Commonwealth Apartments - 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 (if bonds are not issued by VHDA)
Virginia Housing Development Authority

601 South Belvidere Street
Richmond, Virginia 23220-6500
AffcMahfc Housmz Start., HeN ~
v1.1.2009
Low Income Housing Tax Credit Application for Reservation
Please in·dicate._ ifthe<folloYi_ing item's are included with'}lou'r application by, checking' the appro'priate boxes. Your "
assistan,ce in _org~nizing the submission,in the fol,lowing ordE!ir, and aCbJaIlY,using,tabs-to ma,rk them-as' shown, will
facmtate, revJew 'o_t-your application .. ,Plea,sa ·note that"all-mandatorv items must be included for·the application to be
processed. Jhe ·h:u:lusion of other items, ~ay increase'the'number,of poh~ts:for which:y~u are' eligible underVHDA's pO,int
ir
system"ofr:ankir,'g 'ap:J)I~cations, and may ass,ist VHOA 'i~ determination ,of the app_ropri,ate 3m()untof credits that it may
reserve for the.:development. You are therefore ,encouraged to submit,as much',requested information as i~ available, bu~
their inclus
..... iorfis,no't
. . mandatory
. . for.
review of your a.ppUcation..
.. .. .
o Electronic Copy ofthe Microsoft Excel Based Application (MANDATORY)

o Hard Copy of All Application Pages With Signature (MANDATORY)
o Scanned Copy ofthe Tax Credit Application with all Attachments (excluding market study and plans & specs) (MANDATORy)
o $750 Application Fee (MANDATORY)
Documentation of Development Location:
Tab A:
D A.l
Qualified Census Tract Certification
o Revitalization Area Certification
A.2
o Location Map
D Surveyors Certification of Proximity To Public Transportation
0TabB: Partnership or Operating Agreement, including chart ot' ownership structure with percentage oi"interests (MANDATOR'
0TabC: Virginia State Corporation Commission Certification (MANDATORY)
G21Tab D: Principal's Previous Participation Certitication and Resume (MANDATORY)
DTabE: Nonprotit Questionnaire (MANDATORY for pOints or pool)
The following documents need not be submitted unless requested by VHDA:
-Nonprofit Articles ofIncorporation
-IRS Documentation of Nonprofit Status
-Joint Venture Agreement (if applicable)
-For-profit Consulting Agreement (if applicable)
0TabF: Architect's CertHication (MANDATURY)
0TabH: PHA I Section 8 Notification Letter
o Tab I: Local CEO Letter
DTabJ: Homeownership Plan
( 0TabK: Site Control Documentation (MANDATORY)
0TabL: Plan of Development Certification Letter
0TabM: Zoning Certification Letter
0TabN: Copies of 8609s To Certify Developer Experience
DTabO: (Reserved)
0TabP: Plans and Specitications and Work Write-Up (MANDATURY)
0TabQ: Documentation of Rental Assistance
D Tab R: Documentation of Operating Budget
o Tab S: Documentation of Project Budget
0 TabT : Documentation of Financing Sources
DTabU: (Reserved)
o Tab V: Nonprofit or LHA Purchase Option or Right of First Refusal
0TabW: Uriginal Attorney's Upinion (MANDATURY)
DTabX: (Reserved)
0TabY: Marketing Plan for units meeting accessibility requirements ofHUD section 504
0TabZ Market Study (MANDATORY-Application will be disqualified if market study not submitted with the application)
i.
2009 Submission Checklist

Low-Income Tax Credit For Reservation
I. General Information
All code "Section" references are to, and the tenn "IRC" shalT be deemed to mean, 2009
the Internal Revenue Code of 1986, as amended.
A. Development Name and Location:

1. Name of Development Commonwealth Apartments
2. Address ofDeve!opment 603,604,607,612,621,622,625,626 A-B,608 A-D, and 615 A-F Connnonwealth Avenue
(Street)
Wise Virginia 24293
(City) (State) (Zip Code)
3. If complete address is not available, provide longitude and latitude coordinates (x,y) from
location on site your surveyor deems appropriate.
D 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 13, if applicable)
4, The Circuit Court Clerk's office in which the deed to the property is or will be recorded:
City/County of Wise County (ie; Richmond City, Chesterfield County; see application manual)
5. Does the site overlap one or more jurisdictional boundaries? DYes 13 No
If yes, what other City/County is the site located in besides the one mentioned above?
6. Is the development located in a Metropolitan Statistical Area? DYes 13 No
7. Census Tract the development is located in: 511959909
Is this a Qualified Census Tract: DYes 0 No (If yes, attach required form in TAB A)
8. Is the development located in a Difficult Development Area? ~
9. Is the development located in a revitalization area? 0 Yes D No (If yes, attach required form in TAB A)
10. Is the development an existing RD or HUD S8/236 development? DYes 0 No (If yes, attach required form in TAB Q)
Note: If there is an identity of interest betw"een 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 andlor
rehabilitation, or obtain a waiver ofthis 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 andlor rehab. DYes 0 n/a
( b. Applicant has obtained a waiver of this requirement from VHDA
prior to the application submission deadline, DYes 0 n/a
11. Is the development located in a census tract with a poverty
rate <10% with no tax credit units currently present? DYes 0 No
12. Is the development listed on the RD 515 Rehabilitation
Priority List? DYes 0 No
13. Congressional District 9 http://dlsgis.state.va.usfcongressf2001PDFsfchap7Tatl_odf
Planning District http://\vwIN.vapdc.orgfatloutpdcs.htm#PDC%20Map
State Senate District 40 http://dlsgis.state.va.usJsenateJ2001PDFslChap2Tatl.pdf

State House District http://dlsgis.state.va.uslHouseI2001HousePDFsiChap1Tatl.pdf
14, [0 Location Map Attached (TAB A)
B. Project Description:
In the space provided below, give a brief description of the proposed project.
The Commonwealth Apartments project will rehabilitate this 40 year old property and provide more energy efficiency, and resident accessibility
while maintaining the affordability. The Wise County Redevelopment and Housing Authority will continue to manage the property throughout the
compliance period,
2009 Page 1
Low Income Housing Tax Credit Application For Reservation
C. Reservation Request
I. Total annual credit amount request (Must be the same as Part IX-DS) $205,788
2. Credits requested from:

9% Credits
o Nonprofit Set-Aside (All nonprofit owned developments which meet tests
described in Part lI-D hereof may select this)
0 Local Housing Authorities 0 Tidewater MSA Pool
0 Northern Virginia MSA Pool 0 Small MSNMicropolitan Pool
0 Richmond MSA Pool 0 Rural Pool
0 Non-Competitive Pool (Preservation) 0 Non-Competitive Pool (Disability)
o Tax Exempt Bonds

o new construction, ill
o rehabilitation, ill
o acquisition and rehabilitation.
Federal Subsidies
o The development will not receive federal subsidies.
o This development will receive federal subsidies for:
oall buildings or
Osome buildings.
D. Type(s) of Allocation/Allocation Year
I. Regular Allocation
o All of the buildings in the development are expected to be placed
in service this year. For those buildings the owner will, this year, request an
allocation of 2008 credits for 0 new construction, or
o rehabilitation, QL
o acquisition and rehabilitation.
2. Carryforward Allocation
o All ofthe buildings in the development are expected to be placed
in service within two years after the end of this calendar year, 2009, but the
owner will have more than 10% basis in the development before the end of six
months following allocation of credits. For those buildings, the owner requests
a carryforward allocation of2009 credits pursuant to Section 42(h)(I)(E) for:
o new construction, or
o rehabilitation, ill:
o acquisition and rehabilitation (even if you acquired a building this year and
"placed it in service" for the purpose of the acquisition credit, you cannot receive
the 8609 form for it until the rehab 8609 is issued for that building once the rehab
work is "placed in service" in 2010 or 2011).
3. Federal Subsidies
o The development will not receive federal subsidies.
o This development will receive federal subsidies for:
o all buildings or
o some buildings.
2009 Page 2
Low-Income Honsing Tax Credit Application For Reservation
E. Acquisition Credit Information

NOTE: If no credits are being requested for existing buildings being acquired for the development,
so indicate and go on to Part F: 0 No Acquisition
Ten-Year Rule For Acquisition Credits

o All buildings satisfy the IO-year look-back rule ofIRe Section 42 (d)(2)(B), including the
10% basis/$15,000.00 rehab costs ($10,000 tor Tax Exempt Bonds) per unit requirement.
o All buildings qualify for an exception to the IO-year rule under IRe Section 42(d)(2)(D)(i),
Subsection (I) 0
Subsection (II) 0
Subsection (III) 0
Subsection (IV) 0
Subsection (V) 0
o A waiver of the 10-year rule for all buildings has been or will be requested from the
Department of the Treasury pursuant to IRe Section 42(d)(6)(B)
o Different circumstances for different buildings: Attach a separate sheet and explain for each
building.
F. Rehabilitation Credit Information
NOTE: If no credits are being requested for rehabilitation expenditures, so indicate and go
on to Section II. 0 No Rehabilitation
Minimum Expenditure Requirements

o All buildings in the development satisty the rehab costs per unit requirement of IRe
Section 42(e)(3)(A)(ii).
o All buildings in the development quality tor the IRe Section 42(e)(3)(B) exception to the
10% basis requirement (4% credit only).
o All buildings in the development quality tor the IRe Section 42(t)(5)(B)(ii)(Il) exception.
o Different circumstances for different buildings. Attach a separate sheet and
explam tor each bUlldmg.
2009 Page 3
Low·Income Housing Tax Credit Application For Reservation
II. OWNERSHIP INFORMATION
NOTE: VHDA may allocate credits only to the tax-paying entity which owns the development at the time of the allocation. The term "Owner" herein refers to that entity. Please
fill in the legal name of the owner. The ownership entity must be formed prior to submitting this application. Any transfer, direct or indirect, of partnership interests (except
those involving the admission of limited partners) prior to the placed-in-service date of the proposed development shall be prohibited, unless the transfer is consented to by
VHDA in its sale discretion. IMPORTANT: The Owner name listed on this page must match exactly the owner name listed on the Virginia State Corporation
Commission Certification.
Must be an individual or legally fo.rmed entity
A. Owner Information:
Name Commonwealth Apartments. LLC
Contact Person First: Monty Middle: Last: Salyer
Address PO Box 630, 107 Litchfield Street NW ------
(Street)
Coeburn VA 24230
(City) (State) (Zip Code)
Federal I. D. No. 26-4272928 (If not available. obtain prior to Allocation)

Phone 2763956104 Fax 276395·5874 Email address msa'yer@wcrhaora
Type of entity: 0 Limited Partnership 0 Other .:L:.:L:.:C=--_ _ _- - - - - - - - - - -
o
Individual(s) 0 Corporation
o Owner's organizational documents (e.g. Partnership agreements) attached (Mandatory TAB B)
o Certification from Virginia State Corporation Commission attached (Mandatory TAB C)
Principal(s) involved (e.g. general pmtners, LLC members. controlling shareholders. etc.):
Names ** Phone Type Ownership % Ownership
Commonwealth Apartments Development ( 276 395 6104 Managing Member 100.00%
Wise County RHA· Monty Salyer. Executive Director 0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
This should be 100% of the GP or managing member interest: 100.00%
** These should be the names of individuals who comprise the GP or managing members, not simply the names of
separate partnerships or corporations which may comprise those components.
o Principals' Previous Participation Celtification attached (Mandatory TAB D). resume, & ownership structure chat
B. Seller Information:
Name Wise County Redevelopment and Housing Autl Contact Person M:.:o::n::tY,-=S:::.al",y..:e:..r_~_ _ _ _ _ _ _ _ __
Address PO Box 630
Coeburn. vA 24230 Phone 2763956104
Is there an identity of interest between tbe seller and owner/applicant? o Yes 0 No

If yes. complete the following:
Principal(s) involved (e.g. general partners. controlling shareholders, etc.)

Names Phone Type Ownership % Ownership
Wise County RHA 2763956104 Fee Simple 100.00%
0.00%
0.00%
0.00%
2009 Page 4
Low-Income Housing Tax Credit Application For Reservation
C. Development Team Information:

Complete the following as applicable to your development team.
l. Tax Attorney: Tom Thome-Thomsen Related Entity? DYes [7] No

Firm Name: Applegate & Thome-Thomsen
Address: 322 South Green Street, Suite 400, Chicago, IL 60607
Phone: 312491 3324 Fax: 3124216162
2. Tax Accountant: Mike Vicars Related Entity? DYes [7] No

Firm Name: Dooley & Vicars CPA's
Address: 21 S. Sheppard St. Richmond, VA 23221
Phone: 8043552808 ext 102 Fax: 8043593897
3. Consultant: Related Entity? DYes 0 No

Firm Name: Role:
Address:
Phone: Fax:
4. Management Entity (Contact): -'W-'-c=RH=A.:....._ _ _ _ _ _ _ _ _ _ __ Related Entity? [7] Yes 0 No

Firm Name: Monty Salyer
Address: ~P;;O~BLox~6*30;:"Cro.,.,eb;-u-m-,-;V"A..,.-,.2"4"2"'30,,----------------------
Phone: 2763956104 Fax: 2763955874
5. Contractor (Contact): ..:T~B::.:D~_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ Related Entity? DYes [7] No

Firm Name:
Address:
Phone: Fax:
6. Architect: Jody Gibson Related Entity? DYes [7] No

Firm Name: Lane Associates
Address: 146 W. Main Street, Wytheville, VA 24382
Phone: 276-223-1216 Fax:
7. Real Estate Attorney: ~J~o;:.hn:::;;.:so::;n;,:K:;::an:::a=d:,:y-------------- Related Entity? DYes [7] No

Firm Name: Kanady & Quinn
Address: 7130 Glen Forest Drive, Suite 402, Richmond, VA 23226
Phone: 804282 - 8494 Fax:
8. Mortgage Banker: Related Entity? DYes 0 No

Firm Name:
Address:
Phone: Fax:
9. Other (Contact): Related Entity? DYes 0 No

Firm Name: Role:
Address:
Phone: Fax:
2009 Page 5
D. Nonprofit Involvement:
Applications For 9% Credits - Must be completed in order to compete in the nonprofit tax credit pool.
AU Applicants - Must be completed for points for nonprofit involvement under the ranking system.
Tax Credit Nonprofit Pool Applicants: To qualify for the nonprofit pool, an organization described in IRe Section 501
(c)(3) or 501 (c)(4) and exempt from taxation under IRe Section 50 I (a), whose purposes include the fostering of low-income housing:
1. Must "materially participate" in the development and operation of the project throughout the compliance period,
2. Must own all general partnership interests in the development.
3. Must not be affiliated with or controlled by a for-profit organization.
4. Must not have been fonned for the principal purpose of competition in the nonprofit pool, and
5. Must not have any staff member, or member ofthe nonprofit's board of directors materially participate in the proposed project
as a for-profit entity.
All Applicants: To quality tor points under the ranking system, the nonprofit's involvement need not necessarily
satisfy all of the requirements for participation in the nonprofit tax credit pool.
I. Nonprofit Involvement (All Applicants)

If there is no nonprofit involvement in this development, please indicate by checking here:
o and go on to part III
2. Mandatory Questionnaire
If there ~ nonprotit involvement, you must complete the Non-Protit Questionnaire
o Questionnaire attached (Mandatory TAR E)
3. Type of involvement
oNonprofit meets eligibility requirement for points only, not pool or
o Nonprofit meets eligibility requirements for nonprofit pool and points.
4. Identity of Nonprofit (All nonprofit applicants)
The nonprofit organization involved in this development is:
o the Owner
Othe Applicant (if different from Owner)
o Other
(Name ofnonprofit)
(Contact Person) (Street Address)
(City) (State) (Zip code)
(Phone) (Fax)
5. Percentage of Nonprofit Ownership (All nonprofit applicants)

Specify the nonprofit entity's percentage ownership of the general partnership interest 0.0%
2009 Page 6
III. DEVELOPMENT INFORMATION
A. Structure and Units:

I. Total number of all units in development 26
Total number ot rental umts m development 26 bedrooms 42
Number oflow-income rental units 26 bedrooms --"4""2-
Percentage of rental units designated low-income 100.00%
1.. The development's structural teatures are (check aU that apply):
o Row HouselTownhouse o Uetached Smgle-tamIly

o Garden Apartments o Detached Two-family
o Slab on Grade o Basement
o Crawl space Age of Structure: 40
o Elevator Number of stories:
----- I
3. Number of new units o bedrooms 0
Number of adaptive reuse units ---'On-bedrooms --irO
Number of rehab units ---2"r.6"bedrooms --;r42"F"
4. Total Floor Area For The Entire Development 21,550.00 (Sq. ft.)
5. unheated r loor Area (Breezeways, Balconies, Storage) U.UU (Sq. ft.)
6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)
(Not eligible for funding)

7. Total Usable Residential Heated Area 21,550.00 (Sq. ft.)
8. Number of Buildings (containing rental units) 10
9. Commercial Area Intended Use:
10. Project consists primarily ofa building(s) which is (are) (CHOOSE ONLY ONE)
o Low-Rise (1-5 stories with any structural elements made of wood)

o Mid-Rise (5-7 stories with no structural elements made of wood)
o High-Rise (8 or more stories with no structural elements made of wood)
B. Building Systems:
Please describe each ofthe tollowing in the space provided.
Community Facilities: Off street parking
----~--~-----------------------------
Exterior Finish: Brick

----~~-=~--~-----------------------------
Heating/AC System: High efficiency heat-pumps
Architectural Style: SW Virginia Residential Vernacular - Baroque Period
2009 Page 7
C. Amenities:
I. SpecifY the average size per unit type: (Including pro rata share of heated common area)
Assisted Lvg 0.00 SF IBdrm Eld 0.00 SF 3-Bdrm Gar 0.00 SF
I-Sty-Eff-Eld 0.00 SF 2Bdrm Eld 0.00 SF 4-Bdrm Gar 0.00 SF
I-Sty IBR-Eld 0.00 SF Eff-Gar 0.00 SF 2-Bdrm TH 0.00 SF
I-Sty 2BR-Eld 0.00 SF I-Bdrm Gar 728.20 SF 3-Bdrm TH 0.00 SF
Eff-Eld 0.00 SF 2-Bdrm Gar 891.75 SF 4-Bdrm TH 0.00 SF
2. Total gross usable, heated square feet for the entire project less nonresidential commercial area:
21,550.00 0 Documentation attached (TAll F) Mandatory
(Sq. ft.)
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 following items which apply to the proposed project:

o Documentation attached (TAB F Architect Certitication) Mandatory
For any project, upon completion of construction/rehabilitation: (Optional Point items)
- 0%
- a(l) Percentage of2-bedroom units that have 1.5 bathrooms
0% a(2) Percentage of 3 or more bedroom units that have 2 bathrooms
---
0 b. A community/meeting room with a minimum of 749 square feet is provided
100% c. Percentage of exterior walls covered by brick (excluding triangular gable ends, doors and windows)
0 d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program requirements
0 e. All windows meet the EPA's Energy Star qualified program requirements
0 f. Every unit in the development is heated and air conditioned with either (i) heat pump units with both a
SEER rating or 14.0 or more and a HSPF rating or 8.2 or more and a variable speed air handling 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 rating of 90% or more
o g. Water expense is sub-metered (the tenant will pay monthly or bi-monthly bill)
o h. Each bathroom consists only of low-flow faucets (2.2 gpm max.) and showerheads (2.5gpm max.)
o i. Provide necessary infrastructure in all units for high speed cable, DSL or wireless internet sevice.
OJ. 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)
o a. All cooking ranges will have front controls
Db. All units will have an emergency call system
Dc. All bathrooms will have an independent or supplemental heat source

o d. All entrance doors have two eye viewers, one at 48 II and the other at standard height
For all rehabilitation and adaptive reuse projects, upon completion of construction or
or rehabilitation: (Optional Point items)
o 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 of the tollowing point categories, as appropriate:
o For any non-elderly property in which the greater of 5 or 10% 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. (If special needs include mobility impairments
the units described above must include roll-in showers and roll under sinks and front controls for ranges).
o For any non-elderly property in which the greater of5 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 HeV holders, in
accordance with a plan submitted as part the Application.
[J For any non-elderly property in which at least four percent (4%) ofthe units conform to HUD regulations interpreting
accessibility requirements of section 504 of the Rehabilitation Act and are actively marketed to people with mobility
impainnents 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 certification.
[J Yes - Earthcraft 0 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.
[J Yes 0 No If Yes, attach appropriate documentation at TAB F
Universal Design - Units Meeting Universal Uesign Standards

a. The architect of record certifies that units will be constructed to meet VHDA's Universal Design standards.
121 Yes 0 No If Yes, attach appropnate documentatlOn at TAB F
b. Number of Rental Units constructed to meet VHDA's Universal Design standards:
3 Units 12%
VHDA Certified Property Management Agent

Owner agrees to use a VHDA Certified Property Management Agent to manage the property.
[J Yes 0 No
DYes 0 No [J NIA 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 COLUMNS DETERMINE

POINTS FOR THE BONUS POINT CATEGORY
Note: In order to qualify for any tax credits, a development must meet one of two minimum threshold occupancy tests. Either (i) at least 20%
of the units must be rent-restricted and occupied by persons whose incomes are 50% or less of 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 IRe. Rent-and
income-restricted units are known as low-income units. If you have more low-income units than required, you qualify for more credits. If you
serve lower incomes than required, you receive more points under the ranking system.
Units Provided Per Household Type'

Income Levels Rent Levels
# of Units 0/0 of Units # of Units % of Units
0 0.00% 40% Area Median 3 11.54% 40% Area Median
U 0.000/, 50% Area Median Lj 88.4i5')7, 50% Area Median
L6 100.00% 60% Area Median U 0.00% 60% Area Median
U 0.00% Non-LMI Units U 0.00% Non-LMI Units
Lb 100.00')7, Total Lb 100.00% Total
B. Special Housing Needs/Leasing Preference:
1. If 100% ofthe low-income units will be occupied by either or both ofthe following special needs
groups as defined by the United States Fair Housing Act, so indicate: .
D Yes Elderly (age 55 or above)
D Yes Physically or mentally disabled persons (must meet the requirements ofthe federal
Americans with Disabilities Act)
2. Specity 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 to abide by the Authority!s Relocation
Guidelines for LIHTC properties.
Select one: D N/A [JJ Relocation Plan Documentation attached (TAB G)
4. Ifleasing preference will be given to applicants on public housing waiting list and/or Section 8
waiting list, so indicate:
[JJ Yes
D No
D Locality has no such waiting list; If yes, provide the following information:
Organization which holds such waiting list: Wise County Redevelopment and Housing Authority
Contact person (Name and Title) Sheila K. Ricketts
Phone Number 276-395-6104 D Required documentation attached (TAB H)
5. If leasing preference will be given to individuals and families with children.

