the Application, the undersigned is of the opinion that:
1. It is more likely than not that the inclusion in eligible basis of the Development of
such cost items or portions thereof, as set forth in Parts VIII and IX of the Application
form, complies with all applicable requirements of the Code and Regulations.
2. The calculations (a) of the Maximum Allowable Credit available under the Code with
respect to the Development in Part VIII of the Application form and (b) of the
Estimated Qualified Basis of each building in the Development in Part IX of the
Application form comply with all applicable requirements of the Code and
regulations, including the selection of credit type implicit in such calculations.
AppLEGATE & THORITI E-THOMSEN
A PROFESSIONAL CORPORATìON
Woodrum Manor /'Westview
};4.ay 14,2009
Page2
3. The appropriate type(s) of allocation(s) have been requested in Subpart I-D of the
Application form.
4. The information set forth in Subpart VII-C of the Application form as to proposed
rents satisfies all applicable requirements of the Code and Regulations.
5. The site of the captioned Development is controlled by the Owner, as identified in

Subpart II-A of the Application, for a period of not less than four (4) months beyond
the application deadline.
6. The type of the nonprofit organization involved in the Development is an

orgarization described in Code Section 501(c)(3) or 501(c)(4) and exempt from
taxation under Code Section 501(a), whose purposes include the fostering of low-
income housing.
7. The nonprofi organizations' ownership interest in the development is all the

managing member interests of the ownership entity of the development as described
in Subpart II-D of the Application form.
8. It is more likelythan not that the representations made under Subpart I-F of the
Application form as to the Development's compliance with or exception to the Code's
minimum expenditure requirements for rehabilitation projects are correct.
9. After reasonable investigation, the undersigned has no roason to believe that the
representations made under Subpart I-E of the Application form as to the
Development's compliance with or eligibility for exception to the ten-year "look-back
rule" requirement of Code $42(dX2XB) are not correct.
Finally, the undersigned is of the opinion that, if all information and representations
contained in the Application and all current law were to remain unchanged, upon compliance by the
Owner with the requirements of Code Section 42(hXlXE), the Owner would be eligible under the
applicable provisions of the Code and the Regulations to an allocation of Credits in the amount(s)
requested in the Application.
This opinion is rendered solely for the purpose of inducing the Virginia Housing
Development Authority ("VHDA") to issue a reservation of Credits to the Owner. Accordingly, it
may be relied upon only by VHDA and may not be relied upon by any other party for any other
purpose.
AppLEGATE & THORN E-THOMSEN
A PRoFESSIoNAL CORPORATION

Woodrum Manor / Westview
ilr4ay 74,2009
Page 3
This opinion was not prepared in accordance with the requirements of Treasury
Department Cirsular No. 230. Accordingl¡ it maynot be relied upon for the purpose of avoiding
U.S. Federal tax penalties or to support the promotion or marketing of the transaction or matters
addressed herein.
Applegate & Thome-Thomsen, P.C.