(Less than or equal to 20% ofthe units must have of I or less bedrooms).
DYes
D No
2009 Page 10
V. LOCAL NEEDS AND SUPPORT
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 .;B=,e:.:v..:e.::rl,?y~C::....:O:.w=en::;s:....._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
Chief Executive Officer's Title ~Tc:o:.:w:::n~M~a~n~a!?g~er,-_ _ _ _ _ _ _ _ _ _ _ _-",,-_....,.==;:-;:=,,-______
Street Address 501 W. Main Street Phone 2763283213
City Wise State VA Zip 24293
~-------
Name and title of local official you have discussed this project with who could answer questions for the
local CEO: Beverly C. Owens, Town Manager
[7] Letter from CEO attached (TAB I) D CEO letter to be submitted separately by June 1.2009
VHDA notification letter to CEO submitted prior to 5:00 PM 3/5/09: (9% competitive credits only) [7] Yes D No
If the property overlaps another jurisdiction please fill in the following:

Chief Executive Officer's Name
Chief Executive Officer's Title
Street Address Phone
City _ _ _ _ _ _ _ _ _ _ _ _ _ _ State _ _ _ _ _ _ _ __ Zip
Name and title of local official you have discussed this project with who could answer questions for the
local CEO:
D Letter from CEO attached (lAB I) D CEO letter to be submitted separately by June 1.2009
VHDA notification letter to CEO submitted prior to 5:00 PM 3/5/09: (9% compet.itive credits only) DYes D No
B. Project Schedule
ACTUAL OR NAME OF
ACTIVITY ANTICIPATED PERSON
A. CoolSb·uct,"on Loan
B.
Lien
2009 Page II
VI. SITE CONTROL
Note: Site control by the Owner identified herein is a mandatory precondition of review of this application. Documentary
evidence of it, in the form of either a deed, option, purchase contract, or lease for a term longer than the period of time the
property will be subject to occupancy restrictions must be included herewith. (9% Competitive Credits - An option or
contract must extend beyond the application deadline by a minimum of four months.)
Warning: Site control by an entity other than the Owner, even if it is a closely related party, is not sufficient. Anticipated
future transfers to the Owner are not sufficient. The Owner, as identified in Subpart II-A, must have site control at the
time this Application is submitted.
NOTE: If the OWner receives a reservation of credits, the property must be titled in the name of or leased by (pursuant to a
long-term lease) the Owner before the allocation of credits is made this year.
Contact us before you submit this application if you have any questions about this requirement.
A. Type of Site Control by Owner:
ApplIcant controls site by (select one and attach document - Mandatory TAB K)
o Deed - attached
D Long-term Lease - attached (expiration date:

D Option - attached (expiration date:
o Purchase Contract - attached (expiration date: 11/06/09
If more than one site for the development and more than one form of site control, please so indicate
D and attach a separate sheet specifYing each site, number of existing buildings on the site, if any,
type of control of each site, and applicable expiration date of form of site control. A site control
document is required for each site.
B. Timing of Acquisition by Owner:

Select one:
D Owner already controls site by either deed or long-term lease or

o Owner is to acquire property by deed (or lease for period no shorter than period property
will be subject to occupancy restrictions) no later than 11/06/09 (must be prior to November 7, 2008).
If more than one site for the development and more than one expected date of acquisition by
Owner, please so indicate D and attach separate sheet specifYing each site, number of existing
buildings on the site, if any, and expected date of acquisition of each site by the Owner.
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 6.10%

Project Wide Capture Rate - Market Units 0.00%
Project Wide Capture Rate - All Units 6.10%
Project Wide Absorption Period (Months) 7 months
2009 Page 12
Site Description
I. Exact area of site in acres 8.262
2. Has 10caJity approved a final site plan or plan of development?

o Yes 0 No
o Required documentation form attached (TAB L)
3. Is site properly zoned for the proposed development?

o Yes 0 No
o Required documentation form attached (TAB M)
4. Will the proposal seek to qualifY for points associated with proximity to public transportation?
DYes 0 No
o Required documentation form attached (TAB A)
D. Photographs
Include phOtographs ot the SIte and any eXIstmg structurets) III TAB U. lior rehabtlItatton 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)
1. 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 buHding(s) reflecting overall dimensions of:
a. Typical floor planes) showing apartment types and placement
b. Ground floor planes) showing common areas;
c. Sketch floor planes) of typical dweUing unites);
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.
o Plans and specificationslWlit-by-unit work writeup attached (TAB P) or

o 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?
[lYe, 0 No
2. If yes, indicate type of rental assistance:
o Section 8 New Construction Substantial Rehabilitation

o Section 8 Moderate Rehabilitation
o Section 8 Certificates
o Section 8 Project Based Assistance
o RD 515 Rental Assistance
o Section 8 Vouchers
o State Assistance
o Other:
3. Number of units receiving assistance: 26

Number of years in rental assistance contract:
Expiration date of contract:
o
Contract or other agreement attached (TAB Q)
B. Utilities
1. Monthly Utility Allowance Calculations
Utilities Type of Utility Utilities Enter Allowances by Bedroom Size

(Gas, Eledric, Oil, etc.) Paid by: O-bdr I-bdr 2-bdr 3-bdr 4-br
Heating DOwner ~Tenant 0 20 20 0 0
Air Conditioning DOwner ~Tenant 0 20 20 0 0
Cooking DOwner [OTenant 0 \0 15 0 0
Lighting DOwner I!:JTenant 0 5 \0 0 0
Hot Water DOwner E]Tenant 0 5 6 0 0
Water DOwner ~Tenant 0 \0 IS 0 0
Sewer DOwner I!:JTenant 0 9 10 0 0
Trash EJOwner DTenaot 0 0 0 0 0
Total utility allowance for costs paid by tenant '0 $79 $96 $0 $0
2. Source of Utility Allowance Calculation (Attach Documentation TAB Q)

o HUD
o Utility Company (Estimate) [l LocalPHA
o Utility Company (Actual Survey) o Other:
2009 Page 14
C. Revenue
L Indicate the estimated monthly income for the Low-Income Units: **
Total Number of Total Monthly
Unit Type Tax Credit Units Rental Income
Efficiency Units 0 $0
1 Bedroom Units 10 $3,652
2 Bedroom Units 16 $6,800
3 Bedroom Units 0 $0
Total Number of Tax Credit Units 26
Plus Other Income Source (list): $0

Equals Total Monthly Income: $10,452
Twelve Months x12
Equals Annual Gross Potential Income $125,424
Less Vacancy Allowance ( 7.0% ) $8,780
Equals Annual Effective Gross Income (EGI) - Low Income Units $116,644
.... Beginning at Row 75 enter the appropriate data for both tax credit and market rate units in the yellow shaded cells.
2 Indicate the estimated monthly income for the Market Rate Units· **
Total Number of Total Monthly
Unit Type Market Units Rental Income
Efficiency Units 0 $0
Total Number of Market Units 0
Plus Other Income Source (list): $0

Equals Total Monthly Income: $0
Twelve Months x12
Equals Annual Gross Potential Income $0
Less Vacancy Allowance ( 0.0% ) $0
Equals Annual Effective Gross Income (EGI) - Market Rate Units $0
o Documentation in Support of Operating Budget attached (TAD R)
List number of units by type: TOTAL UNITS
ASSISTED LVG EFF-ELD 1 BDRM-ELD 2BDRM-Et.D EFF-GAR 1 BDRM-GAR

0 0 o o 10
2BDRM-GAR 3BDRM-GAR 4BDRM-GAR 2BDRM-TH 3BDRM·TH 4BDRM-TH

16 0 o o o o
1 STY-EFF·ELD
0 II 1 STY-1 BR-ELD
II
1 STY-2 BR-ELD
1---'-"'-"'="-'''''''---tt--'-'''-'''::''''''''''--tt--",-,-"eo:::''''''''---1
Note: Please be sure to enter the number of units in the
appropriate unit category. If not, you will find an error on
the scoresheet at Sa, 6a & 6b.

List number of units by type: TAX CREDIT UNITS
ASSISTED LVG EFF-ELD 1 BDRM-ELD 2BDRM-ELD EFF-GAR 1 BDRM-GAR
0 0 o o o 10
2BDRM-GAR 3BDRM-GAR 48DRM-GAR 2BDRM_TH 3BDRM-TH 4BDRM-TH

16 0 o o o o
II II
1 STY -EFF-Et.D 1 STY-1 BR-ELD 1 STY-2 8R-Et.D
0 0
-E~cl~nc_y: Un_l~
I
Unit Type I Net Rentable Monthly Rent Total
Rent Targeting Number Units Sguare Feet PerUnil Monthly Rent
B I: -
Efficiency - 40% 0.00 $ -
Efficiency - 40% 0.00 - $ -
2009
Efficiency ~ 40% 0.00 - 1 $ - Page 15
Efficiency - 40% 0 0.00 $ - $
Efficiency· 40% 0 0.00 $ - $
Efficiency" 40% 0 0.00 $ $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $
Efficiency" 40% 0 0.00 $ - $
Efficiency" 40% 0 0.00 $ $ -
Efficiency - 40% 0 0.00 $ $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $ -
Efficiency - 40% 0 0.00 $ - $
Efficiency" 50% 0 0.00 $ - $ -

Efficiency" 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $
Efficiency - 50% 0 0.00 $ - $
Efficiency" 50% 0 0.00 $ - $
Efficiency - 50% 0 0.00 $ $ -
Efficiency - 50% 0 0.00 $ $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $ -
Efficiency - 50% 0 0.00 $ - $
Efficiency" 50% 0 0.00 $ - $
Efficiency - 60% 0 0.00 $ $ -

Efficiency - 60% 0 0.00 $ $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $
Efficiency" 60% 0 0.00 $ - $
Efficiency" 60% 0 0.00 $ - $
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $ -
Efficiency - 60% 0 0.00 $ - $
Efficiency. 60% 0 0.00 $ - $
Efficiency. 60% 0 0.00 $ - $
Efficiency - 60% 0 0.00 $ - $ -
Total Efficiency Total Monthly Eff.
Tax Credit Units: 0 0.00 Tax Credit Rent: $
Efficiency - Market 0 0.00 $ - $ -

Efficiency - Market 0 0.00 $ - $
Efficiency" Market 0 0.00 $ - $ -
Efficiency - Market 0 0.00 $ $ -
Total Efficiency
Market Units: 0 0.00 Total Monthly
Eft. Market Rent: $
Total Eff. Units: 0 Total Eff. Rent $
1·Bedroom Units
Net Rentable Monthly Rent Total
Rent Targeting Number Units Square Feet Per Unit Monthly Rent
2009 Page 15
1 BR-40% 3 658.00 $ 319 $ 957
1 BR-40% 0 0.00 $ $
1BR-40% 0 0.00 $ $
1 BR-40% 0 0.00 $ $
1BR-40% 0 0.00 $ $
1 BR-40% 0 0.00 $ $
1BR-40% 0 0.00 $ $
1BR-40% 0 0.00 $ $
1 BR-40% 0 0.00 $ $
1 BR-40% 0 0.00 $ $
1 BR-40% 0 0.00 $ $
1 BR-40% 0 0.00 $ $
1 BR-40% 0 0.00 $ $
1BR-40% 0 0.00 $ $
1BR-40% 0 0.00 $ $
1 BR-50% 7 658.00 $ 385 $ 2,695

1BR-50% 0 0.00 $ $
1BR-50% 0 0.00 $ $
1BR-50% 0 0.00 $ $
1 BR-50% 0 0.00 $ $
1BR-50% 0 0.00 $ $
1BR-50% 0 0.00 $ $
1 BR-50% 0 0.00 $ $
1BR-50% 0 0.00 $ $
1BR-50% 0 0.00 $ $
1BR-50% 0 0.00 $ $
1BR-50% 0 0.00 $ $
1 BR-50% 0 0.00 $ $
1BR-50% 0 0.00 $ $
1 BR-50% 0 0.00 $ $
1BR-60% 0 0.00 $ $
1BR-60% 0 0.00 $ $
1BR-60% 0 0.00 $ $
1BR-60% 0 0.00 $ $
1BR-60% 0 0.00 $ $
1 BR-60% 0 0.00 $ $
1 BR-60% 0 0.00 $ $
1 BR-60% 0 0.00 $ $
1BR-60% 0 0.00 $ $
1BR-60% 0 0.00 $ $
1BR-60% 0 0.00 $ $
1BR-60% 0 0.00 $ $
1 BR-60% 0 0.00 $ $
1BR-60% 0 0.00 $ $
1BR-60% 0 0.00 $ $
TotaI1-BR Total Monthly 1-BR
Tax Credit Units: 10 6,580.00 Tax Credit Rent: $ 3,652
1 BR- Market 0 0.00 $ $

1 BR - Market 0 0.00 $ $
1 BR - Markel 0 0.00 $ $
1 BR - Market 0 0.00 $ $
1 SR- Market 0 0.00 $ $
1 BR- Market 0 0.00 $ $
1 BR- Market 0 0.00 $ $
1 BR- Market 0 0.00 $ $
1 BR - Market 0 0.00 $ $
1 BR - Market 0 0.00 $ $
1 SR - Market 0 0.00 $ $
1 BR- Market 0 0.00 $ $
1 BR- Market 0 0.00 $ $
1 SR- Market 0 0.00 $ $
1 BR - Market 0 0.00 $ $
Tota11-BR
1-BR Market Rent: $
2009 Page 15
Tota11·BR Units: 10 TotaI1·BR Rent $ 3,652
. 2-Bedroom Units
Rent Targeting Number Units Sguare Feet Per Unit Monthly Rent
2BR-40% 0 0.00 $ - $ -
2BR-40% 0 0.00 $ - $ -
2 BR-40% 0 0.00 $ - $
2BR-40% 0 0.00 $ $
2BR-40% 0 0.00 $ - $ -
2 BR-40% 0 0.00 $ - $ -
2BR-40% 0 0.00 $ - $ -
2BR-40% 0 0.00 $ - $ -
2BR-40% 0 0.00 $ - $ -
2BR-40% 0 0.00 $ - $
2BR-40% 0 0.00 $ $
2BR-40% 0 0.00 $ $ -
2BR-40% 0 0.00 $ $ -
2BR-40% 0 0.00 $ - $ -
2BR-40% 0 0.00 $ - $ -
2BR-50% 3 844.00 $ 425 $ 1,275
2BR-50% 13 797.00 $ 425 $ 5,525
2BR-50% 0 0.00 $ $
2BR-50% 0 0.00 $ $
2BR-50% 0 0.00 $ - $ -
2BR-SO% 0 0.00 $ - $ -
2BR-SO% 0 0.00 $ - $ -
2BR-50% 0 0.00 $ - $ -
2BR-50% 0 0.00 $ - $ -
2BR-50% 0 0.00 $ $ -
2BR-SO% 0 0.00 $ - $
( 2BR-50% 0 0.00 $ $ -
2BR-SO% 0 0.00 $ $ -
2BR-SO% 0 0.00 $ - $ -
2BR-SO% 0 0.00 $ - $ -
2BR-60% 0 0.00 $ - $ -
2BR-60% 0 0.00 $ $ -
2BR-SO% 0 0.00 $ $
2BR-60% 0 0.00 $ $
2BR-60% 0 0.00 $ - $ -
2BR-SO% 0 0.00 $ - $ -
2BR-60% 0 0.00 $ - $ -
2BR-60% 0 0.00 $ - $ -
2BR-SO% 0 0.00 $ - $ -
2BR-60% 0 0.00 $ $ -
2BR-SO% 0 0.00 $ $
2BR-SO% 0 0.00 $ $
2BR-60% 0 0.00 $ - $ -
2BR·SO% 0 0.00 $ - $ -
2BR-60% 0 0.00 $ - $ -
Tota12·BR Total Monthly 2-BR
Tax Credit Units: 16 12,893.00 Tax Credit Rent: $ 6,800
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 $ - $ -
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 $ $
2 BR - Market 0 0.00 $ $
2009 2 SR- Market 0 0.00 $ - $ Page 15
B §
2 BR - Market 0.00 $
2 BR- Market 0.00 $ - $ -
2 BR - Market 0,00 $ - $ -
Tota12-BR
2·BR Market Rent: $
Total 2-BR Units: 16 Total 2·BR Rent $ 6,800
,-, ,3-Bed.room U':Iits

Rent Targeting Number Unjts S9Uiilre Feet Per Unit Monthly Rent
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-40% 0 0.00 $ - $
3BR-50% 0 0,00 $ - $ -
3BR-50% 0 0.00 $ $ -
( 3BR-50%
3BR-50%
0
0
0.00
0.00
$
$ -
$
$
-
3BR-50% 0 0.00 $ - $
3BR-50% 0 0.00 $ - $ -
3BR-50% 0 0.00 $ - $ -
3BR-50% 0 0.00 $ - $ -
3SR-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 $ - $ -
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 $ $ -
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 $ - $ -
Tota13-BR Total Monthly 3-BR
Tax CredIt Units: 0 0,00 Tax Credit Rent: $ -
B §
3 BR - Market 0.00 $
3 BR- Market 0.00 $ - $ -
2009 3 SR- Market 0.00 $ - $ - Page 15
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 $ $ -
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 $ $ -
Tota13·BR
Total 3·BR Units: 0 Total 3·BR Rent $ -
4-Bedroom Units ...

Rent Targeting Number Units Sguare Feet PerUnil Monthly Rent
4BR-40% 0 0.00 $ - $
4BR-40% 0 0.00 $ - $ -
4BR-40% 0 0.00 $ $ -
4BR-40% 0 0.00 $ $ -
4BR-40% 0 0.00 $ - $ -
4BR-40% 0 0.00 $ - $ -
4BR-40% 0 0.00 $ - $
4BR-40% 0 0.00 $ - $
4BR-40% 0 0.00 $ - $ -
4BR-40% 0 0.00 $ $ -
4BR-40% 0 0.00 $ $ -
4BR-40% 0 0.00 $ $ -
4BR-40% 0 0.00 $ - $ -
4BR-40% 0 0.00 $ - $ -
4BR-40% 0 0.00 $ - $ -
4BR-SO% 0 0.00 $ $
4BR-SO% 0 0.00 $ $ -
4BR-SO% 0 0.00 $ $ -
4BR-SO% 0 0.00 $ - $ -
4BR-SO% 0 0.00 $ - $ -
4BR-SO% 0 0.00 $ - $
4BR-SO% 0 0.00 $ - $
4BR-SO% 0 0.00 $ - $
4BR-SO% 0 0.00 $ $ -
4BR-50% 0 0.00 $ $ -
4BR-SO% 0 0.00 $ - $ -
4BR-SO% 0 0.00 $ - $ -
4BR-SO% 0 0.00 $ - $ -
4BR-SO% 0 0.00 $ - $
4BR-SO% 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 $ - $
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 $ - $ -
4BR-60% 0 0.00 $ - $ -
4BR-60% 0 0.00 $ - $ -
2009 4BR-60% 0 0.00 $ - $ - Page 15
4BR-60%
TotaI4-BR
0 II 0.00 11$
Total Monthly 4-BR
$
Tax Credit Units: 0 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 SR- Market 0 0.00 $ $
4 SR- Market 0 0,00 $ $
4 SR- 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 SR- Market 0 0.00 $ $
4 BR - Market 0 0.00 $ $
4 SR- Market 0 0.00 $ $
Total4-BR
Total 4-BR Units: 0 Total 4·BR Rent $
Total Units 26 Net Rentable SF: TC Units 19,473.00

MKT Units 0.00
Total NR SF: 19,473.00
Floor Space Fraction 100.0000%
2009 Page 15
D_ Operating Expenses
Administrative:
1. AdvertisingIMarketing $750
2. Office Salaries $2,000
3. Office Supplies $750
4. OfficelModel Apartment (type~ $6
5. Management Fee $7,293
6.25% ofEGI 280.5 Per Unit
6. Manager Salaries ====~= $8,000
7. StaffUnit(s)(lype~ $0
8. Legal $750
9. Auditing $4.500
10. Bookkeeping/Accounting Fees $2,006
II. Telephone & Answering Service $1,066
12. Tax Credit Monitoring Fee $656
13. Miscellaneous Administrative $500
Total Administrative $28,193
Utilities
14. Fuel Oil $0
15. Electricity $2,006
16. Water $6
17. Gas $6
18. Sewer $6
Total Utility $2,000
Operating:
19. Janitor/Cleaning Payroll $0
20. Janitor/Cleaning Supplies $0
21. Janitor/Cleaning Contract $0
22. Extenninating $1,600
23. Trash Removal $I,SOO
24. Security PayrolVContract $6
25. Grounds Payroll $6
26. Grounds Supplies $500
27. Grounds Contract $3,000
28. MaintenancelRepairs Payroll $12,000
29. Repairs/Materiai $3,000
30. Repairs Contract $3,000
31. Elevator Maintenance/Contract $6
32. Heating/Cooling Repairs & Maintenance $6
33. Pool Maintenance/Contract/Staff $6
34. Snow Removal $1,006
35. Decorating/PayrolllContract $1,200
36. Decorating Supplies $2,000
37. Miscellaneous $i,000
Operating & Maintenance Totals $29,500
Taxes & Insurance
38. Real Estate Taxes $6,000
39. Payroll Taxes $1,200
40. Miscellaneous TaxesiLicenses/PelIllits $650
41. Property & Liability Insurance $S,OOO
42. Fidelity Bond $65
43. Workman's Compensation $1,066
44. Health Insurance & Employee Benefits $1.720
45. Other Insurance $0
Total Taxes & Insurance $18,701
Total Operating Expense $78,394
01. TotaIOper.Ex.PerUnit _ _ _ _ _---'$"3,,,0,,1=-5 02. Total Oper. Ex. As % EO! (from E3) 67.21%
Replacement Reserves (Total # Units X $300 or $250 New Canst. Elderly Minimum) $7,800
Total Expenses $86,194
2009 Page 16
E. Cash Flow (First Year)

1. Annual EGI Low-Income Units from (Cl) $116,644
2, Annual EGI Market Units (from C2) + $0
3. Total Effective Gross Income = $116,644
4. Total Expenses (from D) $86,194
5. Net Operating Income = $30,450
6. Total Annual Debt Service (from Page 21 B2) - $24,470
7. Cash Flow Available for Distribution = $5,980
F. Projections ror Financial Feasibility - 15 Year Projections or Cash Flow
Stabilized
Year 1 Year 2 Year 3 Year 4 Year 5
Err. Gross Income 116,644 120,144 123,748 127,460 131,284
Less Oper. Expenses 86,194 89,642 93,227 96,957 100,835
Net Income 30,450 30,502 30,521 30,504 30,449
Less Debt Service 24,470 24,470 24,470 24,470 24,470
Cash Flow 5,980 6,032 6,050 6,034 5,979
Debt Coverage RatIO 1.24 1.25 1.25 1.25 1.24
Year 6 Year 7 YearS Year 9 Year 10

Err. Gross Income 135,223 139,279 143,458 147,762 152,194
Net Income 30,355 30,217 30,032 29,799 29,513
Cash Flow 5,884 5,746 5,562 5,329 5,043
Year 11 Year 12 Year 13 Year 14 Year 15

Err. Gross Income 156,760 161,463 166,307 171,296 176,435
Net Income 29,172 28,771 28,308 27,777 27,175
Cash Flow 4,702 4,301 3,837 3,307 2,705
Estimated Annual Percentage Increase in Revenue 3.00% (Must be ~ 3%)
Estimated Annual Percentage Increase in Expenses ----':4..:.;.0"'0""'X.;:-o (Must be 2.. 4%)
2009 Page 17
VIII. PROJECT BUDGET
A. CostlBasis/Maximum Allowable Credit

Complete cost column and basis column(s) as appropriate tbrough A12. Check ifthe following
documentation is attached at TAB S:
o Executed Construction Contract
o Executed Trade Payment Breakdown
o Appraisal
o Other Cost Documentation
o Environmental Studies
NOTE: Attorney must opine, among other things, as to correctness of the inclusion of each cost item in eligible
basis, type of credit and numerical calculations of this Part VIII.
Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Co!umn(s):
"30% Present Value Credit" (D)
Item (A) Cost (B) Acquisition (C) Rehabl "70 % Present
New Construction Value Credit"
1. Contractor Cost
A. Off-Site Improvements 0 0 0 0
B. Site Work 41,280 0 0 20,000
C. Other: 0 0 0 0
D. Unit Structures (New) 0 0 0 0
E. Unit Structures (Rehab) 1,120,817 0 0 1,120,817
F. Accessory Building (s) 0 0 0 0
G. Asbestos Removal 0 0 0 0
H. Demolition 159,329 0 0 159,329
I. Commercial Space Costs 0 0 0 0
J. Structured Parking Garage 0 0 0 0
K. Subtotal A: (Sum lA .. lJ) 1,321,426 0 0 1,300,146
L. General Requirements 30,000 0 0 30,000
M. Builder's Overhead 40,000 0 0 40,000
( 3.0% Contract)
N. Builder's Profit 40,000 0 0 40,000
( 3.0% Contract)
O. Bonding Fee 0 0 0 0
P. Other: 0 0 0 0
Q. Contractor Cost
Subtotal (Sum IK..IP) $1,431,426 $0 $0 $1,410,146
2. Owner Costs
A. Building Pennit 20,000 0 0 20,000
B. Arch.lEngin. Design Fee 100,000 0 0 100,000
( 3,846 /Unit)
C. Arch. Supervision Fee 0 0 0 0
( _ _O_/Unit)
D. Tap Fees 0 0 0 0
E. Soil Borings 0 0 0 0
2009 Page 18
Amount of Cost up to 100% Includable in

Eligible Basis--Use Applicable Column(s):
Item (A) Cost (B) Acquisition (C) Rehab! "70 % Present
2. Owner Costs Continued
F. Construction Loan 5.000 0 0 5,000

Origination Fee
G. Construction Interest 50.000 0 0 50.000
( 0.0% for 0 months)
H. Taxes During Construction 4,000 0 0 4,000
I. Insurance During Construction 12,000 0 0 12,000
1. Cost Certification Fee 7,500 0 0 7,500
K. Title and Recording 20,000 0 0 20,000
L. Legal Fees for Closing 78,000 0 0 5,000
M. Pennanent Loan Fee 0 0 0 0
( 0.0%)
N. Other Pennanent Loan Fees 0 0 0 0
O. Credit Enhancement 0 0 0 0
P. Mortgage Banker 0 0 0 0
Q. Environmental Study 3,500 0 0 3,500
R. StructuraIIMechanical Study 0 0 0 0
S. Appraisal Fee 3,500 0 0 3,500
T. Market Study 4,000 0 0 4,000
U. Operating Reserve 95,000 0 0 0
V. Tax Credit Fee 15,155 0 0 0
W.OTHER $243,289 $0 $0 $213,000
(SEE PAGE 19A)
X. Owner Cost
Subtotal (Sum 2A .. 2W) $660,944 $0 $0 $447,500
Subtotal I + 2 $2,092,370 $0 $0 $1,857,646

(Owner + Contractor Costs)
3. Developer's Fees 320,000 0 0 320,000
4. Owner's Acquisition Costs

Laod 200,600
Existing Improvements 725,200 0
Subtotal 4: $925,800 $0
5. Total Development Costs

Subtotal 1+2+3+4: $3,338,170 $0 $0 $2,177,646
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) $0 Building
2009 Page 19
I Amount of Cast up to 100% Includable in

Eligible Basis--Use Applicable Column(s):
Item (A) Cost (8) Acquisition (C) Rehab! "70 % Present
W. OTHER OWNER COSTS
Contingency Reserve 140,000 0 0 140,000

(Rehab or Adaptive Reuse only)
LIST ADDITIONAL ITEMS
Construction Mana~ement 30,000 0 0 30,000
Earthcraft Inspection Fees 13,000 0 0 13,000
TeAP comEiiance management 20,000 0 0 0
Relocation 30,000 0 0 30,000
VHDA TCAP fee 10,289 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
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) $243,289 $0 $0 $213,000
2009 Page 19A

Amount ot Cost up to IUU% lncludable III

Eligible Basis--Use Applicable ColumnCs):
'JU '70 Yresent va ue L remt
(Cj Rehab! CD)
New "70 % Present
Item (A) Cost (B) Acquisition Construction Value Credit"
5. Total Development Costs
Subtotal 1+2+3+4 3,338,170 0 0 2,177,646
6. Reductions in Eligible Basis
Subtract the following:

A. Amount of federal grant(s) used to finance 0 0 0
qualifYing development costs
B. Amount of nonqualified, nonrecourse financing 0 0 0
C. Costs of nonqualifYing units of higher quality 0 0 0

(or excess portion thereot)
D. Historic Tax Credit (residential portion) 0 0 0
7. Total Eligible Basis (5 minus 6 above) 0 0 2,177,646
8. Adjustment(s) to Eligible Basis (For non-acquisition costs in eligible basis)

(i) For Earthcraft or LEED Certification AND 60 Bonus Points 0 108,882
(ii) For QCT or DDA (Eligible Basis x 30%) 0 0
(
Total Adjusted Eligible basis 0 2,286,528
9. Applicable Fraction 100.0000% 100.0000% 100.0000%
10. Total Qualified Basis (Same as Part IX-C) o 0 2,286,528

(Eligible Basis x Applicable Fraction)
11. Applicable Percentage 3.28% 0.00% 9.00%

(For 2009 9% competitive credits. use the May 2009 applicable percentages for acq.)
(For 9% non-competitive & tax exempt bonds, usc the most recently published rates)
12. Maximum Allowable Credit under IRC §42 $0 $0 $205,7881

(Qualified Basis x Applicable Percentage)
(Same as Part IX-C and equal to or more than
credit amount requested)
$205,788
Combined 30% & 70% P. V. Credit
r---J
\.
2009 Page 20
B. Sources of Funds
1. Construction Financing: List individually the sources of construction financing, including any such
loans financed through grant sources:
Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person
1. $0
2. $0
3. $0
o Commitments or letter(s) of intent attached (TAB T)

2. Permanent Financing: List individually the sources of all permanent financing in order of lien position:
Interest Amortization Tenn

Date of Date of Amount of Annual Debt Rate of Period of
Source of Funds Application Commitment Funds Service Cost Loan IN YEARS Loan (years)
1. VHDASPARC Closed $180,000 $10,970 5.05% 35 0
2. DHCDHOME 06/30/09 09/01109 $450,000 $13,500 3.00% 1000 0
3. $0 $0 0.00% 1000 0
4. $0 $0 0.00% 1000 0
5. $0 $0 0.00% 1000 0
6. $0 $0 0.00% 1000 0
( Totals: $630,000 $24,470
o Commitments or letter(s) of intent attached (TAB T)
3. Grants: List all grants provided for the development:
Date of Date of Amount of

Source of Funds Application Commitment Funds Name of Contact Person
l. $0
2. $0
3. $0
4. $0
5. $0
6. TCAP N/A N/A $398,537
Total Permanent Grants: $398,537
o CommItments or letter(s) ot mtent 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 LandiBuilding $745,800 0 Assessment Attached (TAB S)
Deferred Developer Fee -----'-'-"-'':'$'''0
Other: $0
Equity Total $745,800
7. Total of All Sources (B2 + B3 + B4 + B5 + B6) $1,774,337
(not including syndication proceeds except for historic tax credits)
8. Total Development Cost $3,338,170

(From VIII-A5)
9. Less Total Sources of Funds (From B7 above) $1,774,337
10. Equals equity gap to be funded with low-income tax credit

proceeds (must equal IX-D3) $1,563,832
C. Syndication Information (If Applicable)
1. Actual or Anticipated Name of Syndicator Virginia Community Development Corporation

2. Contact Person Jeffrey Michael Meyer Phone 804343 1200 ext 113
3. Street Address ~I"8:-:4"0-7W""'.B"r'-0"'a"d"'S"'tr"'e'-et'-=S::-u"'it-e-:2"0"0----------
City Richmond State VA Zip 23220
...:..:..:'-------
4. a. Total to be paid by anticipated users of credit (e.g., limited partners) $1,563,832
b. Equity Dollars Per Credit (e.g., $0.85 per dollar of credit) $0.76
c. Percent of ownership entity (e.g., 99% or 99.9%) 99.99%
d. Net credit amount anticipated by user of credits $205,767
e. Syndication costs not included in VIII-A5 (e.g., advisory fees) $0
5. Net amount which will be used to pay for Total Development Cost (4a-4e)
as listed in Part VIII-A5 (same amount as Part IX-D3) $1,563,832
6. Amount of annual credit required for above amounts

(same amount as Part IX-D6) $205,788
7. Net Equity Factor [C5 / (C6 X 10)]
(same amount as Part IX-D4) Must be equal to or greater than 85% 75.99%
8. Syndication: o Public or o Private

9. Investors: o Individual or o Corporate
o Syndication commitment or letter of intent attached (TAB U)
2009 Page 22
D. Recap of Federai, 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 Government Funds? DYes 0 No
If yes, then check the type and list the amount afmoney involved.
Below-Market Loans Market-Rate Loans
o Tax Exempt Bonds $0 o Taxable Bonds $0

o RD515 $0 o Section 220 $0
o Section 221 (d)(3) $0 o Section 221(d)(3) $0
o Section 312 $0 o Section 221 (d)(4) $0
o Section 236 $0 o Section 236 $0
D VHDA SPARC/REACH $180,000 o Section 223(t) $0
D HOME Funds $450,000 o Other: $0
o Other: $0
o Other: $0
Grants Grants.
o CDBG $0 o State $0
DUDAG $0 o Local $0
D Other: TCAP $398,537
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 ll and describe the applicable grant program
which funded it.
2. Subsidized funding: list all sources of funding for points. Documentation Attached (TAB T)
Source of Funds Commitment date Funds

1. Wise County Redevelopment and Housing Authority $745,800
2. $0
3. $0
4. $0
5. $0
3. Does any of your financing have any credit enhancement? DYes D No

If yes, list which financing and describe the credit enhancement:
4. Other Subsidies 0 Documentation Attached (TAB Q)

o Section 8 Rent Supplement or Rental Assistance .Payment
o Tax Abatement
o Other _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __
5. Is HUD approval for transfer of physical asset required?

DYes D No
E. For Transactions Using Tax-Exempt Bonds Seeking 40/0 Credits:

For purposes of the 50% Test, and based only on the data entered to this
application, the portion of the aggregate basis of buildings and land financed with
tax-exempt funds is: I· .
,,7;;;4<&2'.1:"-, 2ii's" ' ·1.
. .'·:ii,'fI±~itlir':>'·
P,••
2009 Page 23
L,w.Income Housing Tax Credit Application For Reservation
(~X. ADDITIONAL INFORMATION
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.
o This development will be subject to the standard extended use agreement which permits early
termination (after the mandatory I5·year compliance period) of the extended use period.
D This development will be subject to an extended use agreement in which the owner's right to any
early termination of the extended use provision is waived for 25 additional years after the 15·
year compliance period for a total of 40 years. Do not select if IX.B is checked below.
D This development will be subject to an exteuded 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 15·
year compliance period for a total of 50 years. Do not select if IX.B is checked below.
B. NonprofitILocal Housing Authority Purchase OptionlRight of First Refnsal
I. 0 After the mandatory 15-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 nonprofit. Do not select if extended compliance is selected in IX.A above.
o Option or Right of First Refusal in Recordable Form Attached (TAB V)
Enter name of qualified nonprofit: Wise County Redevelopment and Housing Authority
2. D 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.
D Homeownership Plan Attached (TAB J)
C. Building·by·Building Information (Complete page 25 as appropriate)
2009 Page 24
Low-lncomt: dousing Tax Credit Application For Reservation
c. Building-by-Building Information I Must Complete -·1

Qualified basis must be detennined 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 30% Present Value 30% Present Value

OF Credit for Acquisition Credit for Construction 70% Present Value Credit
TAX MARKET
CREDIT RATE Actual or Actual or Actual or
UNITS UNITS Estimate Anticipated Estimate Anticipated Estimate Anticipated
Build Street Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit Qualified In-Service Applicable Credit
ing # Address Basis Date Percentage Amount Basis Date Percentage Amount Basis Date Percentage Amount
· 2 0 603 Commonwealth Avenue $0 0.00% 0 $0 0.00% 0 5189,233 08/31110 9.00% 17,031
· 2 0 604 Commonwealth Avenue $0 0.00% 0 $0 0.00% 0 $189,233 08/31110 9.00% 11,031
· 2 0 607 Commonwealth Avenue $0 0.00% 0 $0 0.00% 0 $189,233 08/31/10 9.00% 17,031
.2 0 612 Commonwealth A venue $0 0.00% 0 $0 0.00% 0 $189,233 08/31/10 9.00% 11,031
· 2 0 621 Commonwealth Avenue $0 0.00% 0 $0 0.00% 0 $189,233 08/31/10 9.00% 11,031
.2 0 622 Commonwealth Avenue $0 0.00% 0 $0 0.00% 0 $139,233 08/31110 9.00% 11,031
.2 0 625 Commonwealth Avenue $0 0.00% 0 $0 0.00% 0 $189,233 03/31110 9.00% 17,031
.2 0 626 Commonwealth Avenue $0 0.00% 0 $0 0.00% 0 $189,233 08/31110 9.00% t7,031
.4 0 608 Commonwealth Avenue $0 0.00% 0 $0 0.00% 0 $309,066 08/31/10 9.00% 27,816
· 6 0 615 Commonwealth Avenue $0 0.00% 0 $0 0.00% 0 $463,598 08/31110 9.00% 41,724
I $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0 0.00% 0 $0 0.00% 0 $0 0.00% 0
4 $0 0.00% 0 $0 0.00% 0 SO 0.00% 0
5. $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
6 $0 0.00% 0 $0 0.00% 0 $0 0.00% 0
$0
i
I i
$0
I
sol
$2,286,528
I
I
Q
"
Credit Amount Totals (must agree with VIII-A-12)
2009 Page 25
D. Determination of Reservation Amount Needed
The following calculation of the amount of credits needed is substantially the same as the calculation which will be made by
VHDA to determine, as required by the IRe, the amount of credits which may be allocated for the development. However,
VHDA at all times retains the right to substitute such information and assumptions as are determined by VHDA to be reasonable
for the information and assumptions provided herein as to costs (including development fees, profits, etc.), sources for funding,
expected equity, etc. Accordingly, if the development is selected by VHDA for a reservation of credits, the amount of such
reservation may differ significantly from the amount you compute below.
I. Total Development Costs (from VIII-A5, Column A page 20) $3,338,170
2. Less Total Sources of Funds (from VIlI-B7 page 22) $1,774,337
3. Equals Equity Gap $1,563,832
4. Divided by Net Equity Factor (VIII-C7 page 22) 75.99%

(Percent of lO-year credit expected to be raised as equity investment)
5. Equals Ten-Year Credit Amount Needed to Fund Gap $2,057,880
Divided by ten years 10
6. Equals Annual Tax Credit Required to Fund the Equity Gap $205,788
7. The Maximum Allowable Credit Amount $205,788

(from VIII-Al2-combined figure)
(This amount must be equal to or more than 6 above)
8. Reservation Amount (Lesser of 6 or 7 above)

Credit per Unit 7,915 Combinod 30% & 7()% PV Crc-dil
Credit per Bedroom 4,900

d
$0 I $205,788 I
.l()% PV Crc'<.lil 700/, rv CrOOu
(B.,od on>ilIIlCrd"li''''Jl<.-ro:nl'So> os VIII-AI2)
E. Attorney's Opinion !Goal Seek Function

o Attached III Mandatory TAB W) If you incur the error message that your reservation amount is not equal
o the equity gap amount you may use the goal seek function within the Excel
preadsheet to eliminate the error message. To use the "Goal Seek" function first
lace the curser box on cell V28. Using the mouse arrow, point and click on
'Tools" on the top line and then click on the "Goal Seek" option. A box will
ppear with the V28 cell shown in the top space, place the cursor in the middle
[box and type in the new amount that you want the equity gap to be which should
[be the reservation amount below, then place the cursor in the bottom space and at
he bottom of the page click on page 22. Then place the cursor on cell N15
(Deferred Developer Fee) and click on "OK". A message should then appear that
solution has been found and if the amount is correct click "OK". If the amOlDlts
fare now equal the error message will disappear.
2009 Page 26
F. Statement of Owner
[he undersigned hereby acknowledges the following:
1. that, to the best of its knowledge and belief, all factual information provided herein or in connection
herewith is true 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 of this reservation request and
the issuance or nonissuance of an allocation of credits, grants andlor loan funds in connection herewith.
3. 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 ofVHDA 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 warrants their correctness or compliance with IRe
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 $500 and a
nonrefundable reservation fee equal to 7% of the annual credit amount reserved.
II. that a true, exact, and complete copy of this application, including all the supporting documentation
enclosed herewith, has been provided to the tax attorney who has provided the required attorney's
opinion accompanying this submission, and
12. that the applicant has provided a complete list of all residential real estate developments in which the
general partner(s) has (have) or had a controlling ownership interest and, in the case of those projects
allocated credits under Section 42 of the IRC, complete information on the status of compliance with
Section 42 and an explanation of any noncompliance. The applicant hereby authorizes the Housing
Credit Agencies of states in which these projects are located to share compliance information with the
Authority.
( 13. that the information in this application may be disseminated to others for purposes of verification or
other purposes consistent with the Virginia Freedom of Information Act. However, all information will
be maintained, used or disseminated in accordance with the Government Data Collection and
Dissemination Practices Act. The applicant may refuse to supply the information requested, however,
such refusal will result in VHDA's inability to process the application. The original or copy of this
application may be retained by VHDA, even if tax credits are not allocated to the applicant.
In Witness Whereof, the undersigned, being authorized, has caused this document to be executed in its
name on this 29th day of April ,2009.
COMMONWEALTH APARTMENTS, LLC
2009 Page 28
2009 L1HTC SELF SCORE SHEET:
Self Scoring Process
his worksheet is intended to provide you with an estimate of your application score based on the selection criteria described in the
CAP. Most of the data used in the scoring process is automatically entered below as you fill in the application. Other items
enoted below in the green shaded cells, are items that are typically evaluated by VHDA's staff during the application review an
easibilityanalysis. For purposes of self scoring, it will be necessary for you to make certain decisions and assumptions about you
pplication and enter the appropriate responses in the green shaded cells of this score sheet. All but two require yesina responses
n which case enter Y or N as appropriate. Item 2b pertaining to the Local CEO LeiterwiIJ 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, 0
ny other response which is neither unconditional support nor opposition. Item 5e1 requires a numeric value to be entered. Pleas
emember that the score is only an estimate based on the selection criteria using the reservation application data and th
responses you've entered on this score sheet. VHDA reserves the right to change application data and/or score sheet response
rhere appropriate, which may change the final score.
MANDATORY ITEMS: Score