TAB Y
(Marketing Plan for units meeting accessibility
requirements of HUD section 504)
Marketing Plan for units meeting accessibility requirements of HUD section 504
DEVELOPMENT NAME: WOODRLIM MANOR/WESTVIEW
OWNER: OLDE TOWNE HOUSING, LLC
MANAGEMENT AGENT: GILES COTINTY HOUSING AND DEVELOPMENT CORPORATION (GCHDC)
As part of the 2009 application for Low Income Housing Tax Credits, Pearisburg Community Development
Corporation intends to rehab at least 4% (1 unit) at Vy'oodrum Manor that will conform to HUD regulations
interpreting accessibility requirements of section 504 of the Rehabilitation Act.
As of May 2009, there is a current resident of Woodrum Manor who qualifies for, and has expressed an
interest in, this fully accessible unit. Should this resident decide at any point that he no longer wishes to reside in
the accessible apartment, Giles County Housing and Development Corporation (GCHDC) will proceed with
regular efforts-as detailed below-to market this apartment to another household with disabilities.
Giles County Housing and Development Corporation will actively market this unit to people with mobility
impairments. The applications will be available at the office of Giles County Housing and Development
Corporation, 601 Wenonah Avenue, Pearisburg, VA24l34 or via mail, fax or e-mail by contacting GCHDC at
5 40 -9 2 I -28 | 5 / fax 5 40 -9 2l - 4481 or wmeador5 9 @verizon.net.
1 . Description of the Target Market
The project will serve residents of the Town of Pearisburg and the surrounding communities of Giles County.
The fully accessible one-bedroom unit will serve individuals or families with disabilities and a household incorne
at or below 50% of the area median income for Giles County. The rent limit for the fully accessible unit will be
40% AMI for Giles County.
2. Marketing Procedures
GCHDC will develop a waiting list. Advertisements will be placed with accessva.org and with the local
newspaper (Virginiøn Leader.) Outreach efforts will include the local Section 8 administrative office (Pembroke
Management, Inc.); the Giles County Department of Social Services in Narrows, VA; and the Blue Ridge
Independent Living Center's New River Valley satellite office in Christiansburg, VA.
3. Occupancy Procedures and Requirements
Applicants will be required to qualify under the requirements of Section 42 of the Internal Revenue Code and
will need to fulfill other resident selection criteria including credit, criminal and rental history requirements.
VHDA Locality Notification Information Form
WoodrumMonor/Wesfview / Peorisburg
Locolity Notificotion lnformot¡on Form
PART I . INSÏRUCTIONS:
Seclion a2 fi)(1)(A)(ii) of the lnternol Revenue Code requires ollocoiing ogencies fo notify "the Chief
Execulive Officer (CEO) or equivolent of lhe locoljurisdiction within which the building is locoled ond provide
such individuol q reosonoble opportunity lo comment on the development." VHDA uses informolion you
provide in lhis form 1o comply with this requirement. lf your development overlops fwo or more jurisdiclions,
you ore required to submit lhis form for eoch.
New in 2009!
ln oddilion to contociing The Locolity CEO, VHDA will olso be conlocling lhe Moyor or Choirmon of the
Boord of Supervisors. lt is proboble thot eoch position will hove o seporote moiling oddress,
Although VHDA prepores the documents sent îo eoch locolily, we rely on you, lhe developer/Appliconl, lo
provide us with key informolion, including ihe nome of the locolity hoving jurisdiction over the development,
nomes, oddresses ond solulolions, os well os o summory of bosic development informotion.
lf you olreody hove o locol support letler, you con include it with the opplicolion ol TAB L However, you musi
comoleie this form ond submit iT to VHDA or lhe opplicotion for ihis development will be penolized 50
still
points!
For informotion obout oddilionol points ossocioled with receiving o Support Lefter from the locqljurisdiction,
pleose refer to ihe Applicolion Monuol.
Developers seeking tox-exempl bond 4% credits or Non-Competitive 9% credits, should submil this form ot
leosi 30 doys prior to submission of the tox credil opplicotion.
50-Poínt Penolty:
Foilure fo complele ond submiT this form prior lo 5:00 p.m. EST iime on Morch 25,2009 will result in o S0-point
penolly þ50 points) for ony opplicotion submitted in connection with the 2009 competilive lox credils.
Dellvery of Eleclronic Copy of lhis form to VHDA:

vio e-moil to ToxCreditApps@VHDA.com. E-moil only one form ot o limel
lf you use ihis e-moil opfion, you will receive on outo reply messoge confirming "messoge received." The
system DOES NOT confirm ihot on oltochment hos been received.
vio regulor moil (on CD) to:
VHDA
Tox Credit Allocotion Deportment
c/o Debbie Griner
ó01 S. Belvidere Streel
Richmond, Y A 23220- 6500
VHDA Conlqcl lnformqtion:

Coll Debbie Griner ol 804-343-5518 if you hove queslions obout completing this form.
Locolily Notificolion lnformotion Form

WoodrumMonor/Westview / Peorisburg
PART II . CEO & JURISDICTION INTORMATION

Pleose reod INSTRUCTIONS obove corefully before completing fhe following seclions.
A. Chief Execulive Officer (CEO) lnformolion
Nome of CEO:
Kennelh F. Vittum
lhe full nome of the Cily Monoger, Town Monoger, Counly Administrolor, Chief
This is
Adminislrolive Officer, Executive Officer, elc.
Job Title: Town Monoger
Adminislrolive Off ice/', elc.

Locol Jurisdiction: Town of Peorisburg
e.g. "Cily of...", 'Town of..." or "[ ] Counly"
Moiling Address/P.O. Box: I l2 Tqzewell St.
lhe moiling oddress of ihe CEO ond moy nol olwoys be lhe some os lhe physico¡ oddress
Th¡s ¡s
of ihe courlhouse, lown holl, municipol building, cily holl, elc. Pleose double check lhe oddress
before enlering.
Suite/Room # (¡roppticobte):
city: ãñb,"s
Stote: t^
lip: 24134
code musl correspond lo lhe P.O. Box or streei oddress lhot you ore using. Note: Zip
This zip
codes for P.O. boxes ore usuolly differenl from the zip codes for the slreel oddresses.
Solutqtion: Mr. Viitum
.€iTL" H""".bl"", T4.f'Mrs.", "Ms.", "Rev.", elc.
B. Moyor or Choirmon of lhe Boord of Supervisors lnformolion

Nome:
Borboro M. Slofford
tlrst Nome Mlddle lnlliol Losl Nome
Job Tille: Moyor

"Moyor" or "Choirmon of lhe Boord of Supervisors"
Locql Jurisdiciion: Town of Peorisburs
Box:
Moiling Address/P.O. I l2 Tozewell St.
the mo¡l¡ng oddress for lhe Moyor or Choirmon of lhe Boord of Supervisors. Moy be differenl
This is
from CEO oddress, Pleose double check lhe oddress before entering.
Suite/Room # l¡f qppl¡cob¡e):
City: P".t-b"rS
Stote: J4_
7ip: 24134
Be sure lhe zip code you pick up coresponds to fhe P.O. Box or slreel oddress lhof you ore using.
t o' boxes ore usuollv different from lhe lp codes for Ihe slreel oddresses'
sorutotion: i'i;"it;tär:"t
Th" lt""".blr", "^^.f'Mrs.", "Ms.", "Rev.", elc.
"€.
Locolify Nolificoiion lnformotion Form

WoodrumMonor/Westview / Peorisburg
C. Jurisdicllon Deloil
Circuit Court Clerk's office in which the deed to the property is or will be recorded: Counly of Giles
Cily/Counly of
Does the site overlop one or more jurisdictionql boundories? n yes ENo If yes, odd the nomes of
the olher jurisdiciion(s) here:
Cily/Couniy of Cily/County of
Developmenl is locoled in o Melropoliton Slot¡slicol Areo (MSA)? E Yes E No
Development's Census Troct: 51 07r 9904.00
Census Trocl Number

ls this o Quolified Census Troct? fl Yes E ruo
ls the development locoted in o Difficult Developmeni Areo? n Yes E lo
ls the developmenT locoted in o revitolizolion oreo? E yes ! No
Congressionol District t http://dlsgis.stole.vo.us/congress/200lPDFs/chop7Iob.pdf
. Plonning District F-http://www.voodc.org/oboulodcs.hlm#PDc%20Moo
Stote Senote Districl 7T- htto://dlsgis.stote.vo.us/senote/2001 PDFs/Chop2Tob.pdf
Stole House District 7- hllo://dlsois.s'lote.vo.us/House/2001 HousePDFs/Chopl Tob.pdf
Locol Plonning/Zoning Contqct lnfo:

Best Person to Contoct: Rodney Wilson
lhis is ìhe person wilh whom you've previously spoken oboul lhe developmenl ond whom cqn
onswer onlicipoled queslions from lhe CEO.
Job Tiile: Building Officiol, Town of Peorisburg
Contocf Phone: 540-921-0340
PART III . DEVETOPMENT INFORMATION

Proposed Development Nome: Woodrum Monor/Weslview
This is lhe morkeiing nome of your developmenl
Proposed Development Address: ó0'l & 502 Wenonoh Ave. Peorisburg vA 24134
Slreel Address City Sloie lip
VHDA Tox Credit Pool: Nonprofil
ln the spoce below, give o brief descripfion of the
#################################################################################################
Development Type: (Fomily or Elderly) Fomily

Describe Architecturol Slyle: Woodrum Monor-Federol; Wesfview-Georg¡on Revivql
Describe Exterior Finish:
Describe Communily FociliTies: community room, loundry rooms, p¡cnic tobles
l. Unlts:
Number of low-income unils 26 # bedrooms 38
% Low-lncome Units -ffi-
Number of new unils # bedrooms
Number of odoplive reuse uniis # bedrooms
Numberolrehob¡lltot¡onunits T # bedrooms
Tofol number of oll unils zö
-3õ--
Tofol # bedrooms 38
2, tloor Areo:
Gross Residentiol Floor Areo r ó590
Commerciol Floor Areo -
--l ó590
--Tõãõ''
Low-lncome Floor Areo
% Low-lncome Unil Floor Areo m
3. Numbe¡/Age ot Buildings
Number of Buildings 2
Age of Building(s) 3õETõ7!êors Number of slories: 2 &3
4. Structurol Feolures (check oll thol opply):
! Row House/Townhouse E Gorden Aportments E s¡oo on crode
! DetochedSingle-fomily fl Detoched Two{omily I BosemenT
! Elevotor E Crowl Spoce
5. Bulldlng Syslems:
Descr¡be Heoting/AC System: high-ef ficiency electr¡c
Locolily Notificotion lnformolion Form

WoodrumMonor/Weslview / Peorisburg
PART IV. OWNER & SETLER INFORMAÏION
A. Owner lnformqlion
Owner Nome: Olde Towne Housing, Phone:54G921-2815
Best Person io Confoct: Wondo Meodor
Sireet Address: ó01 Wenonoh Ave
Cily, Slole & Zip:
Type of entity: n Limiled Portnership E Olher:

! rndividuol(s) ! Corporotion
List of Principols. Use lhe following os o guide to listing principols.

l. lf Porlnershlp (owner or othenvise) - oll GPs, regordless of % interest in GP
2. lf on LIC - oll members regordless of % inferesf
3. lf o Corporofion (public or privote), Orgonlzotion or Governmentol Enlily - officers who ore direclly responsible fo the Boord of
Dkectors (or equivolent) ond ony stockholder hoving o 257o or more inlerest
4. lf o Trusl - oll persons hoving o 25% or more beneficiol ownership interest in lhe ossels of the trusl
5. lf on lndividuol (owner or otherwise) - onyone hoving o 257o or more ownership interesl of the nomed individuol
ó. lf Any Person thol Dkectly or lndirectly Controls or Hos lhe Power lo Conl¡ol o Princlpol
Nomes Phone Type of Ownership % Ownership

Wondo Meodor 540-921-2815 Generol Portner 90%
.
Wondo Meodor 540-921-28t5 Limited Portner to%

rp.
B. Seller lnformolion:
Seller Nome: Wondo Meodor, Peorisburg Housing Opportunites, L.P.
Seller Phone: 540-921-2815
Slreet Address: ó01 Wenonoh Ave.
City, Stote & Zip:
City zip
lsthere on identity of interest between the seller ond owner/opplicont? E ves nNo lf yes, complete
the following:
Noiure of ldentity of lnteresl (l ) : Generol Porlner
e.g. generol porlner, monoging member, conlrolling shoreholder, elc.
Nome Wondo Meodor, Peorisburg Communiiy Development Corporofion