a. Signed, completed application YarN o
b. Duplicate copy of application YorN o
c. Partnership agreement YarN o
d. SCC Certification Yor N o
e. Previous participation form Yor N o
f. Site control document YarN o
g. Architect's Certification YarN o
h. Attorney's opinion YarN o
i. Nonprofit questionnaire (if NP) Y, N, N/A o
0.00
1. READINESS:
a. Plan of development Y 00r40 40.00
b. Zoning approval Y o or 40 40.00
Total: 80.00
2. HOUSING NEEDS CHARACTERISTICS:

a. VHDA notification letter to CEO
b. Local CEO letter
c. Location in a revitalization area
d. Location in a Qualified Census Tract
e. Sec 8 or PHA waiting list preference
f. Subsidized funding commitments
g. Existing RD, HUD Section 8 or 236 program
h. Tax abatement or new project based rental subsidy (HUD or RD)
(y,NC,N)
- Y
N
Y
22.34%
N
o or -50
00r250r50
Oar 30
o or5
Oar 10
Up to 40
00r20
o or 10
0.00
50.00
30.00
0.00
10.00
40.00
0.00
10.00
i. Census tract with <10% poverty rate, no tax credit units N 00r25 0.00
j. Development listed on the Rural Development Rehab Priority List N Oar 15 0.00
Total 140.00
3. DEVELOPMENT CHARACTERISTICS:
a. Unit size (See calculations below) Up to 100 97.74
b. Amenities (See calculations below) Up to 60 49.00
c. Project subsidiesiHUD 504 accessibility for 5 or 10% of units N OorSO 0.00
or d. HCV payment standardlHUD 504 accessibility for 5 or 10% of units N 00r30 0.00
or e. HUD 504 accessibility for 4% of units Y o or 15 15.00
f. Proximity to public transportation N 0,100r20 0.00
g. Development will be Earthcraft or LEED certified Y o or 30 30.00
h. VHDA Certified Property Management Agent Y o or 25 25.00
i. Units constructed to meet VHDA's Universal Design standards 12% Up to 15 1.73
j. Developments with less than 100 units Up to 20 20.00
Total 238.47
4. TENANT POPULATION CHARACTERISTICS:

a. <= 20% of units having 1 or less bedrooms N Oar 15 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 with 1 x units 00r50 0.00
or b. Developer experience - 1 development with 1 x units o or 10 10.00
c. Developer experience - uncorrected major violation Oar -50 0.00
d. Developer experience - noncompliance 00r-15 0.00
e1. Developer experience - did not build as represented o or-x 0.00
e2. Developer experience - termination of credits by VHDA o or -10 0.00
f. Management company rated unsatisfactory o or-25 0.00
g. LEED accredited design team member o or 10 10.00
Total 20.00
6. EFFICIENT USE OF RESOURCES:

a. Credit per unit If #NfA or #REFI appears in the score column of these point Up to 180 48.01
b. Cost per unit categories check spelling ofCJerk's Office on pg 1. It must match Up to 75 17.90
2009 Total exactly with the Jurisdiction names listed in the Application Manual. 65.91
7. BONUS POINTS:
a. Units with rents at or below 40% of AMI
JII-••
$41,800
1
$50,60~
@M'~ 12% Up to 10 10.00
b. Units with rent and income at or below 50% of AMI 0% Up to 50 0.00
or c. Units with rents at or below 50% rented to tenants at or below 60% of AMI 100% Up to 25 0.00
or d. Units in Low Income Jurisdictions with rents <= 50% rented to tenants with <= 60% of AMI 100% Up to 50 50.00
e. Extended compliance o Years 40 Of 50 0.00
or f. Nonprofit or LHA purchase option y 00r60 60.00
or g. Nonprofit or LHA Home Ownership option N 00r5 0.00
Total 120.00
500 Point Threshold - 9% Credits TOTAL SCORE: 664.39

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

E-AS LVG E-EFF E-1 BDRM E-2 BDRM
High Sq.FI.! BDRM a a a a
Low Sq.FI.I BDRM a a a a
Project Sq.FI. I BDRM a a a a
Percentage of Units 0.00% 0.00% 0.00% 0.00%
Points per Bedroom 0.00 0.00 0.00 0.00
F-EFF-G F-1 BDRM G F-2 BDRM-G F-3 BDRM-G

High Sq.Ft. I BDRM a 625 900 a
Low Sq.Ft. I BDRM a 500 675 a
Project Sq.Ft.1 BDRM a 728 892 a
F-4 BDRM-G F-2 BDRM-TH F-3 BDRM-TH F-4 BDRM-TH

High Sq.Ft.1 BDRM a a a a
LowSq.Ft./BDRM a a a a
Project Sq.FI.I BDRM a a a a
1 ST ELD-EFF 1 ST ELD-1 BDRM 1 ST ELD-2 BDRM If you do not receive a numeric point value
High Sq.Ft.1 BDRM a a a In the unit size calculations, ptease
Low Sq.FI.I BDRM a a a check the values entered on page 8, C1.
Project Sq.Ft. I BDRM a a a These must be whole number numeric
Percentage of Units 0.00% 0.00% 0.00% values only. Also check page 7, item 3,
Points per Bedroom 0.00 0.00 0.00 the number of units must be either new,
adapt or rehab only. Combinations do
i otai DOlt Size POints: 97.741 not calculate correctly.
Amenities:
All units have:
a. 1.5 or 2 Bathrooms 0.00% 0.00
b. Community Room 0.00
c. Brick Walls 100.00% 20.00
d. Kitchen/Laundry Appl-Energy Star 5.00
e. Windows-Energy Star 5.00
f. HeatlAC-SEER-AFUE 10.00
g. Sub-metered water expense 5.00
h. Low flow faucets & showerheads 3.00
i. High speed cable, DSL, wireless internet 1.00
j. Water heaters meet EPA Energy Star requirements 0.00
Total 49.00
All elderly units have:
a. Front-control ranges 0.00
b. Emergency call system 0.00
c. Independentlsuppl. heat source 0.00
d. Two eye viewers 0.00
Total Q;QQ
All rehab or adaptive reuse units:

b. Historic structure
Total amenities:
2009
$ISF = 1 $141.191 CreditS/SF = IJ:!!!!]Const $Iunit = $55,055
TYPE OF PROJECT FAMILY = 11000; ELDERLY = 12000 If an ERROR message appears here check
LOCATION BELT=100; NVM=110; NVNM=200, RIC=300; TID=400; SMA=500; SMA-C=510; RUR=600 spelling of Clerll's Office on pg 1.lt must
TYPE OF CONSTRUCTION N C=I; ADPT=2;REHAB(25,OOO+)=3; REHAB(15,000-25,000)=4 match exactly with the Jurisdiction names
listed in the Application Manual.
ELDERLY
ASLVG EFF-E 1 BR-E 2BR-E EFF-E-1 ST 1 BR-E-1 ST 2 BR-E-l ST
VG UNIT SIZE 0 0 0 0 0 0 0
NUMBER OF UNITS 0 0 0 0 0 0 0
PARAMETER-(COSTS=>25,OOO) 0 0 0 0 0 0 0
PARAMETER-(COSTS<25,OOO) 0 0 0 0 0 0 0
COST PARAMETER 0 0 0 0 0 0 0
PROJECT COST PER UNIT 0 0 0 0 0 0 0
PARAMETER-(CREDITS=>25,000) 0 0 0 0 0 0 0
PARAMETER-(CREDITS<25,OOO) 0 0 0 0 0 0 0
CREDIT PARAMETER 0 0 0 0 0 0 0
PROJECT CREDIT PER UNIT 0 0 0 0 0 0 0
COST PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CREDIT PER UNIT POINTS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FAMILY
EFF-G 1 BR-G 2BR-G 3BR-G 4BR-G 2BR_TH 3BR-TH 4BR-TH
VG UNIT SIZE 0 728 892 0 0 0 0 0
NUMBER OF UNITS 0 10 16 0 0 0 0 0
PARAMETER-(COSTS=>25,000) 0 130,390 169,159 0 0 0 0 0
PARAMETER-(COSTS<25,000) 0 0 0 0 0 0 0 0
COST PARAMETER 0 130,390 169,159 0 0 0 0 0

PROJECT COST PER UNIT 0 102,812 125,903 0 0 0 0 0
PARAMETER-(CREDITS=>25,OOO) 0 11,242 14,585 0 0 0 0 0

PARAMETER-(CREDITS<25,000) 0 0 0 0 0 0 0 0
CREDIT PARAMETER 0 11,242 14,585 0 0 0 0 0
PROJECT CREDIT PER UNIT 0 8,538 10,456 0 0 0 0 0
COST PER UNIT POINTS 0.00 6.10 11.80 0.00 0.00 0.00 0.00 0.00
REDIT PER UNIT POINTS ono 16.65 31.36 0.00 0.00 0.0 0.00 0.0
TOTAL COST PER UNIT POINTS I 17.90 I

TOTAL CREDIT PER UNIT POINTS I 48.01 I
Cost Parameters - ElderiX

ASLVG EFF_E 1 BR_E 2BR-E EFF-E-l ST 1 BR_E_1 ST 2 BR-E_1 ST
Standard Cost Parameter· low rise 0 0 0 0
Parameter Adjustment - mid rise 0 0 0
Parameter AdJustment· high rise 0 0 0
Adjusted Cost Parameter 0 0 0
Credit Parameters - Elder!

ASLVG EFF-E 1 BR-E 2BR-E EFF_E_1 ST 1 BR-E-1 ST 2 BR-E-1 5T
Standard Cred~ Parameter -low rise 0 0 0 0 0 0 0
Parameter Adjustment - mid rise 0 0 0
Parameter Adjustment - high rise 0 0 0 0
Adjusted Credit Parameter 0 0 0 0
Cost Parameters - Famil

EFF-G 1 BR-G 2BR-G 3 BR-G 4BR-G 2 BR-TH 3 BR_TH 4BR-TH
Stendard Parameter-low rise 0 130,390 169,159 0 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0 0 0
Parameter Adjustment _ high rise 0 0 0 0 0 0
Adjusted Cost Parameter 130,390 169,159 0 0 0 0
Credit Parameters - Famil

EFF-G 1 BR-G 2BR-G 3BR-G 4BR-G 2 BR-TH 3 BR-TH 4BR-TH
Standard Credit Parameter _ tow rise 0 11,242 14.585 0 0 0 0
Parameter Adjustment - mid rise 0 0 0 0 0
Parameter Adjustment - high rise 0 0 0 0 0 0
Adjusted Credit Parameter 0 11,242 14,585 0 0 0
2009
TAB A
(Documentation of Development Location)
TAB A.I
(Qualified Census Tract Certification)
Qualified Census Tract Certification
Development Name: Commonwealth Apartments

Tracking #: 2009-Z-037
1. General Instructions
• This Certification must be included with the Application (by Application Deadline,
5/15/09).
• The Owner/Developer completes this Certification.
• Any change in this form may result in a reduction of points under the scoring system. If
you have any questions, please call Jim Chandler at VHDA (804) 343-5786.
2, Definition of Qualified Census Tracf

Pursuant to §42(d) (5) (C) (ii) of the IRe, a qualified census tract is, "(I) Any census tract
which is designated by the Secretary of Housing and Urban Development and, for
the most recent year for which census data are available on household income in
such tract, either in which 50% or more of the households have an income which is
less than 60% of the area median gross income (AMGI) for such year or which has a
poverty rate of at least 25%. If the Secretary of Housing and Urban Development
determines that sufficient data for any period are not available to apply this clause
on the basis of census tracts, such Secretary shall apply this clause for such period on
the basis of enumeration districts. (II) The portion of a metropolitan statistical area
(MSA) which may be designated shall not exceed an area having 20% of the
population of such MSA. (III) Each MSA shall be treated as a separate area and all
non-metropolitan areas in a State shall be treated as one area."
3, Census Tract #(s):

I 511959909
[8J To determine the development's census tract, go to http://map.sba.gov/hubzone/init.asp and

put in the development address or county. The census tract number will be revealed
after pressing the "search" button. On a rare occasion, when a development spans
more than one census tract, this website may show incomplete information. IF the
subject development is across census tracts, please list each census tract by number
and provide supporting documentation.
[8J Attach a map showing census tract boundaries and the development's location!
4. Legal Description
[8J Attach a copy of the development's legal description; the legal description should
correspond to the site control document in the Application.
SBA HUB Zone Locator http://map.sba.gov/hubzone/hzqry.asp?scope=-82565552%7C3 ...
§TB3&1 . '. .... •

Maptjtude furt!1e Web 3.60.00
HU8Z()ne;,ProgrCitrl .
.
Address-Town-County Text-Only
U.S. Map S Help
earch Version
Below the map you may find a listing of those non-metropolitan counties on the map that are qualified in their entirety as
HUBZones, based on level of median household income, or level of unemployment. You may also find a listing of qualified
census tracts former . and Indian
"
HU8Zone
Status
~Zoomln
I Recenter
I no __ --- define zoom in/out
I mmove display area by
I dickillg on the map with
after selecting a
above.
Virginia
These HUBZone areas on the map are qualified as HUBZones at least until the results of the 2010 decennial census
have been analyzed and made public: .
lof2 5/6/09 2: 38 PM
SBA HUBZone Locator http://map.sba.gov/hubzone/hzqry.asp?scope=-82565552%7C3 ...
19909:98 (Census 2000 tract: 9909m) .
* Median Household Income from the 2000 Census

** Statewide average of Median Household Income for non-metropolitan counties is determined through weighted
populations from 2000 data provided by the Bureau of the Census
*** Ratio of county unemployment rate to either state unemployment rate or US average unemployment rate, whichever is
lower
! Address (include either City & State or ZIP Code - omit address
!I to ZOOllllllap to a crty
.
or ZIP code woea) County
IStreet Address: II ... . . . ... . I . ::= I County: [r.--.- .. -.'."11

...-...- . - - - - - - - -
• City & State: . .. .... rx>,:",. State: I,+i"",'. I

ZIP Code: L ....... J I
(Search ) ~ (Search) (Reset, I
of2 5/6/092:38 PM
EXHIBIT A
PROPERTY DESCRIPTION
All that certain tract or parcel of property, together with all improvements situate thereon, located in
the Town of Wise, Gladeville Magisterial District of Wise County, Virginia and being more
particularly described as follows, to-wit:
Being a 8.024 acres parcel of land situated in the east end of the Town of Wise, Wise County,
Virginia and being the same property conveyed to Gladeville Housing Authority, LTD. and recorded
in Deed Book 422, Page 730 and being further described as follows, to wit:
Beginning at a drill hole in sidewalk in the northern R-O-W line of State Route #640 (Hurricane
Road) a common corner to Ryan D. Adkins (Inst #990004825) thence with said Adkins two (2) calls
N37°3 I '28"W208.72' to a point at fence post, thence S61 °56'00"W211.59' to an iron pin in line of
now or formerly William E. Baugh, Jr. Thence with said Baugh and an agreed boundary lines
recorded in Deed Book 353, Page 99, three (3) calls N3JDI8'42"WI26.35' to a 2" pipe in concrete,
thenceN44°35'03"EI7.20' to an iron pin, thence N34°04'46"WI55.25' to an iron pin in the eastern
R-O-W line of State Route #680 (Old Hurricane Road) thence with said Eastern R-O-W lines two (2)
calls N21°43'5T'EI30.20' thence NI6°30'09"E131.02' to an iron pin, a common corner to Charlie
Dean (DB 620, Page 521) thence with said Dean four (4) calls S67°00'05'EI51.62' to an iron pin,
thence N25°58'41"E66.00' to a metal rod, thence N17°00'54"W94.67 to a 16" black oak, thence
N05°57'0T'W235.14 to an iron pin in line of now or formerly William Cox (DB 564, Page 183)
thence in part with said Cox, a 0.133 acre parcel and Janice Addington (DB 695, Page 80)
S73°19'45"E484.09' (at 78.44' pass thru an iron pin) to a set stone, a common corner to Wendell E.
Barnette (Inst. #200300617) thence in part with said Barnette and with Cecil Cantrell,
S 16°0 l' 48"W354.13' to an iron pin at fence intersection, thence continuing with said Cantrell two
(2) calls Soo03 '06"E20 1.17' to an iron pin, thence S 11 °35'29"E 158.41' to an iron pin in the
Northern R-O-W Line of aforesaid State Route #640, thence with said R-O-W S72°20'41 "W141.08'
to the beginning containing 8.024 acres more or less, as shown on the plat prepared for Gladeville
Housing Authority, Ltd., by Joseph F. Barger, CLS 1177, dated March I, 2007, attached to and
recorded with the deed, in the Clerk's Office, Circuit Court, Wise County, Virginia in InstrumentNo.
200804204
TOGETHER WITH the use of any and all easements, rights of ways, roadways, water rights,
pipeline rights, sewer systems including any field lines attached thereto, in existence and which
lawfully may be used by Grantors, whether by express grant, prescriptive use or otherwise, and
which are appurtenant to and part of the use and enjoyment of this particular tract ofland.
SUBJECT TO any and all existing reservations, easements, conditions, exceptions, restrictions
andlor adverse conveyances as the same may lawfully affect the above described property.
TOGETHER WITH all buildings, improvements, fixtures, appliances andlor easements, now or
hereafter attached to or used in connection with the property herein described.
BEING THE same property conveyed to Wise County Redevelopment and Housing Authority, an
entity of the Commonwealth of Virginia, by Deed from Gladeville Housing Authority, Ltd., a
Virginia corporation, dated October 16, 2008 and recorded October 17, 2008, in the Clerk's Office,
Circuit Court, Wise County, Virginia in Instrument No. 2000804204.
Location Map
FFIEC Map Print http://maps.ffiec.gov/FFIECMapperrrGMapSrv.aspx?streeCadd ...
I 2008 Information I
603
Street Address COMMONWEALTH
STNE Legend----,
ICityName
II
WISE ] - Highway
IState Abbr IIvA I - Tract
IZip Code 11 24293 I - Street
IMSA/MD Code IINA I
IState Code
11 51 I
!County Code 11 195 I
ITractCode 119909.00 I
of 1 5/6/09 3:54 PM
TABA.2
(Revitalization Area Certification)
P.O. BOX 1100· WISE, VA 24293 • (276) 328-6013 (Voice & TDD)· FAX (276) 328-2519
FROM THE OFFICE OF

THE TOWN MANAGER l!:::::!:!J
REVITALIZATION AREA CERTIFICATION
February 17, 2009
Jim Chandler
Richmond, Virginia 23220
VHDA Tracking Number:

Development Jurisdiction: Town of Wise
Name of Owner} Applicant: Commonwealth Apartments, LLC
Dear Mr. Chandler:
I certify that the above-referenced development is located in a Revitalization Area in

my jurisdiction. A "revitalization area" is any area that is (i) either (1) blighted,
deteriorated, deteriorating or, if not rehabilitated, likely to deteriorate by reason that
the buildings, improvements or other facilities in such area are subject to one or more
of the following conditions- dilapidation, obsolescence, overcrowding, inadequate
ventilation, light or sanitation, excessive land coverage, deleterious land use, or faulty
otherwise inadequate design, quality or condition, or (2) the industrial, commercial or
other economic development of such area will benefit the city or county but such area
lacks the housing needed to induce manufacturing, industrial, commercial,
govemmental, educational, entertainment, community development, healthcare or
nonprofit enterprises or undertakings to locate or remain in such area; and (ii) private
enterprise and investment are not reasonably expected, without assistance, to
produce the construction or rehabilitation of decent. safe and sanitary housing and
supporting facilities that will meet the needs of low and moderate income persons and
families in such area and will induce other persons and families to live within such area
and thereby create a desirable economic mix of residents in such area.
I understand that this Certification will be used by the Virginia Housing Development
Authority to determine whether the development qualifies for points available under
VHDA's Qualified Allocation Plan.
Beverly C. Owens
Town Manager
Surveyor's Certification of
Proximity to Transportation
Not Applicable
TABB
(Partnership or Operating Agreement)
OPERATING AGREEMENT
OF
COMMONWEALTH APARTMENTS, LLC
THIS OPERATING AGREEMENT, dated as of February 6, 2009, by and among

Commonwealth Apartments Development Corporation, a Virginia corporation (the "Managing
Member") and Wise County Redevelopment and Housing Authority, a political subdivision of
the Commonwealth of Virginia (the "Special Member"), who by their execution of this
Operating Agreement have become members of Commonwealth Apartments, LLC, a Virginia
limited liability company (the "Company"), provides as follows:
RECITALS:
The undersigned parties have caused the Company to be organized as a limited liability
company under the laws of the Commonwealth of Virginia effective as of the date hereof, and
they wish to enter into this Operating Agreement to set forth the terms and conditions on which
the management, business and financial affairs of the Company shall be conducted.
AGREEMENT:
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises,
covenants and conditions herein contained, the receipt and sufficiency of which are hereby
acknowledged, the parties do hereby covenant and agree as follows:
ARTICLE I
PURPOSES AND POWERS OF COMPANY
1.1 Purposes. The purposes of the Company are to:
(a) Acquire, develop, own, manage, operate, buy, sell,exchange, finance,

refinance, and otherwise deal with real estate and personal property incidental to real estate, as
the Members may from time to time deem to be in the best interests of the Company, in
particular, to acquire certain real estate in Wise County, rehabilitate the existing buildings
thereon, operate thereon multifamily an affordable housing development using a combination of
debt and equity derived from fedetallow income housing tax credits (the "Project"), 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; and
. iI.I.~~ . i ...
(h) Engage in such other activities as are related or incidental to the foregoing
purposes, or otherwise reasonably necessary to accomplish the purposes of the Company and to
do all such other acts or things except as may be specifically prohibited by this Agreement or
state or federal law.
1.2 Powers. The Company shall have all powers and rights of a limited liability
company organized under the Virginia Limited Liability Company Act (Virginia Code Sections
13.1-1000, et seq.) (hereinafter, the "Act"), to the extent such powers and rights are not
proscribed by these Articles.
ARTICLE II
NAMES AND ADDRESSES OF INITIAL MEMBERS; PRINCIPAL OFFICE
2.1 Names and Addresses of Initial Members. The names and addresses of the initial
Members are as follows:
Names and Addresses of Initial Members
Commonwealth Apartments Development Corporation

PO Box 630
Coeburn, Virginia 24230
Wise County Redevelopment and Housing Authority

POBox 630
2.2 Principal Office. The address of the initial principal office is 107 Litchfield St
NW, Coeburn, VA 24230, provided that the business of the Company may be conducted at such
other places as may be determined by the Managing Member.
ARTICLE III
CONTRIBUTED CAPITAL AND CAPITAL ACCOUNTS
3.1 Initial Capital Contributions. Each Member, upon the execution of this Operating
Agreement, shall make as an initial Capital Contribution the amount shown on Exhibit A, which
is attached hereto and by this reference is made a part hereof.
3.2 Additional Capital Contributions. No Member shall be required to make any

Capital Contribution in addition to his Initial Capital Contribution. Notwithstanding, the
Members may make additional Capital Contributions to the Company if such additional Capital
, '.•. '1.,.,.... .1 i.
Contributions are made pro rata by all the Members or all the Members consent in writing to any
non-pro rata contribution.
3.3 Interest and Return of Capital Contribution. No Member shall receive any interest
on his Capital Contribution. Except as otherwise specifically provided for herein, the Members
shall not be allowed to withdraw or have refunded any Capital Contribution.
ARTICLE IV
ALLOCATIONS OF PROFITS AND LOSSES
4.1 Participation in Profits and Losses. All profits and losses of the Company will be
allocated to the Members in accordance with their respective interests.
ARTICLE V
DISTRIBUTIONS OF CASH FLOW
5.1 Distributions of Cash Flow. All cash flow of the Company shall be distributed to
the Members at such times as the Members may jointly determine.
ARTICLE VI
MANAGEMENT
6.1 Powers of Managing Member. Except as expressly provided otherwise in the Act,
the Articles or this Operating Agreement, the powers of the Company shall be exercised by or
under the authority of, and the business and. affairs of the Company shall be managed by the
Managing Member. The Managing Member shall have complete charge of all affairs and
business and management and control of the Company. The Managing Member shall have all
the rights and powers as are conferred by law or as it deems necessary, advisable or convenient in
managing the business and affairs of the Company.
6.2 Business Relationships with Company. The Company may enter into any contract,
agreement, lease or other arrangement for the furnishing to or. by the Company of real estate,
goods, services or space with any Member or any party or entity which is related to or affiliated
with any Member or which is directly or indirectly owned or controlled by the Members or by a
party or entity related to or affiliate with the Members.
6.3 Limitation of Liability of Members or Managers. No Member or Manager of the

Company shall be liable for any amount in a proceeding brought by or on behalf of the Company
or the Members of the Company.
6.4 Indemnification. The Company shall indemnify and hold harmless any Member and
any partner, shareholder, director, officer, management, agent, affiliate and professional or other
advisor of the Members (collectively, the "Indemnified Persons") from and against any and all
3
loss, damage, expense (including without limitation, fees and expenses of attorneys and other
advisors and any court costs incurred by any Indemnified Person) or liability by reason of
anything any Indemnified Person does or refrains from doing for, or in connection with the
business or affairs of the Company (INCLUDING ANY LOSS, DAMAGE, EXPENSE OR
LIABILITY CAUSED BY OR ATTRIBUTABLE TO THE ORDINARY OR SIMPLE
NEGLIGENCE, AS OPPOSED TO GROSS NEGLIGENCE, OF THE INDEMNIFIED
PERSON), except to the extent that the loss, damage, expense or liability results primarily form
the Indemnified Person's gross negligence or willful breach of a material provision of this
Agreement which in either event causes actual, material damage to the Company. The foregoing
rights of indemnification shall not be exclusive of any other rights to which the Member may be
entitled. The Manager may take such action as is necessary to carry out these indemnification
provisions and may adopt, approve and amend from time to time such resolutions or contracts
implementing such provisions or such further indemnification arrangements as may be permitted
bylaw.
6.5 Liability of Managing Member. No Managing Member shall be liable or accountable

to the Company or to any of the Members, in damages or otherwise, for any error of judgment,
for any mistake of fact or oflaw, or for any other act or thing that it may do or refrain from doing
in connection with the business and affairs of the Company, except for willful misconduct or
gross negligence or breach of fiduciary duty.
ARTICLE VII
DISSOLUTION AND TERMINATION
7.1 Events of Dissolution. The Company shall be dissolved upon the first to occur of
the following;
(a) Any event that under the Act or the Articles requires dissolution of the
Company, provided that the resignation, retirement, expulsion, bankruptcy, or dissolution of a
member or occurrence of any other event that terminates the continued membership of a member
in the Company shall not cause the dissolution of the Company;
(b) The unanimous written consent of the Members to the dissolution of the
Company;
(c) The entry of a decree of judicial dissolution of the Company as provided in

the Act; or
(d) The occurrence of any other event described in the Act that causes an
involuntary termination of the Company.
7.2 Liquidation. Upon the dissolution of the Company, the Members shall wind up its
affairs and distribute its assets in accordance with the Act. A reasonable time shall be allowed for
_ lL.a,".. 1,.
the orderly liquidation of the assets of the Company and the discharge of liabilities to the
creditors so as to minimize any losses attendant upon dissolution.
7.3 Distributions. Upon liquidation, the Company assets (including any cash on hand)
shall be sold or distributed in accordance with the Act.
7.4 No Recourse Against Members. Except as provided by law, upon dissolution,

each Member shall look solely to the assets of the Company for any payments required or
allowed to be made to it, and no Member shaIl have any recourse against any other Member, and
no Member shall be required to contribute property to makeup a deficit capital account upon
dissolution.
7.5 Non Profit Purchase Option and Right of First Refusal Agreement. The Company
is expressly authorized to enter into an exclusive Nonprofit Purchase Option and Right of First
Refusal Agreement with Wise County Redevelopment and Housing Authority, which is a
qualified nonprofit organization under the provisions of Section 42 of the Internal Revenue Code
of 1986, as amended, which Purchase Option shall comply with the requirements of such Section
42.
ARTICLE VIII
MISCELLANEOUS PROVISIONS
8.1 Notices. Whenever, under the provisions of the Act or other law, the Articles or
this Operating Agreement, notice is required to be given to any Person, it shall not be construed
to mean exclusively personal notice unless otherwise specifically provided, but such notice may
be given in writing, by mail, addressed to the Company at its principal office from time to time
and to any other Person at its address as it appears on the records of the Company from time to
time, with postage thereon prepaid. Any such notice shall be deemed to have been given at the
time it is deposited in the United States mail. Notice to a Person may also be given personally or
by telegram or telecopy sent to his address as it appears on the records of the Company
8.2 Application of Virginia Law. This Operating Agreement and the interpretation
hereof, shall be governed exclusively by its terms and by the laws of the Commonwealth of
Virginia, without reference to its choice of law provisions, and specifically the Act.
8.3 Amendments. No amendment or modification of this Operating Agreement shall

be effective except upon the unanimous written consent of the Members.
8.4 Construction. Whenever the singular number is used in this Operating Agreement
and when required by the context, the same shall include the plural, and the masculine gender
shall include the feminine and neuter genders, and vice versa.
8.5 Headings. The headings in this Operating Agreement are inserted for convenience
. iii ,. i, on] . .1, .

only and are in no way intended to describe, interpret, define or limit the scope, extent or intent
of this Operating Agreement or any provision hereof.
8.6 Waivers. The failure of any party to seek redress for violation of or to insist upon
the strict performance of any covenant or condition of this Operating Agreement shall not
prevent a subsequent act; which would have originally constituted a violation, from having the
effect of an original violation.
8.7 Rights and Remedies Cumulative. The rights and remedies provided by this
Operating Agreement are cumulative and the use of anyone right or remedy by any party shall
not preclude or waive the right to use any or all other remedies. Such rights and remedies are
given in addition to any other rights the parties may have by law, statute, ordinance or otherwise.
8.8 Severability. If any provision of this Operating Agreement or the application

thereof to any Person or circumstance shall be invalid, illegal or unenforceable to any extent, the
remainder of this Operating Agreement and the application thereof shall not be affected and shall
be enforceable to the fullest extent permitted by law.
8.9 Successors and Assigns. 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 permitted by this Operating Agreement, their respective legal representatives,
successors and assigns.
8.10 Creditors. None of the provisions of this Operating Agreement shall be for the
benefit of or enforceable by any creditor of the Company.
8.11 Counterparts. This Operating 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.
8.12 Entire Agreement. This Operating Agreement sets forth all of the promises,
agreements, conditions and understandings between the parties respecting the subject matter.
hereof and supersedes all prior negotiations, conversations, discussions, correspondence,
memoranda and agreements between the parties concerning such subject matter.
The undersigned, being all the Members of the Company, hereby agree, acknowledge and
certify that the foregoing Operating Agreement constitutes the sole and entire Operating
Agreement of the Company, unanimously adopted by the Members of the Company as of the
date first written above.
[Signatures on Following Pagel
. Ii •. .... . • •. •1. ,I •
MEMBERS:
COMMONWEALTH APARTMENTS
DEVELOPMENT CORPORATION,
a Virginia corporation
:~i ~tn:0~~A ./
WISE COUNTY REDEVELOPMENT AND
HOUSING AUTHORITY, a political subdivision
Of the Co onwea1t of Virginia
COMPANY:
COMMONWEALTH APARTMENTS, LLC,

a Virginia limited liability company
By: Commonwealth Apartments Development

Corporation, a Virginia corporation,
Its Managing Member
By: ~ cJt.,~k./
Its: President _~
.. iLL '.' .• 1 . • .•. 0."" .1.

EXHIBIT A
Member Initial Capital Contribution Membership Interest .

COMMONWEALTH
APARTMENTS
DEVELOPMENT $90.00 90.00%
CORPORATION
WISE COUNTY 10.00%

$10.00
REDEVELOPMENT AND
HOUSING
AUTHORITY
$100.00
_ liLL M,t • • ui. _

TABC
(VA SCC Certification)
STATE CORPORATION COMMISSION
CJ(iclimont{, Pe6ruary 6, 2009
'fliis is to certify tliat tlie certificate of organization of
Commonwealth Apartments, LLC
wastliis day issued and admitted to record in tliis office and tliat
tlie said limited lia6ility company is autliotized to transact its
6usiness su6ject to aCC Virginia Caws applica6Ce to tlie company
and its 6usiness. IEffective date: Pe6ruary 6, 2009
State Corporation Commission

)2lttest:
~~
~ferk.of tfie Commission
CIS0368
"_.on ____ ... __ lL. . _ . . . .; __ = == " ","""" ,.

TABD
(Principal's Previous Participation Certification)
Previous Participation Certification

Name of Applicant: Commonwealth Apartments, LLC
ControlJ'ing General Partner: Commonwealth Apartments Development Corporat
INSTRUCTIONS:
This certification must be signed by an individual who is, or is aufhorized to act on behalf of the Controlling Gene"
LP) or Managing Member (if LLC) of the Applicant, as designated in the Applicafion. VHDA will accept an authori
document, which gives s"gnatory authorization to sign on behalf of the principals.
2 Attach a resume for each principal of the general partnership (GP) or limited liability company (LLC) and an orga
chart for the limifed partnership (LP) and LLC.
3 A Schedule A is required for each principal of the GP.
4 For each property listed as "non-compliance found," please attach a detailed explanation of the nature of the nc
compliance, stating whether or not it has been resolved.
5 The date of this certification must be no more than 30 days prior to submission of the Application.
Failure to disclose information about properties which have been found to be out of compliance or any material mis-
representations are grounds for rejection of on application and prohibition against future applications.
DEFINITIONS:
For the purpose of this Certification, the following definitions shall apply:
Development shall mean the proposed multifamily rental housing development identified above.
Participants shall mean the principals who will partiCipate in the ownership of the development.
Principal shall mean any person (including any individual, joint venture, partnership, limited liability company, corporatil
organization, trust, or any other public or private entity) that (i) with respect fo the proposed development, will own or r
the ownership of the proposed development or (ii) with respect fo an existing multifamily rental project, has owned or;:
in the ownership of such project, all as more fully described hereinbelow. The person who is the owner of the proposed
development or multifamily rental project is considered a principal. In determining whether any other person is a princi
following guidelines shall govern:
1. In the case of a partnership which is a principal (whether as the owner or otherwise), all general partners are also
principals, regardless of the percentage interest of the general partner:
2. In the case of a public or private corporation or organization or governmental entity that is a principal (whether a
or otherwise), principals also include the president, vice president, secretary, and treasurer and other officers who
responsible to the board of directors or any equivalent governing body, as well as all directors or other members (
governing body and any stockholder having a 25% or more interest;
3. In the case of a limited liability company (LLC) that is a principal (whether as the owner or otherwise), all member!
considered principals, regardless of the percentage interest of the member;
4. In the case of a trusf that is a principal (whether as the owner or otherwise), all persons having a 25% or more ben,
ownership interest in the assets of such trust;
5. In the case of any other person that is a principal (whether as the owner or otherwise), all persons having a 25% or
ownership interest in such other person are also considered principals; and
6. Any person that directly or indirectly controls, or has the power to control, a prindpal shall also be considered a pi
CERTIFICATIONS:
I hereby certify that all the statements made by me are true, complete and correct to the best of my knowledge and
belief and are made in good faith, including the data contained in Schedule A and any statements attached to this
certification.
1. I further certify that for the period beginning 10 years prior to the date of this Certification:
a. During any time that any of the participants were principals in any multifamily rental project, no project has been
foreclosed upon, no mortgage has been in default, assigned to the mortgage insurer (governmental or private), nor
has mortgage relief by the mortgagee been given;
b. During any time that any of the participants were principals in any multifarnily rental project, there has not been any
breach by the owner of any agreernents relating to the construction or rehabilitation. use. operation, management
or disposition of the project;
c. To the best of rny knowledge, there are no unresolved findings raised as a result of state or federal audits,
management reviews or other governmental investigations concerning any multifamily rental project in which any
of the participants were principals;
d. During any tirne that any of the participants were principals in any multifamily rental project, there has not been a
suspension or termination of payments under any state or federal assistance contract for the project;
e. None of the participants has been convicted of a felony and is not presently, to my knowledge, the subject of a
corn plaint or indictment charging a felony. A felony is defined as any offense punishable by imprisonment for a term
exceeding one year, but does not include any offense classified as a misdemeanor under the Jaws of a state and
punishable by imprisonment of two years or less;
f. None of the participants has been suspended, debarred or otherwise restricted by any federal or state
governmental entity from doing business with such governmental entity; and
g. None of the participants has defaulted on an obligation covered by a surety or performance bond and has not
been the subject of a claim under an employee fidelify bond.
2. I further certify that none of the participants is a Virginia Housing Developrnent Authority (VHDA) employee or a
rnember of the immediate household of any of its employees.
3. I further certify that none of the participants is participating in the ownership of a rnultifamily rental housing project
as of this date on which construction has stopped for a period in excess of 20 days or (in the case of a rnultifarnily
rental housing project assisted by any federal or state governmental entity) which has been substantially completed
for rnore than 90 days but for which requisite documents for closing, such as the final cost certification, have not
been filed with such governmental entity.
4. I further certify that none of the participants has been found by any federal or state governmental entity or court to
be in noncompliance with any applicable civil rights, equal employrnent opportunity or fair housing laws or
regulations.
5. I further certify that none of the participants was a principal in any multifarnily rental project which has been found
by any federal or state governmental entity or court to have failed to comply with Section 42 of the Internal
Revenue Code of 1986, as amended. during the period of tirne in which the participant was a principal in such
6. Staternents above (if any) to which I cannot certify have been deleted by striking through the words. In the case of
any such deletion, I have attached a true and accurate statement to explain the relevant facts and circumstances.
WARNING: IF THIS CERTIFICATION CONTAINS ANY MISREPRESENTATION OF A MATERIAL FACT. THE AUTHORITY MAY REJECT
THE APPLI ATION FOR LOW-INCOME HOUSING TAX CREDITS AND MAY PROHIBIT THE SUBMISSION BY THE APPLICANT OF
:x~q~ISJ;OITS IN THE FUTURE.
Monty L. Salyer
Printed Name
'~5, dOO'!
Date (must be no more than 30 days prior to submission of the Application)
Schedule A: List of All Tax Credit Developments for Each Principal to this Certification
Complete the following, using separate pagels) as needed, for each principal. List all developments that have received
allocations of tax credits under Section 42 of the IRe.
Commonwealth Apartments Development Corporation Controlling G. P. of Proposed projed?_Y,--v-:::-;:;-_
Principal's Name: YarN
Controlling Non-
General Total Low compliance
Name of Ownership Entity and Partner? Total Dev. Income Placed in 8609(s) Issue Found? YIN
Development Name/Location Phone Number (YIN) Units Units Service Date Date (Explain Yes)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Date (must be no more than 30 days prior to submission of the Application)
Schedule A: list of All Tax Credit Developments for Each Principal to this Certification
Complete the following, using separate page(s) as needed, for each principal. List Ql! developments that have received
. allocations of tax credits under Section 42 of the IRe.
Wise County Redevelopment and Housing Authority - Monty Salyer Controlling G. P. of Proposed Project? "N,---~_~_
Principal's Name: YarN
Controlling Non-
General Total Low compliance
Name of Ownership Entity and Partner? Total Dev. Income Placed in 8609(5) Issue Found? YIN
Development Name/Location Phone Number IY/NI Units Units Service Date Date [Explain Yes)
Stonebriar Stonebr"lar, L.P. N 24 24 12/1 /97
SI. Paul VA 276395-6104 7/1/99 N
2 Inman Village Inman Village, l.P. N 80 80 5/1/02
Appalachia VA 2763956104 3/28/03 N
3
4
5
6
7
8
9
10
II
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
10.00%
WISE CO IfJUSlt-G AVH 275 39S 5B?~ P.02.'llS
SUMMARY OF THE ACTIVITIES OF THE

WISE COUNTY REDEVELOPMENT AND HOUSING AUTHORITY
May 2009
The Wise County Redevelopment and Housing Authorlly Is a county

governmental organization It!al was created 10 assist in the housing afld
development needs of Wise County. The Authority is regulated by Trt:le 36,of the
Code of Virginia. II is directed by an eight member Board of Commissioners Ihat
are appointed for fouryaartenns by the Board of Supervisors. Funding for the
Authority is primarily from the progl<lms Ihe Authority admini!>lers, wilh a portion
o/the funding from the County Board of Supervisors. The programs the
Authority now administer Include the following:
Public Housing -193 apartments located In 51. Paul, Coeburn,

Appalachia, :md BI9 Stone Gap. These projects are subsidized by the
Department of HousIng and Urban Development.
Rural Developmant _178 apanments located in Appalachia, pound, and

Coeburn. These projects were developed wlth loans from Rural
Development and are regulated by Rural Development.
Housing Choice Voucher_ 751 units oflental assistance for lower

Income (amilies to live In privately owned properties located throughotlt
the County. Program funded and regulated by the Department of Housing
ami Ulban Development. Additionally the Authority has a 21 unll project_
based property known as John Vandiller Manor.
Community Improvement Grants and Loans. These are received by

the Towns and the County to improve housing and infrastructure In certain
neighborhoods. The Aufhorlty adminIsters the programs for the Towns
and tile County. These have included water and sewer projects, hou5ing
rehabilitation, downtown revltaHzatlon and other economic development
projects.
The Aulhclity administers a HUD Family Investment Cenlerwhich houses

GED classes, a Health Department Program, and community projects;
coordinates an elderly services program with t~e Mountain Empire Older
Citizens, an agency on aging. The Authority devei(lped and administers a
Housing Construc~!In Training Program for its residents. The program Is
known as "If I Had a Hammer.'
Tho Authority hes oreated Limited Partnerships and has developed an elderly
housing complex known as Sionebriar and completed major ranovalions to
the Inman Village famny complex, and has recently purchased the
Commonwealth Apartments, a family complex, in hopes of receiving tax
credits for major renovations.
MRY-14-2009 03:55 WISE CO HOUSING RVH 275 395 5874 P.03/05
Monty L. Salyer
3233 Longview Drive
St. Paul, VA 24283
276-762-7928
msalyer53@yahoo.com
Qualifications
Highly experienced administrator who has demonstrated the ability to lead the Wise
County Redevelopment & Housing Authority to new levels of SUCCeSS. Strong
qualifications with a track record of more than 30 years experience. A PHA professional
and PHM certification with hands-on experience in agency planning, development, and
management. Proven ability to successfully analyze, identify deficiencies, and develop
solutions. Ability to create and maintain a good working relationship with the Board of
Commissioners and other Wise County entities,
Ex.perience
July 2008 - Present

Executive Director
This is the most highly responsible administrative and supervisory position at the
Housing Authority. The work involves planning, organizing, directing, and evaluating
the operation of all existing Low-Income Public Housing Programs, Section 8 Programs,
Rural Development programs, and any neW programs as authorized by the United
States Department of Housing and Urban Development (HUD), RD, DHCD, Towns and
County, and the Board of Commissioners of the Housing Authority. Work includes
making decisions involving policy interpretation or eXercising independent judgment
within the framework of established policy, procedures, and laws. Performance of the
duties requires the application of executive skills, considerable public relations skills,
and the exercise of initiative, tact, and independent judgment Supervision is exercised
over all professional, administrative, and technical staff.
November 1980 - July 2008
Wise County Redevelopment & Housing Authority