Streel Address ó01 Wenonoh Ave.
City, Stote & zip: Peorisburg VA 24134
Cily Siole ZiP
Noture of ldenlily of lnleresf (2):

e,g. generol porlner, monoging member, conlrolling shoreholder, etc.
Nome
Sireet Address
Cily, Stole & zip:
Cily Lip
Locolily Nolificotion lnformotion Form

Woodrum Manor Westview - 2009 VA

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Woodrum Manor Westview - 2009 VA

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2009 Federal Low Income Housing

Tax Credit Program

Application For Reservation

Deadline for Submission

Tax Exempt Bonds

Virginia Housing Development Authority

B Electronic Copy of the Microsoft Excel Based Application (MAI\DATORÐ

2009 Submission Checklist

A. Development Name and Location:

14. E Location Map Attached (TAB A) -õ-

2. Credits requested from:

n Non-Competitive Pool (Preservation) E Non-Competitive Pool (Disability)

n acquisition and rehabilitation.

! This development will receive federal subsidies for:

D. Type(s) of Allocation/Allocation Year

n Rtt of the buildings in the development are expected to be placed

E. Acquisition Credit Information

Must be an indiv¡dual or legally formed entity

Federal I. D. No. (If not available, obtain prior to Allocation)

This should be 100% of the GP or managing member interest: -ï:0õ'%-

c. Development Team Information :

1. Tax Attomey: Thomas Thorne-Thomsen Related Entity? n Yes E No

2. Tax Accountant: Mike Vicars Related Entity? n Yes E No

3. Consultant: Related Entity? ! Yes ! No

4. Management Entity (Contact): Wanda Meador Related Entity? El Yes n No

5. Contractor (Contact): Jack Cecil Related Entity? n Yes E No

6. Architect: Larry S. Martin Related Entity? ! Yes E No

7. Real Estate Attorney: James Related Entity? nYesENo

8. Mortgage Banker: Related Entity? n Yes ! No

9. Other (Contact): Related Entity? IYeslNo

l. Nonprofit Involvement (All Applicants)

4. Identity of Nonprofit (All nonprofit applicants)

Wanda Meador 601 Wenonah Ave

5. Percentage ofNonprofit Ownership (All nonprofit applicants)

TII. DEVELOPMENT INFORMATION

A. Structure and Units:

n Row Housei'l'ownhouse n .Detached Smgle-tamtly

6. Nonresidential Commercial Floor Area 4,904.48 rsq.n.r

(Not eligible for funding)

7. Total Usable Residential Heated Area 22,193.54 sn.o.t

8. Number of Buildings (containing rental units) 2

9. Commercial Area Intended Use: Rental space for co

10. Project consists primarily of a building(s) which is (are)(CHOOSE ONLY ONE)

E Low-Rise (1-5 stories with any structural elements made of wood)

Exterior Finish: brick

3. Check the tbllowurg items which apply to the proposed proSect:

0% a(l)Percentage of 2-bedroom units that have 1.5 bathrooms

u b. A community/meeting room with a minimum of 749 square feet is provided

E g. Water expense is sub-metered (the tenant will pay monthly or bi-monthlybill)

n a. All cooking ranges will have front controls

¡ b. All units will have an emergency call system

n c. All bathrooms will have an independent or supplemental heat source

! The structure is listed individually in the National Register of Historic Places or is

Check one or none ol the lollowlng pornt categorles, as approprtate:

Earthcraft or LEED Development Certification

LEED Accredited Design Team Member

Universal Design - Units Meeting Universal Design Standards

VHDA Certified Property Management Agent

IV. TENANT INFORMATION

A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLT]MNS DETERMINE

Units Provided lfer tlousehold'l'ype:

0 0.00% 40% AreaMedian 3 11.54% 40%o AreaMedian

Organization which holds such waiting list Pembroke VtqagçrentJry.