Coeburn, VA
Serving as Assistant Executive Director of the Wise County Redevelopment & Housing
Authority. ASSisting in the Authority administration. Directing the administration of
Authority policies. Supervising all WCRHA staff with the exception of the ExecutiVe
Secretary, Accountant and Community Development Director. Maintaining knowledge
of status of budgets of programs. Procuring major services and contracts. Reviewing
MAY-14-2009 03:55 WISE CO HOUSING AUH 276 395 5874 P.04/05
and updating program policies and files. Preparing federal and state housing
applications. Directs the approval of all invoices. Compiles Department of Labor
reports. Attends meetings of Board of Commissioners. When necessary attends
County Board of Supervisors, Town Councils and various agency meetings. Acquire
prospective housing sites. Monitors and coordinates housing construction andlor
capital improvements. Prepares PHAS and SEMAP reports. Responsible for WCRHA
county-wide computer systems. Primary contact for legal aid and congressional
inquiries. Responsible for Fair Housing and VA Landlord Tenant law compliance.
Ensures the WCRHA policies and procedures are compliant with HUD, RD, and VHDA.
Assists the Executive Director with staff supervision/program coordination. Confers
regularly with the Executive Director on agency operations, goals, progress towards
goals, problem areas, and on coordinating programs with other departments. Performs
related duties and responsibilities as required and assigned by the Executive Director.
September 1975 - November 1980
Serving as Housing Director of the Authority. Supervising and directing the

implementation of all housing programs. Supervising all managers, HCV
administrators, and maintenance staff. Reviewing and updating all housing related
policies and files. Preparing all federal and state housing applications. Directing
approval of housing related invoices. Compiling Department of Labor reports. Directing.
acquisition and construction of housing developments. Preparing various HUD required
reports for the Executive Director, i.e., PHMAP and SEMAP. Responsible for Fair
Housing and VA Landlord Tenant law compliance. Performed any related tasks as
required by the Executive Director.
January 1975
Wise County Public Schools

Wise, VA 24293
Substitute teacher for Coeburn High School and Coebum Primary School
1971-1975
Marty Corporation
Coeburn, VA 24230
Summer laborer to assist with college tuition and costs
Education
SA (1975)
Major - Political Science
Minor - Sociology
MAY-14-2009 03:55 WISE CO HOUSING AUH 276 395 5874 P.D5/05
Cumberland College (now University of the Cumberlands)

Williamsburg, KY
Certified Public Housing Manager (1979)

Housing Management Institute
Nolfolk Redevelopment & Housing Authority
Noifolk, VA
Certified Public Housing Manager (1980)

National Association of Housing and Redevelopment Officials
Principles in Real Estate (1989)

Mountain Empire Community College
Big Stone Gap, VA
Mosely Flint School of Real Estate (1995)

Educational Requirements for VA Realtor's License
Roanoke, VA
Personal
Born and reared in Coeburn, Virginia. Reside in St. Paul, Virginia. Married for 28 years
to the former Theresa Myra Domby of St. Paul, a 3rd grade school teacher for Wise
County Public Schools. Two daughters, Chelsea, a graduate of Duke University now
working in New York City, and Emily, a senior at St. Paul High School. A member of the
St. Paul United Methodist Church. An avid community volunteer serving on various
Wise County Boards.
TOTAL P.D5
TabE
Nonprofit Questionnaire
Not Applicable
TABF
(Architect's Certification)
VHDA
AJTprrlable Hm,<;,w .I'laOs lie", •
INSTRUCTIONS FOR THE COMPLETION OF

APPENDIX F
ARCHITECT'S CERTIFICATION
(This Form Must Be Submitted Under Architect's Letterhead
and included in the Application - Tab F)
NOTE: Ifthe development includes any combination of New Construction, Rehabilitation and
Adaptive Reuse, then separate Architect Certifications must be provided for each construction 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.
If this certification is not completed correctly there may be loss of points or disqualification of the
application to compete for tax credits. If this development receives an allocation of tax credits and
items are not provided as indicated on this certification then VHDA may. at its sole option. require
the payment by 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 may result. Therefore, it is 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 instructions on how the information should be provided.
For Unit Size Calculations, the Average Unit Square Feet and Net Rentable Square Feet 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 Feet calculations, the Total Square Feet should equal the Average
Unit Square Feet multiplied by the Number of UnitsiType. 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 UnitsiType 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 individual who certifies this information must initial the 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.
(Acknowledge and include this instruction sheet as part of the certification)
Acknowledged: ~~
Printed N~me: C~Gibson, RA
~
.~~
L., THE LANE GROUP
We work well together
TO: Virginia Housing Development authority

60 I South Belvidere Street
Richmond, Virginia 23220-6500
Attention: Jim Chandler
RE: ARCHITECT'S CERTIFICATION

Name of Development: Commonwealth Apattments
Address of Develop men!: Commonwealth Street; Wise, Virginia 24293
Name of Owner/Applicant: Commonwealth Apattments, LLC
The above-referenced Owner has asked our office to provide this certification regarding (i) plans and
specifications, (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 certification is
rendered solely for the confirmation of these items. It is understood it will be used by the 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)
A location map with property clearly defmed.

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
tbe site). Contour lines and elevations are not required.
3 Sketch plans of main building(s) refiecting 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 fmish.
In addition: required documentation for rehabilitation properties
A unit-by-unit work write-up.
Architects' Engineers' Planners' Environmental Specialists
146 West Main Street· Suite B • WytheVille, VA 24382

276.223.1216 • 276.223.1509 fax' www.thelanegroupinc.com
2
ARCHITECT'S CERTIFICATION, continued
This certification includes two (2) separate calculations of square footage:

1. Average Unit Square Feet: Measurements Include A Prorata Share of Heated Residential Common Area
2. Net Rentable Square Feet: Measurements Do Not Include A Prorata Share of Any Common Area
and Reflect All Floor Plans of Each Unit Type (I-BR, 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, tbe building(s) were measured from the
outside face of exterior walls and tbe centerline of any party walls. All unbeated 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 otber common space designed to serve residential tenants were
not deducted. Based on tbis procedure, I certify tbe following calculations in determining tbe usable heated
square feet for the above referenced development:
21,550.00 (A) Total floor area in (sq. ft.) for the entire development
0.00 (B) Unheated floor area (breezeways, balconies, storage)
0.00 (C) Nonresidential, commercial (income producing) area
21,550.00 (D) Total usable residential heated area (sq. ft.) for tbe development
INSTRUCTIONS FOR AVERAGE UNIT SQUARE FEET CALCULATIONS:

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

Unit Types Unit Sq. Ft. * x Unitsffype Square Feet
Assisted Living 0.00 0 0.00

I StorylEFF-Elderly 0.00 0 0.00
1 Story!1 BR-Elderly 0.00 0 0.00
1 Story!2 BR-Elderly 0.00 0 0.00
Efficiency Elderly 0.00 0 0.00
I Bedroom Elderly 0.00 0 0.00
2 Bedrooms Elderly 0.00 0 0.00
Efficiency Garden 0.00 0 0.00
1 Bedroom Garden 728.20 10 7,282.00
2 Bedrooms Garden 891.75 16 14,268.00
3 Bedrooms Garden 0.00 0 0.00
4 Bedrooms Garden 0.00 0 0.00
2 Bedrooms Townhouse 0.00 0 0.00
Total 26 Total 21,550.00
* Including pro rata share of heated, residential common area
3
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 of each unit floor plan. (For example, there may be 2 distinct
I-bedroom floor plans, 3 distinct 2-bedroom floor plans, etc. The purpose of this section of the Architect Certification is to
document and certifY 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 0.00 0 0.00

I Bedroom 658.00 4 2,632.00

1 Bedroom 658.00 6 3,948.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
1 Bedroom 0.00 0 0.00
InitialS&-
4
(Net Rentable Square Feet continued)
2 Bedroom 844.00 3 2,532.00

2 Bedroom 797.00 13 10,361.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
2 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00

3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
3 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00

4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
4 Bedroom 0.00 0 0.00
Total: 26 19,473.00
5
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 andlor physically disabled households).
The Minimum Design & Construction Requirements may be found on VHDA's website at
www.vhda.com.
For lillY development upon completion of construction/rehabilitation: (non-mandatory amenities)
o % a.(l) Percentage of 2 bedroom units that will have 1.5 or more bathrooms
o % a.(2) Percentage of 3 or more bedroom units that will have 2 or more bathrooms
D b. The development will have a community/meeting room with a minimum of749 square feet.
100 % c. Percentage of exterior walls covered by brick (excluding triangular gable end area,
doors windows and retaining walls)
[2] d. All kitchen and laundry appliances meet the EPA's Energy Star qualified program
requirements
[2] e. All windows meet the EPA's Energy Star qualified program requirements
[2] 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 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 rating of 90% or more
[2] g. Water expense will be sub-metered (tenant will pay monthly or bi-monthly bill)
[2] h. Each bathroom consists only oflow-flow faucets (2.2 gpm maximum) and
showerheads (2.5 gpm maximum)
[2] i. Provide necessary infrastrucrure in all units for high speed cable, DSL or
wireless internet service
D j. All water heaters will meet the EPA's Energy Star qualified program requirements.
6
For all developments exclusively serving elderly and/or handicapped tenants, upon completion of
construction!rehabilitation: (non-mandatory amenities)
D a. All cooking ranges will have front controls

D b. All units will have an emergency call system
D c. All bathrooms will have an independent or supplemental heat source
D 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)
D 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
[] Low-Rise (1-5 stories withilllX structural elements being wood frame construction)
D Mid-Rise (5-7 stories with no structural elements being wood frame construction)
D High-Rise (8 or more stories with no structural elements being wood frame construction)
Initials
-~+---
7
Accessibility:
I certifY that the development plans and specifications meet all requirements of the federal
Americans With Disabilities Act
I certifY that the development plans and specifications meet all requirements of HUD regulations
interpreting the accessibility requirements of section 504 ofthe Rehabilitation Act Please reference
Uniform Federal Accessibility Standards (UFAS) for more particular information,
Check one or none of the following point categories, as appropriate:
o For any non-elderly property in which the greater of5 or 10% ofthe 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 ofthe 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), SO pts.
o 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.
[2] 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 ofthe Rehabilitation Act and are
actively marketed to people with mobility impairments in accordance with a plan submitted as part
of the Application. IS pts.
As architect of record for the above referenced development, the above certifications are
correct to the best of my knowledge.
Signed:
Printed Name:
Title: Vice President - Architecture
Virginia Registration #: 8120
Phone: 276-223-1216
Date: 04/30109
NOTE TO ARCHITECT: Any change in this form may result in disqualification 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 Architect's Letterhead to the developer for inclusion in the
tax credit application package.
8
AppendixF - VHDA's Universal Design Standards Certification
[] Units in the development will meet VHDA's Universal Design Standards.

Before issuance ofIRS Form 8609, applicant will provide docnmentation to VHDA as
evidence that such units meet VHDA's Universal Design standards.
The nnmber of rental units that will meet these standards: 3
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 qualify for points.
For Family Developments, points are awarded based on a percentage of the

nnmber of units meeting the Universal Design standards.
For the tax credit applicant to qualify for points associated with Universal Design,
the architect of record must on VHDA's list of Universal Design certified architects.
9
- ~arthCran or L~~D Development Certitlcation
B 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 ofIRS Fonn 8609, applicant will obtain and
provide EarthCraft Certification to VHDA.
D LEED Certification - The development's design meets the criteria for the U.S.
Green Building Council LEED green building certification. Before issuance ofIRS Form
8609, applicant will obtain and provide LEED Certification to VHDA.
NOTE: Select only one ofthe above two options.
For the tax credit applicant to qualify for points associated with this section,
the architect of record must on VHDA's list ofLEED or Earthcraft certified
architects, as appropriate.
Signed:
Printed Name: Joanne "Jody" Gibson

Architect of Record
(same individual as on page 8)
Date: 4/30109
10
HDA
"""".-"",~,~",,,,.
AppendixF - LEED Accredited Design Team Member Certification
I. Please identify the following information of the LEED Accredited Professional:
Name: Douglas C. Covington

Company: The Lane Group, Inc.
Title: Designer
Phone Number: 276-223-1216
Fax Number: 276-223-1509
Email: dcovington@thelanegroupinc.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)
•
Use ofrecyled materials
• Optimizing Energy Performance of Living Units

•
• Construction Waste Management
•
•
•
•
•
•
•
•
•
•
•
3. Please aUach a copy of the LEED Accredited Professional Certificate to this document.
04/30109
Date
* This page must include items that would qualify for points under the 'LEED certification
system. No points will be awarded in this category if nothing is listed here.
** This individual is not required to be the architect of rc'¥>(d signing the Architect Certification. It is
DOD
DOD
DOD
DOD
GBCI
GREEN BUILDING CERTIFICATION INSTITUTE
HEREBY CERTIFIES THAT
Douglas C. Covington
HAS ACHIEVED THE DESIGNATION OF
LEED® ACCREDITED PROFESSIONAL

BY DEMONSTRATING THE KNOWLEDGE OF GREEN BUILDING PRACTICE ~Jr
~
REQUIRED FOR SUCCESSFUL IMPLEMENTATION OF THE LEADERSHIP IN ENERGY
AND ENVIRONMENTAL DESIGN (LEED") GREEN BUILDING RATING SYSTEM'''.
Ch<lirln~n
~1Z~ December 29. 2008
Date j$$Ued
#!U~--.
l'NcrTempleton, t're,ldent
!'rinh"~ "t) ~O% b~mhl)D lib,:,,> i "(l"_-" J'''SH,<JI\:;\lJ11U li1)<;1"' WIth \'t'gd<lbl<: ba~~d loL.
A G
Commonwealth Apartments, LLC agrees to abide by the VHDA
Relocation Guidelines attached, in the event that resident relocation is
necessary during the construction period.
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. Applicability
The guidelines apply to all developments that will displace existing tenants and must be followed
to qualify 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 specifying an empty building. They apply to
rented single-family houses when tenancies are terminated because of planned demolition.
II. Summary
In the situations specified above, owners must undertake the following:
I) Relocation payments
2) Relocation assistance
3) l20-day vacate notice
4) Full communication of plans
III. Relocation Payments
Owners must provide relocation payments to all households recelvmg 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 current moving expense
schedule for Virginia under the Uniform Relocation Act. The payments currently specified by the Act are
as follows:
Occupant owns furnitnre

RELOCA nON ASSISTANCE GUIDELINES, continued
To each leaseholder whose gross income is less than 50% of the applicable Area Median Gross
Income (AMGI) 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 identify 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 l20-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
qualifying 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.
RELOCATION ASSISTANCE GUIDELINES, continued
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.
VII. 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:
I) 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.
RELOCATION ASSISTANCE GUIDELINES, continued
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.
Virginia 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 GIVING THERE
MONTHS; NOTICE, IN WRITING, PRIOR TO THE END OF ANY YEAR OF THE TENANCY, OF
HIS INTENTION TO TERMINATE THE SAME. A TENANCY FROM MONTH TO MONTH MAY
BE TERMINATED BY EITHER PARTY GIVING THIRTY DAYS' NOTICE IN WRITING, PRIOR
TO THE END OF THE MONTH, OF THIS INTENTION TO TERMINATE THE SAME. HOWEVER,
120 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 UNITS. CHANGES SHALL INCLUDE BUT NOT
BE LIMITED TO CONVERSION TO A HOTEL, MOTEL, APARTMENT HOTEL OR OTHER
COMMERCIAL USE, PLANNED UNIT DEVELOPMENT, REHABILITATION, DEMOLITION OR
SALE TO A CONTRACT PURCHASER REQUIRING AN EMPTY BUILDING. THIS l20-DAY
REQUIREMENT SHALL NOT BE WAIVED; HOWEVER, A PERIOD OF LESS THAN 120 DAYS
MAY BE AGREED UPON BY BOTH THE LANDLORD AND TENANT IN A WRITTEN
AGREEMENT SEPARATE FROM THE RENTAL AGREEMENT OR LEASE EXECUTED AFTER
SUCH NOTICE IS GIVEN AND APPLICABLE ONLY TO THE 120-DAY NOTICE PERIOD. WHEN
SUCH NOTICE IS GIVEN TO THE TENANT IT MAYBE 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 THE TIME, OWNS THE
PREMISES IN WHOLE OR IN PART, OR THE AGENT OF SUCH OWNER, OR ACCORDING TO
THE COMMON LAW. THIS SECTION SHALL NOT APPLY WHEN, BY SPECIAL AGREEMENT,
NO NOTICE IS TO BE GIVEN; 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

SHALL 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 l20-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.
TABH
(PHA/Section 8 Notification Letter)
MRY-01-2009 03:23 WISE CO HOUS I1"G RVH 276 395 5874 P.02/03
Commonwealth Apartments
clo Wise County Redevelopment and Housing Authority
107 Litchfield Street
Coeburn, VA 24230
April 28, 2009
TO: Wise County redevelopment and Housing Authority

107 Litchfield Street
Attention: Section 8 or PHA Waiting List Administrator
RE: PROPOSED AFFORDABLE HOUSING DEVELOPMENT
Name of Development: Commonwealth Apartments

Name of Owner: Commonwealth Apartments, 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 will give leasing preference to households on the local PHA or Section 8 waiting
list. Units are expected to be completed and available for occupancy
beginning March 2011
The following is a brief description of the proposed development:
Development Address (should correspond to 1.A.2 on page 1 of the Application):

603, 604, 607, 612, 621, 622, 625, 626 A-B, 608 A-D, 615 A-F Commonwealth Ave.,
Wise, Virginia 24293
Proposed Improvements: (Should correspond with LB & D and liLA of the application)
D New Construction: # Units # Buildings Total Gross Floor Area

D Adaptive Reuse: - - # Units - - # Buildings - - - - Total Gross Floor Area
[gJ Rehabilitation: 26 # Units 10 # Buildings 20,422 . Total Gross Floor Area
Proposed Rents (should correspond with VII.C of the Application):

D Efficiencies: $ I month
[gJ 1 Bedroom Units: $ 385 I month
~ 2 Bedroom Units: $ 425 I month
D 3 Bedroom Units: $ { month
D 4 Bedroom Units: $ I month
MAY-01-2009 03:23 WISE CO HOUSING AVH 276 395 5874 P.03/03
PHA or SEC 8 Notification Letter, continued
Other Descriptive Information (should correspond with information in the application):
We will appreciate your assistance in identifying qualified tenants. If you have

any questions about the proposed development, please call me at (xxx) xxx-xxxx.
Please acknowledge receipt of this letter by signing below and returning it to me.
Sincerely yours,
Hcrdj ;f.. 4
Representative of Owner/Applicant
Title
To be completed by the Local Housing Authority or Sec 8 Administrator:
Seen and Acknowledged By: _~.J.!lL-hL:Uliu<!.j:s..n~,/. . K:j. ,.J.1?y41 !. "ck~l-'f....I1A

......)'---_ __
Printed Name: _-,Sh=e~i.=!la~K,,",-!R~i~ck~e"-,t,-,t,,,-s_ _ _ _ _ _ _ _ _ _ _ __
Title: _ _ _ _~S:...e_c_t1:...·o:...n_8'----C~oo_r_d_i_na_t_o_r_ _ _ _ _ _ _ _ _ _ __
Phone: _ _ _--=2.!.C76::..-::..39::.:5:...-6~5:..:::0.:...7_ _ _ _ _ __
Date: May L .2009 ..
NOTE: Any change in this form letter may result in a reduction of points under the
scoring system. If you have any questions, please call Jim Chandler at VHDA
(804) 343-5786.
TOTAL P.03
TAB I
(Local CEO Letter)
P.O. BOX 1100' WISE, VA 24293 • (276) 328-6013 (Voice & TDD)' FAX (276) 328-2519
FROM THE OFFICE OF

THE TOWN MANAGER L::::::::I
February 17, 2009
Jim Chandler
VHDA Tracking Number: Jooq -Z-03]

Name of Owner/Applicant: Commonwealth Apartments, LLC
Dear Mr. Chandler:
The construction or rehabilitation of the above-named development and the

allocation of federal housing tax credits available under IRC Section 42 for said
development will help to meet the housing needs and priorities of the Town of Wise.
Accordingly, the Town of Wise supports the allocation of federal housing tax credits
requested by Commonwealth Apartments, LLC for this development.
Yours truly,
Beverly C. Owens
Town Manager
TabJ
Homeownership Plan
Not Applicable
TABK
(Site Control Documentation)
AGREEMENT OF PURCHASE AND SALE
THIS AGREEMENT OF PURCHASE AND SALE (this "Agreement"), made

and entered as of the r,-tbday of March 2009 (the "Effective Date"), by and between
WISE COUNTY REDEVELOPMENT AND HOUSING AUTHORITY, a political
subdivision of the Commonwealth of Virginia (the "Seller"), and COMMONWEALTH
APARTMENTS, LLC, a Virginia limited liability company, or assigns (the
"Purchaser").
RECITALS
A. The Seller is the owner of: (i) those certain tracts or parcels of land (the
"Land"), located in the Town of Wise, Wise County, Virginia and more particularly
described in Exhibit A attached hereto and by this reference incorporated herein; (ii) all
buildings and improvements located on the Land; together with any and all associated
construction and building materials located on and related to the building on the Land
(the "Improvements"); (iii) any and all rights, benefits, easements and other interests of
the Seller appurtenant to the Land and Improvements (the "Appurtenances") and (iv) the
personal property more particularly described in the form of Bill of Sale attached hereto
as Exhibit B and by this reference incorporated herein ("Personal Property"). The Land,
Improvements, Appurtenances and Personal Property are collectively referenced herein
as the "Property."
B. The Seller desires to sell and assign the Property to the Purchaser. Subject
to and in accordance with the conditions and provisions hereinafter contained, the
Purchaser desires to purchase the Property from the Seller.
AGREEMENT
NOW, THEREFORE, in consideration of the Recitals, the mutual agreements set

forth herein, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, and intending to be legally bound, the Seller and the
Purchaser agree as follows:
I. Incorporation of Recitals. The above recitals are incorporated into the

operative provisions of this Agreement by this reference.
2. Sale of Property. Subject to and in accordance with the terms of this

Agreement, the Seller agrees to sell and assign to the Purchaser, and the Purchaser agrees
to purchase from the Seller, the Property.
3. Purchase Price; Pavment of Purchase Price. The purchase price to be paid

by the Purchaser to the Seller for the Property (the "Purchase Price") shall be Nine
Hundred Sixty Thousand and 00/100 Dollars ($960,000.00) cash at closing, subject to
customary prorations and adjustments.
4. Closing. The closing of this transaction (the "Closing") shall take place on or
before November 6, 2009 or at such later date, if any, as shall be necessary for the Seller to elect
and effect a cure of any Title Objections in accordance with Section 10.6 hereof. Such date of
the Closing is referred to herein as the "Closing Date." Closing shall occur at the offices of
Kanady & Quinn, P.C., 7130 Glen Forest Drive, Suite 120, Richmond, Virginia 23226 or at such
other location as may be mutually acceptable to the Seller and the Purchaser.
5. Reports and Inspections. During the period from and including the Effective Date
and through 5:00 p.m. EST on the ninetieth (90th) day after the Effective Date (the "Inspection
Period"), the Purchaser and its agents and representatives shall have the right to enter upon the
Property for the purpose of performing such examinations and tests, including without limitation
soil tests, environmental inspections, structural and roof inspections, determination of future
capital needs of the Property, title examination, surveys, and determination of compliance with
laws, all as the Purchaser may deem appropriate for determining the feasibility of the Property
for the Purchaser's intended use (collectively, the "Inspections"). The Purchaser covenants to
repair any damage to the Property caused by such Inspections and to indemnify and hold
harmless the Seller from any loss, cost, expense or liability incurred or sustained by the claim of
any person made by reason of the Purchaser's activities as permitted pursuant to this Section 5,
save and except for any reduction of value of the Property resulting from the discovery of any
hazardous or toxic wastes and substances on, or defects to, the Property. The foregoing covenant
shall survive any termination of this Agreement. If the Purchaser determines the Property is
unacceptable to the Purchaser for any reason, as determined by the Purchaser in its sole and
absolute discretion, the Purchaser may terminate this Agreement by giving the Seller written
notice of such termination in accordance with the requirements of Section 12.4 prior to the
expiration of the Inspection Period. If Purchaser so terminates this Agreement for any reason,
Purchaser agrees to furnish Seller with copies of all engineering and environmental reports and
studies that Purchaser has had prepared concerning the Property, its status, and its possible uses,
including but not limited to any site plans and any Phase I Report. Upon such termination by the
Purchaser, the Deposit shall be returned to the Purchaser and neither party hereto shall have a
claim against the other under this Agreement, except for any claims of the Seller against the
Purchaser under this Section 5.
5.1. Deliveries of Seller. Seller has delivered, or will, within ten (10) days
from the Effective Date, deliver to Purchaser the following:
a. Current Tax Assessment;

b. Copy of any Deed of Trust encumbering the Property, along with a
copy of any note or bond secured by such Deed of Trust;
c. Copies of any environmental, LBP, asbestos or radon studies that
may exist with respect to the Property (regardless of age);
d. Copies of any physical inspection reports or engineering studies
for the past three (3) years; and
e. Copy of most recent survey of the Property.
6. Condemnation. If prior to Closing the Property is subjected to actual or

threatened condemnation or erninent domain proceedings, the Seller will promptly notify the
.In
Purchaser of such event, and the Purchaser shall have the option of either: (i) terminating this
Agreement, in which event the Deposit shall be returned to the Purchaser; or (ii) proceeding to
Closing, in which event the Seller shall payor assign, as applicable to the Purchaser at Closing
all of the proceeds or any right thereto from any such condemnation.
7. Damage or Destruction Prior to Closing. The Seller shall bear the risk of all loss
or damage to the Property from all causes through the time of recordation of the Deed (defmed in
Section 10.1.1).
8. Representations and Warranties.
8.1 Representations and Warranties of the Seller. In addition to any other

covenants, indemnities, warranties and representations made by the Seller herein, the Seller
makes and agrees with the Purchaser to the following representations and warranties, all of
which are true and correct as to the matters set forth therein as of the date hereof and, except as
otherwise disclosed to the Purchaser in writing and agreed to by the Purchaser, shall be true and
correct on the Closing Date:
8.1.1 Authority. The Seller has the capacity and authority, and all requisite
actions have been taken and approvals obtained by the Seller to fully authorize and empower the
Seller to execute this Agreement and consummate the transactions contemplated hereby. The
Seller shall furuish to the Purchaser any documents reasonably requested by the Purchaser which
evidence the capacity and authority of the Seller (and the signatories acting on behalf of the
Seller) to consummate the transactions contemplated hereby. The persons executing this
Agreement as Seller are the only persons having any interest in the Property, and no further
signatures are required for the Seller to perform its obligations hereunder and convey the
Property as set forth herein.
8.1.2 No Conflict. The authorization, execution and delivery of this Agreement

and the consummation of the transactions contemplated hereby, will not, with or without the
giving of notice or passage of time or both: (i) violate, conflict with or result in the breach of any
terms or provisions of or require any notice, filing, registration or further consent, approval or
authorization under: (w) any statutes, laws, rules or regulations of any governmental body
applicable to the Seller, or its properties or assets; or (x) any judgment, decree, writ, injunction,
order or award of any arbitrator, court or governmental authority binding upon the Seller or any
of its respective properties or assets; or (y) any instrument or agreement to which the Seller or its
properties may be bound or relating to or affecting all or any portion of the Property; or (ii) result
in any lien, claim, encumbrance or restriction on the proceeds of the sale of all or any portion of
the Property or on any of the respective properties or assets of the Seller.
8.1.3 No Property Interests. No person, firm or entity has any rights to acquire
or to lease all or any portion of the Property or otherwise to obtain any interest therein and there
are no outstanding options, rights of first refusal or negotiation, rights of reverter or rights of first
offer relating to all or any portion of the Property or any interest therein in effecL Seller shall not
offer the Property for sale to any other person, consider unsolicited offers from any other person
for the purchase of the Property or enter into a contract for the sale of the Property to any other
person, unless such contract is contingent on the termination of this Agreement.
8.1.4 No Violations. The Seller has received no notice of, nor does the Seller
have any knowledge of, any violations (collectively, "Violations", and individually, a
"Violation") of any applicable local, state or federal law, ordinances, regulations, or orders of
any federal, state or local government department or agency having jurisdiction over or affecting
the Property including, without limitation, building, health and environmental laws, regulations
and ordinances, (whether or not officially noted Dr issued) Dr from any tenant. The Seller shall
. provide the Purchaser with notice of any Violations of which the Seller obtains notice or
knowledge between the Effective Date and the Closing Date.
8.1.5 No Foreign Person. The Seller is not a foreign person within the meaning
of Section 1445 of the Internal Revenue Code, as amended.
8.1.6 No Special Proceedings. There are no pending or, to the knowledge of the
Seller, contemplated: (i) annexation Dr condemnation proceedings affecting, or which may affect,
all or any portion of the Property; (ii) proceedings to change or redefine the zoning classification
applicable to any portion of the Property; or (iii) changes in road patterns or grades which may
adversely affect access to any roads providing a means of ingress to or egress from the Property.
8.1.7 Pending Actions or Investigations. There ate no actions, suits,

proceedings, claims, orders, decrees or judgments affecting the Property, or any portion thereof,
or relating to or arising out of the ownership, management, operation, use or occupancy of the
Property or any portion thereof whIch are pending or have been prosecuted for a period of thirty
(30) days or more or, to the knowledge of the Seller, are pending Dr have been prosecuted for
less than thirty (30) days, in any court Dr by Dr before any federal, state, or local government
department, commission, board, bureau Dr agency or other governmental instrnmentality; and, to
the knowledge of the Seller, no such actions, suits, proceedings, claims, orders, decrees or
judgments have been threatened or asserted. The Seller is not a party to or subject to any
judgment, writ, decree, injunction or order enjoining or restraining it from conducting any
business in respect of the Property. There are no outstanding unpaid judgments that are liens
against the Property. In the event that any action, suit, proceeding, claim, order, decree Dr
judgment described in this Section 8.1.7 exists Dr is pending as of the Closing Date, the parties
shall deposit into an escrow account with the Escrow Agent at Closing a portion of the Purchase
Price sufficient to provide for the timely payment of any and all claims, losses, costs and
expenses (including reasonable attorneys' fees) arising in connection therewith, which amount
shall be determined by Purchaser in its reasonable discretion.
8.1.8 Environmental. The Seller represents and warrants that, to the best of its
knowledge, there are no hazardous or toxic wastes and substances on, about Dr affecting (directly
or indirectly) the Property. For the purposes of this Agreement, "hazardous Dr toxic wastes and
substances" are defined as those substances, materials, and wastes, including but not limited to,
those substances, materials and wastes listed in the United States Department of Transportation
Hazardous Materials Table (49 CFR 172.101) O! by the Environmental Protection Agency as
hazardous substances (40 CFR Part 302) and amendments thereto, or such substances, materials
.. Lt..... L.
'" .
and wastes which are regulated under any applicable local, state or federal law, including,
without limitation, any material, waste or substance which is (i) petroleum, (ii) asbestos, (iii)
polychlorinated biphenyls, (iv) designated as a Hazardous Substance pursuant to Section 331 of
the Clean Water Act, 33 US.C. Sec. 1251, et. seq. (33 U.S.C. 1321) or listed pursuant to Section
307 of the Clean Water Act (33 U.S.C. Sec. 1371) (v) defined as a hazardous waste pursuant to
Section 1004 of the Resource Conservation and Recovery Act, 42 U.S.C. Sec. 6901, et. seq. (42
U.S.C. Sec. 6903) or (vi) defined as hazardous substance pursuant to Section 101 of the
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Sec 9601,
et. seq. (42 U.S.C. 9601).
8.1.9 Contracts. There are no contracts of any nature outstanding with respect
to the Seller which are not terminable, and Seller sha1l at Closing, terminate any such contracts
unless Purchaser affirmatively assumes them. Seller shall not enter into any new Contracts
without first obtaining Purchaser's prior written consent.
8.1.1 0 Maintenance and Repairs. Seller, at its sole cost and expense, shall
maintain the Property through Closing in the same condition as of the Effective Date, ordinary
wear and tear excepted.
8.1.11 Insurance. Seller shall maintain in full force and effect substantially the
same public liability and casualty insurance coverage now in effect with respect to the Real
Property.
8.1.12 Taxes and Assessments. Seller shall (i) pay in a timely fashion all taxes
and other public charges against the Property and (ii) provide Purchaser, within ten (10) business
days of receipt, copies of any notices Seller receives with respect to any special assessments or
proposed increases in the valuation of the Property. Purchaser shall have the right to contest, in
the name of Seller, any proposed increase in the assessment of the Property, provided that
Purchaser pays all costs and expenses in connection therewith. Purchaser shall advise Seller in
writing prior to the filing of any contest and shall provide Seller copies of all relevant documents
in connection with such contest in a timely fashion. Seller shall cooperate with Purchaser in
connection with any such contest.
8.1.13 Condemnation Notices. Seller shall provide Purchaser, within ten (10)
days of receipt, copies of any notices Seller receives with respect to any condemnation or
eminent domain proceedings affecting the Property.
8.1.14 Binding Commitments. Seller shall not make any commitments or

representations to any applicable governmental authorities, any adjoining or surrounding
property owners, any civic association, any utility or any other person or entity that would in any
manner be binding upon Purchaser or the Property, without Purchaser's prior written consent in
each instance, which consent Purchaser may withhold in its sole discretion.
8.1.15 Information. In addition to SeHer's other obligations in this Agreement,

Seller shall furnish to Purchaser promptly, all information concerning the Property in SeHer's
possession that Purchaser may from time to time reasonably request.
8.1.16. Actions Affecting Title. Seller shall not voluntarily grant, create, assume
or pennit to exist any mortgage, lien, lease, encumbrance, easement, covenant, condition, right-
of-way or restriction upon the Property other than those agreed to by the Purchaser, or
voluntarily take or pennit any action adversely affecting the title to the Property as it exists on
the date of this Agreement.
8.2 Representations and Warranties of the Purchaser. In addition to any other

covenants, indemnities, warranties and representations made· by the Purchaser herein, the
Purchaser makes and agrees with the Seller to the following representations and warranties, all of
which are true and correct as to the matters set forth therein as of the date hereof, except as
otherwise disclosed in writing to the Seller and agreed to by the Seller, shall be true and correct
on the Closing Date:
8.2.1 Authoritv. The Purchaser has the capacity and authority, and all requisite
actions have been taken and approvals obtained (or will, within a reasonable time hereafter, be
taken and obtained) by the Purchaser to fully authorize and empower the Purchaser, to execute
this Agreement and consummate the transactions contemplated hereby. The Purchaser shall
furnish to the Seller any documents reasonably requested by the Seller which evidence the
capacity and authority of the Purchaser (and the signatories acting on behalf of the Purchaser) to
consummate the transactions contemplated hereby.
8.2.2 No Conflict. The authorization, execution and delivery of this Agreement

and the consummation of the transactions contemplated hereby, will not, with or without the
giving of notice or passage of time or both: (i) violate, conflict with or result in the breach of any
terms or provisions of or require. any notice, filing, registration or further consent, approval or
authorization under: (w) the operative documents by which the Purchaser is governed, including
without limitation any and all articles of incorporation, partnership agreements, operating
agreements, bylaws, resolutions and other instruments or documents; (x) any statutes, laws, rules
or regulations of any governmental body applicable to the Seller, or its properties or assets; or (y)
any judgment, decree, writ, injunction, order or award of any arbitrator, court or governmental
authority binding upon the Purchaser or any of its respective properties or assets; or (z) any
instrument or agreement to which the Purchaser or its properties may be bound; or (ii) result in
any lien, claim, encumbrance or restriction on the Property or on any of the respective properties
or assets of the Purchaser.
83 Effect of Change in Representations. For the period from and including

the Effective Date to and through the Closing Date, the Seller and the Purchaser shall each be
obligated to advise the other party, as applicable, of any change which renders any representation
made by such party in this Agreement untrue or materially misleading. In the event that such
notice is delivered from one party to the other, and if such circumstances as are set forth in such
notice materially and adversely affect the rights and obligations of the party receiving such
notice, the party receiving such notice shall have the option, at its election, to terminate this
Agreement, and if so terruinated by the Purchaser, the Deposit shall be returned to the Purchaser,
and the parties shall be released from all future obligations and liabilities under this Agreement,
except as otherwise expressly set forth in this Agreement. If the circumstances that render a
,.
representation untrue or materially misleading have resulted from the willful acts or gross
negligence of the party which gave the representation, then in addition to the termination rights
set forth in the previous sentence, the party that receives notice of such change of circumstances
shall have all rights available to it at law or in equity for a breach of this Agreement by the party
that gave notice of such circumstances, and such rights shall survive the. termination of this
Agreement.
9. Conditions Precedent.
9.1 Conditions Precedent to Obligation of the Purchaser. The obligation of

the Purchaser to close the purchase of the Property in accordance with this Agreement shall be
subject to the fulfillment of the following conditions precedent, the failure of any of which shall
entitle the Purchaser either to waive such condition or to terminate this Agreement in accordance
with the terms hereof. If Purchaser elects to terminate this Agreement due to the failure of any
condition listed herein, Purchaser shall so notify Seller. in writing prior the Closing, in which
event, the Deposit shall be returned to the Purchaser, and nether party hereto shall have a claim
against the other under this Agreement, except as otherwise expressly set forth in this
Agreement. If no such notice is given before the Closing, all conditions set forth herein shall be
considered to have been satisfied or waived by Purchaser. Regardless of whether any such
conditions are deemed to be so waived, Seller shall not, without the prior written consent of
Purchaser, take any action or fail to take any action prior to the Closing that would adversely
affect the satisfaction of any of such conditions as of the Closing Date. The conditions are as
follows:
9.1.1 Condition of Title. Title to the Property shall be in such a condition as is

consistent with the requirements of Section 10.6 hereof, and the Purchaser shall be able to obtaio
a title policy, at regular rates, for the Property from a title company as described in Section 10.6
hereof, and containing such usual and customary endorsements as may be reasonably requested
by the Purchaser.
9.1.2 Access. All direct access (through permitted curb cuts) to public rights-of-
way in effect on the Effective Date shall not have been altered or diminished.
9.1.3 Utilities. The Property shall be served with potable water, public sewer,
electricity, natural gas, telephone, cable and other utilities provided to the Property as of the
Effective Date without necessity of obtaining easements across property not owned by the Seller.
9.1.4 Environmental Contamination. The Property shall be free of hazardous or

toxic wastes and substances.
9.1.5 Zoning. Purchaser shall have obtained satisfactory zoning for the Property.
9.1.6 Tax Credit Reservation. Purchaser shall have received a reservation of

2009 tax credits in an amount satisfactory to the Purchaser in its sole discretion.
10. Closing Mechanics. Should all conditions set forth in Section 9 either be met or
be waived by the Purchaser and Seller, as applicable, the following provisions shall govern the
Closing:
10.1 The Seller's Obligations at Closing. At or prior to Closing, the Seller shall
comply with the following obligations:
10.1.1 Conveyance Deed. The Seller shall deliver to the Purchaser or its
designee a good and sufficient general warranty deed with English covenants of title (the
"Deed") for the Land, Improvements and Appurtenances, in form for recording, duly executed
and acknowledged by the Seller, so as to convey title in such Property free and clear of any
matters other than Permitted Exceptions_(as defined in Section 10.6).
10.1.2 Bill of Sale. The Sellet.shall deliver to the Purchaser or its designee a Bill
of Sale describing the Personal Property in the form attached as Exhibit B.
10.1.3 Leases, Warranties and Contracts. The Seller shall assign to the Purchaser
all of its rights, title and interest in (i) the leases in effect as of the Closing Date, (li) all
assignable warranties and guarantees relating to the Property and (iii) such of the written
contracts providing for the services relating to the maintenance and operation of the Property as
the Purchaser shall require to be assigned and as may be assigned pursuant to their terms without
the consent of the other parties thereto. At the Closing, the Seller shall provide the Purchaser
with a certified rent roll and the originals of the leases, warranties, guarantees and contracts to be
assigned to the Purchaser as described above with the Assignment of Leases and Contracts Form
attached hereto as Exhibit C.
10.1.4 Owner's Affidavit. The Seller shall deliver to the Purchaser a standard
owner's affidavit sufficient for the Purchaser to obtain title insurance for the Property free from
all exceptions other than Permitted Exceptions .
. 10.1.5 Cancellation of Existing Indebtedness. The Seller shall deliver a

satisfaction of mortgage, cancellation or reconveyance of deed of trust or partial release, as the
case may be, in recordable form and executed by the holder of any existing indebtedness which
is secured in whole or in part by all or any portion of the Property, in a form as shall be sufficient
to satisfy of record the existing indebtedness with respect to such Property, together with UCC-3
termination statements or other terminations acceptable and effective to release of record the lien
of any security interest which may encumber any of such Property.
10.1.6 Possession. The Seller shall vacate the Property and any Improvements
thereon, if any, and deliver to the Purchaser exclusive possession of the Property, subject only to
the Permitted Exceptions.
10.1.7 Affidavit ofNonforeign the Seller Status. The Seller shall deliver to the
Purchaser a certificate or affidavit duly completed and executed by the Seller as required under
Treasury Regulation I.1445-2(b)(2)(iii) .
• .... 1__ .... i.. ,

10.1.8 Other Documents. The Seller shall deliver to the Purchaser such other
documents as may reasonably be required to consummate the Closing in accordance with the
terms of this Agreement.
10.2 The Purchaser's Obligations at Closing. At Closing, the Purchaser shall

payor deliver, or shall cause its designee or assignee to payor deliver, to the Seller, upon
delivery of the documents enumerated in Section 10.1, the Purchase Price (adjusted as required
for delivery of the Deposit) and such documents as may reasonably be required to consummate
the Closing in accordance with the terms of this Agreement.
10.3 Prorations and Adjustments. In addition to any other costs, expenses and
fees traditionally prorated between buyers and sellers of real property in the Commonwealth of
Virginia, and subject to the terms of this Agreement, the following items shall be adjusted
between the Seller and the Purchaser and shall be prorated as of the Closing Date:
10.3.1 Taxes. A proportionate share of any real estate taxes, payments in lieu of
real estate taxes, ad valorem and personal property taxes, and any other state, county and
municipal taxes, charges and assessments (special or otherwise), on the basis of the calendar or
tax year for which the same are levied, imposed or assessed, and regardless of when the same
become a lien or are payable. If the rate of any such taxes, charges or assessments shall not be
fixed prior to the Closing Date, the adjustment thereof at the Closing shall be upon the basis of
the rate for the preceding calendar year applied to the latest assessed valuation (or other basis of
valuation).
10.3.2 Charges for Utilities. Prior to Closing, the Purchaser shall pay all deposits
necessary to continue water, electricity, gas, heating oil and other utilities applicable to the
Property, and the Seller shall be entitled to apply for and receive such deposits as the Seller has
paid to such utilities upon the Closing of this Agreement. At the Closing, the Purchaser shall
reimburse the Seller for the cost of any heating oil in tanks on the Property at the then current
price of heating oil based on the estimated volume in such tanks.
10.3.3 Operating Expenses. Operating expenses of the Development (in addition

to taxes to be prorated pursuant to Section 10.3.1) paid by the Seller prior to the Closing Date
with respect to any period commencing before and ending after the Closing Date (including,
without lirnitation,.payment on any contracts assigned to the Purchaser pursuant to this Purchase
Contract) shall be prorated as of the Closing Date.
10.3.4 Rental and Other Income: Security Deposits. Rental income of the
Development due and payable by the residents of the units in the Development for the month of
the Closing shall be prorated as of the Closing Date based upon the rent roll due and payable as
of the first day of such month. Accordingly, the Purchaser shall be entitled to a credit at Closing
for the pro rata portion of such rental income from and including the Closing Date through the
last day of such month. If rents shall be due but unpaid on the Closing Date, the Seller shall be
entitled to receive and collect such rents, and if Purchaser shall· receive any such rents after the
Closing Date, the Purchaser shall within five days after such receipt pay such rents to the Seller.
At the request of the Seller, the Purchaser shall provide an accounting of all such rents received
_ ... i •. _.. ,• . ." ..

by the Purchaser after the Closing Date, together with copies of any records of the Purchaser
relating thereto. The foregoing obligations of the Purchaser under this Section shall survive the
Closing.
Any other income of the Development due and payable to the Seller prior to the Closing
Date with respect to any period commencing before and ending after the Closing Date shall be
prorated as of the Closing Date. Accordingly, the Purchaser shall be entitled to a credit at
Closing for the pro rata portion of such income from and including the Closing Date through the
last day of such period. If payment of such income shall be due but unpaid on the Closing Date,
the Seller shall be entitled to receive and collect such income, and if Purchaser shall receive any
such income after the Closing Date, the Purchaser shall within five days after such receipt pay
such income to the Seller. At the request of the Seller, the Purchaser shall provide an accounting
of all such income received by the Purchaser after the Closing Date, together with copies of any
records of the Purchaser relating thereto. The foregoing obligations of the Purchaser under this
Section shall survive the Closing.
At the Closing, security deposits of the residents (including any interest thereon
which is then, or may thereafter become, due the residents under the leases or state law) of the
Development shall ~be transferred to the Purchaser.
10.4 Costs. The costs of canceling any existing indebtedness and the costs for
the preparation of the Deed and any.other documents delivered by the Seller to the Purchaser at
Closing shall be paid by the Seller at Closing. Costs for the reports and inspections under
Section 5 hereof, the owner's and lender's policies of title insurance and any special title
insurance endorsements, survey, and all recording taxes and fees shall be paid by the Purchaser
at Closing. The Seller and the Purchaser shall each pay their respective attorneys' fees.
10.5 Brokers. The Seller shall be responsible for any brokerage commission
resulting from this Contract or the sale of the Property. The Seller agrees (to the extent permitted
by applicable law) to indemnifY and hold Purchaser harmless from and against any claims for
commissions together with any costs and reasonable attorney's fees incurred by Purchaser in
defending against such claims. Such indemnification obligations shall survive any termination
of this Agreement and the Closing.
10.6 Title. During the Inspection Period, the Purchaser shall obtain from a title
company selected by Purchaser a preliminary title commitment for the Property (along with
legible copies of all documents creating exceptions thereunder), and the Purchaser shall promptly
examine the preliminary title commitment and documents relating thereto. Within the Inspection
Period, the Purchaser shall notifY the Seller of any defects in title in such commitment to which
the Purchaser objects; provided, however, that the Purchaser shall have no obligation to object to
defects relating to deeds of trust, mechanics' liens, judgments or any other defect which may be
cured by the application of proceeds of the Purchase Price at Closing ("Lien Defects"); provided
further, that in the case of defects which arise after the effective date of the Purchaser's title
commitment for the Property ("Post-Commitment Defects") and to which the Purchaser objects,
the Purchaser shall notifY the Seller of such objections prior to the Closing (any defect in title to
which the Purchaser objects under this Section 10.6 in referred to herein as "Title Objections").
It is the intention of the parties that Lien Defects shall automatically qualify as objections to title,
and the Purchaser shall apply all or any portion of the Purchase Price at Closing in the amount
necessary to cure Lien Defects. For any Title Objections (other than Lien Defects) wherein the
Purchaser has delivered notice to the Seller of the Purchaser's objection thereto, the Seller shall
have fIfteen (15) days from the receipt of such notice or notices within which to notify the
Purchaser as to whether the Seller elects to cure all or any of such Title Objections raised by the
Purchaser. If the Seller does not so notify the Purchaser within such 15 day period, the Seller
shall be deemed to have elected not to cure such Title Objections. All exceptions to title which
are not Lien Defects and as to which the Purchaser has not objected pursuant to this Section 10.6
shall be deemed "Permitted Exceptions." In the event the Seller has given such notice to the
Purchaser electing to cure any Title Objections, the Seller shall be obligated to effect such cure
on or before the Closing Date or such later date as shall be necessary to effect such cure, which
date shall not be later than sixty (60) days after the date in (i) of Section 4 hereof. In the event
the Seller elects not to cure all or any of the Title Objections, or elects to cure but fails to
successfully cure any Title Objections prior to Closing, the Purchaser shall have the right,
exercisable at any time prior to Closing by giving notice to the Seller, to either: (i) terminate this
Agreement and receive a refund of the entire Deposit, in which event, neither party shall have a
claim against the other under this Agreement, except as otherwise expressly set forth in this
Agreement; or (ii) waive the uncured Title Objections and close under the terms of this
Agreement.
11. Miscellaneous Provisions.
ILl Binding Effect. This Agreement and all covenants, terms, conditions,
warranties, and undertakings contained herein, and all amendments, modifIcations and
extensions hereof, as applicable, shall be binding upon and shall inure to the benefIt of the parties
hereto and their respective heirs, executors, administrators, personal representatives, successors
and permitted assigns.
11.2 Final Agreement. This Agreement contains the final and entire agreement
between the parties, and they shall not be bound by any terms, conditions, statements, warranties
or representations, oral or written, not herein contained.
11.3 Amendment. This Agreement shall not be modifIed except by instrument

in writing executed by the parties hereto.
11.4 Notices. All notices, demands and request which may be given or which
are required to be given by either party to the other must be in writing. All notices, demands and
requests by the Purchaser or the Seller shall be sent either by fax, with a copy by certifIed mail,
return receipt requested, postage prepaid, or by delivery through a nationally-recognized
overnight carrier (the "Carrier") that can provide written proof of delivery, and addressed as
follows, or to such other address as a party may specify by du1y given notice:
IF TO SELLER: Wise County Redevelopment

And Housing Authority
POBox 630
Attn: Monty L. Salyer, Executive Director
FAX Number:
IF TO PURCHASER: Commonwealth Apartments, LLC

PO Box 630
Attn: Monty L. Salyer, President of Commonwealth
Apartments Development Corporation, Managing Member
Fax Number:
Notices, demands and requests, if delivered in the manner aforesaid (unless otherwise
specifically provided herein), will be deemed received for all purposes hereunder: (i) if sent by
fax, on the date of delivery; and (ii) if sent by overnight carrier, on the date which is the
confirmed date of delivery.
11.5 Governing Law. This Agreement shall be governed by, and construed and
interpreted under, the laws and judicial decisions of the Commonwealth of Virginia.
11.6 The Purchaser's Default. If (i) any representation and warranty by the
Purchaser contained in this Agreement shall not be true and correct as of the closing Date; (ii)
any condition to the Seller's obligation to close shall fail to be fulfilled or waived; or (iii) the
Purchaser shall be in material default in the performance of any of its covenants or obligations
under this Agreement, the sole right of the Seller shall be to recover from Escrow Agent, and the
sole liability of the Purchaser or its assignee shall be to pay, liquidated damages equal to the
aggregate amount of the Deposit, such amount being fixed as such by reason of the fact that the
actual damages to be suffered by the Seller in such event are in their nature uncertain and
unascertainable with exactness and because the Purchaser would not have entered into this
Agreement unless the Purchaser was exculpated from personal liability as herein provided. The
Seller shall not seek or obtain any money or other judgment against the Purchaser or any
disclosed or undisclosed officer, commissioner, director or employee of the Purchaser or its
assignee, or against the assets or estate of the Purchaser or its assignee or any of the foregoing
persons, and the Seller's sole recourse for payment of said amount shall be, with respect to a
default of the Purchaser, to the value of the Deposit. Nothing contained in this Section 12.6 shall
limit the liability of the Purchaser to the Seller under Section 5 or Section 10.3.4 of this
Agreement.
1I. 7 The Seller's Default. Notwithstanding anything in this Agreement to the

contrary, if: (i) any representation and warranty of the Seller contained in this Agreement shall
not be true and correct as of the Closing Date; (ii) any condition to the Purchaser's obligation to
close shall fail to be fulfilled or waived; or (iii) the Seller shall be in material default in the
performance of any of its covenants or obligations under this Agreement, then the Purchaser's
remedies prior to the Closing shall be to elect: (x) to terminate this Agreement and thereupon to
. ., L ...
receive a return of the Deposit and to bring an action against the Seller seeking reimbursement
for the Purchaser's direct, out-of-pocket reasonable costs, including, but not limited to third party
due diligence fees such as inspections, survey, title work, legal fees, appraisal fees and loan fees,
provided the amount of such reimbursement shall not exceed the amount of the Deposit; or (y) to
bring an action for specific performance to compel the Seller to cure any such material default,
breach of warranty or misrepresentation or to fulfill any such condition or perform any such
covenant or agreement of the Seller contained in this Agreement to be performed by the Seller on
or prior to the Closing Date and, as part of any such action for specific performance, to seek to
recover any direct, out-of-pocket reasonable costs incurred by the Purchaser in connection with
such specific performance action, provided the amount of such reimbursement shall not exceed
the amount of the Deposit; or (z) to expressly waive in writing any such default, breach of
warranty or misrepresentation or the nonfulfillment of any such condition or failure of the Seller
to perform any such covenant or agreement of the Seller contained in this Agreement to be
performed by the Seller on or before the Closing Date. Upon completion of the Closing, the
foregoing remedies shall be deemed to be waived by Purchaser.
11.8 Waiver. Failure to insist upon strict compliance with any of the terms,
covenants, or conditions hereof will not be deemed a waiver of the term, covenant, or condition,
nor will any waiver or relinquishment of any right or power at anyone time or more times be
deemed a waiver or relinquishment of the right or power at any other time or times.
11.9. Severability. 1bis Agreement will be construed in its entirety and will not
be divisible, except that the invalidity or unenforceability of any provision hereof will in no way
affect the validity or enforceability of any other provision.
11.1 0 Time. Time is of the essence in the performance of this Agreement.
11.11 Captions. Captions are nsed in this Agreement for conveuience only and
will not be used to interpret this Agreement or any part of it.
11.12 Counterparts. 1bis Agreement may be executed in two or more

counterparts and shall be deemed to have become effective when and only when one or more of
such counterparts shall have been signed by or on behalf of each of the parties hereto (although it
shall not be necessary that any single counterpart be signed by or on behalf of each of the parties
hereto, and all such counterparts shall be deemed to constitute but one and the same instmment),
and shall have been delivered by each of the parties to each other.
11.13 Facsimile Signatures. Facsimile signatures will be considered original

signatures for the purpose of execution and enforcement of the rights delineated in this
Agreement.
11.14 [Intentionally Omitted]
12. Execution by the Seller. In the event that Seller does not fully execute and deliver
this Agreement to Purchaser before 5:00 p.m. on , 2009, then this Agreement and the
. ,--..... >,
offer to purchase represented hereby shall be null and void and shall have no force and effect,
and neither party shall have any rights, obligations or liabilities hereunder.
IN WITNESS WHEREOF, the parties have caused this instrument to be du1y executed,
under seal, by authority duly given, as of the date first written above ..
SELLER:
~SECOUNTYREDEVELOPMENT
AND HOUSING AUTHORITY,
Apolitical subdivision of the
Executive Director
PURCHASER:
COMMONWEALTH APARMENTS, LLC

A Virginia limited liability company
By Commonwealth Apartments Development
Corporation, a Virginia Corporation
Its Managing Member
By:
Name:
~b(2J0k/
Eula Hughes
Title: President
Ii
Exhibit A
Description of Real Estate
Being a 8.024 acres parcel of land situated in the east end of the Town of Wise, Wise
County, Virginia and being the same property conveyed to Gladeville Housing Authority, LTD.
and recorded in Deed Book 422, Page 730 and being further described as follows, to wit:
Beginning at a drill hole in sidewalk in the northern R-O-W line of 8tate Route #640
(Hurricane Road) a common comer to Ryan D. Adkins (Inst #990004825) thence with said
Adkins two (2) calls N37°31 '28"W208.72' to a point at fence post, thence 861°56'00"W211.59'
to an iron pin in line of now or fonnerly William E. Baugh, Jr. Thence with said Baugh and an
agreed boundary lines recorded in Deed Book 353, Page 99, three (3) calls N37°18'42"WI26.35'
to a 2" pipe in concrete, thence N44°35'03"EI7.20' to an iron pin, thence N34°04'46"WI55.25'
to an iron pin in the eastern R-O-W line of 8tate Route #680 (Old Hurricane Road) thence with
said Eastern R-O-W lines two (2) calls N21043'57"E130.20' thence N16°30'09"E131.02' to an
iron pin, a common comer to Charlie Dean (DB 620, Page 521) thence with said Dean four (4)
calls 867°00'05'EI51.62' to an iron pin, thence N25°58'41"E66.00' to a metal rod, thence
NI7°00'54"W94.67 to a 16" black oak, thence N05°57'07"W235.14 to an iron pin in line of
now or fonnerly William Cox (DB 564, Page 183) thence in part with said Cox, a 0.133 acre
parcel and Janice Addington (DB 695, Page 80) 873°19'45"E484.09' (at 78.44' pass thru an iron
pin) to a set stone, a common comer to Wendell E. Barnette (lnst. #200300617) thence in part
with said Barnette and with Cecil Cantrell, 816°01 '48"W354.13' to an iron pin at fence
intersection, thence continuing with said Cantrell two (2) calls 80 003'06"E201.17' to an iron pin,
thence 811 °35'29"EI58.41' to an iron pin in the Northern R-O-W Line of aforesaid 8tate Route
#640, thence with said R-O-W 872°20'41"WI41.08' to the beginning containing 8.024 acres
more or less .
. ::IJ.~... .i .• ,
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Account: R013499
Location Owner Information Assessment Historv
.-----~------- .. --."---.~~."--,, - ----~."-'"~-~-" -~'"'"-."."--.- .
038 () 062B Owner Name WISE COUNTY Actual (2009) $925,800
WISE- W REDEVELOPMENT & HOUSING Primary $925.800
AUTHORITY
Situs Address COMMONWEALTH AVE Tax Area: W Tax Rate: 0.0057
Owner Address PO BOX 630
Legal Summary 8.024 AC RE-SURVEY E Type Actual Assessed Acres
END WISE NR FAIRGROUND ADDN
COEBURN, VA 24230-0630 - -.. ---~".-- ....---- -.~-~,"
Improvement $725,200 $725,200

Land $200,600 $200,600 8.024
Transfers
Sale Date Sale Price
200804204 10/17/2008 $180.000
422-730 $0
298-377 $0
Tax History Images
Tax Year Taxes
• Photo
2009 $0.00 • Sketch
2008 No Tax Values • GIS
of 1 5/7/09 6:28 PM
TABL
(Plan of Development Certification Letter)
P.O. BOX 1100' WISE, VA 24293' (276) 328-6013 (Voice & TOO) • FAX (276) 328-2519
FROM THE OFFICE OF

THE TOWN MANAGER
TO: Virginia Housing Development Authority

RE: PLAN OF DEVELOPMENT CERTIFICATION

Name of Seller/Current Owner: Wise County Redevelopment and Housing Authority
The above-referenced Owner/Applicant has asked this office to complete this form letter
regarding the site plan of the proposed Development (more fully described below). This certification is
rendered solely for the purpose of confirming the status of plan of development or site plan approval of
the Development. It is understood that this letter 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.
DEVELOPMENT DESCRIPTION: (To be provided by the Owner)
Development Address (should correspond to LA.2 on page 1 of the application):

603,604,607,612,621,622,625,626 A-B,608 A-D, and 615 A-F Commonwealth
Avenue
Legal Description (should correspond to the site control document in the application):
Please see attached
Plan of Development Number:
Proposed Improvements (should correspond with LB & D and lILA of the application):
D New Construction: _ _ _ # Units _ _ _ # Buildings ____ Total Gross Floor Area

D Adaptive Reuse: -=-:--_ # Units # Buildings Total Gross Floor Area
[gJ Rehabilitation: 26 # Units 10 # Buildings -2=-0=-,4"""2=-- Total Gross Floor Area
2
Other Descriptive Information: (Should correspond with information in the application)

Property will be acquired by applicant from WCRHA. All units will be renovated
Including all major systems. Renovations will provide energy efficiency improve-
Ments and accessibility improvements.
, ,
PLAN OF DEVELOPMENT CERTIFICATION, continued
LOCAL CERTIFICATION: (To be completed by the appropriate local official)
Check one of the following as appropriate:
D The proposed development described above has an approved final plan of development or site
plan (as applicable to the site). No further plan of development or site plan approval is required
before issuance of a building permit.
The proposed development is an existing development with proposed renovations and no

additional plan of development approval is needed.
The above plan of development approval is in effect until:
Printed Name: :£:::>eve .... \'-'1 C. 0 WevlS

\
Title: 0 w- (\ tvta VlCl '1 P~

Phone: _ _-,,~=."--,-,~,--_-=3:::.d-_~_-_-=6:.,--O.::.-.:.I-=3=- _ _ __
Date: _ _ _ _D_d--
__ /_1_7--t.J_~_d7___'__ _ _ __
EXHIBIT A
N37°31 '28"W208.n' to a point at fence post, thence S61 °56'00"W21 1.59' to an iron pin in line of
recorded in Deed Book 353, Page 99, three (3) calls N37°18'42"WI26.35' to a 2" pipe in concrete,
thence N44°35'03"EI7.20' to an iron pin, thence N34°04'46"WI55.25' to an iron pin in the eastern
calls N21°43'57"E130.20' thence NI6°30'09"EI31.02' to an iron pin, a common corner to Charlie
Dean (DB 620, Page 521) thence with said Dean four (4) calls S67°00'05'E151.62' to an iron pin,
thence N25°58'41"E66.00' to a metal rod, thence NITOO'54"W94.67 to a 16" black oak, thence
N05°57'07"W235.14 to an iron pin in line of now or formerly William Cox (DB 564, Page 183)
Barnette (Inst. #200300617) thence in part with said Barnette and with Cecil Cantrell,
SI6°01'48"W354.l3' to an iron pin at fence intersection, thence continuing with said Cantrell two
(2) calls Soo03 '06"E20 1.17' to an iron pin, thence S 11 °35'29"EI58.41' to an iron pin in the
Northern R-O-W Line of aforesaid State Route #640, thence with said R-O-W Sn020'41"WI41.08'
Housing Authority, Ltd., by Joseph F. Barger, CLS 1177, dated March 1, 2007, attached to and
recorded with the deed, in the Clerk's Office, Circuit Court, Wise County, Virginia in Instrument No.
200804204
which are appurtenant to and part of the use and enjoyment of this particular tract ofland.
and/or adverse conveyances as the same may lawfully affect the above described property.
TOGETHER WITH all buildings, improvements, fixtures, appliances and/or easements, now or
hereafter attaGhed to or used in connection with the property herein described.
TABM
(Zoning Certification Letter)
P.O. BOX 1100' WISE, VA24293' (276) 328-6013 (Voice & TOO) • FAX (276) 328-2519
FROM THE OFFICE OF

THE TOWN MANAGER
Zoning Certification
TO: Virginia Housing Development Authority

RE: ZONING CERTIFICATION

Name of Seller/Current Owner: Wise County Redevelopment and Housing Authority
The above-referenced Owner/Applicant has asked this office to complete this form letter
regarding the zoning of the proposed Development (more fully described below). This certification is
rendered solely for the purpose of confirming proper zoning for the site of the Development. It is
understood that this letter 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.
DEVELOPMENT DESCRIPTION: (To be provided by the Owner)
Development Address: (Should correspond to LA.2 on page I of the application)

603,604,607,612,621.622,625,626 A-B, 608 A-D, and 615 A-F Commonwealth Ave, Wise, VA
24293
Legal Description (should correspond to the site control document in the application):
Please see attached
Proposed Improvements (should correspond with LB & D and lILA of the application):
D New Construction: # Units _ _ _ # Buildings Total Gross Floor Area

D Adaptive Reuse: # Units -:-::--_ # Buildings
-::-:-:-::--
Total Gross Floor Area
[8J Rehabilitation: 26 # Units 10 # Buildings 2042 Total Gross Floor Area
2
ZONING CERTIFICATION, Page Two
Current Zoning: R-B Medium Density Residence District allowing a density of

20 units per acre, and the following other applicable conditions:
Zoning is proper only if the property on which the development is or will be located complies with
existing zoning requirements; provided, however, that if the zoning is not residential with 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, approves the request of the above-referenced Owner/Applicant to
such locality that the zoning be deemed to be proper for the sole purpose of awarding points under the
Qualified Allocation Plan, notwithstanding that the zoning for the property does not have an "R"
designation.
Other Descriptive Information: (Should correspond with information in the application)
LOCAL CERTIFICATION: (To be completed by the appropriate local official or Civil Engineer)
Check one of the following as appropriate:
D The zoning for the proposed development described above is proper and currently is an "R"
zoning designation or a special use permit has been issued. To the best of my knowledge, there
are presently no zoning violations outstanding on this property. No further zoning approvals
and/or special use permits are required.
The development described above is an approved non-conforming use in an "R" zoning

designation. To the best of my knowledge, there are presently no zoning violations outstanding
on this property. No further zoning approvals and/or special use permits are required.
D There are no zoning requirements currently applicable to the site described above.
(Signa~
(Printed Name)
(Title of Local Official or Civil Engineer)
Phone:
Date:
ZONING CERTIFICATION, Page Three
To be completed only by Chief Executive Officer (applicable only if zoning does not have "R"
designation):
o The zoning for the proposed development does not have an "R" designation, however, the chief
executive officer of the locality certifies in the space provided below that he/she has, on behalf of
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 awarding points under the Qualified
Allocation Plan.
The undersigned, who is the chief executive officer of the City/County of

Virginia, hereby certifies that he/she has, on behalf of such locality,
approved the request of the above-referenced Owner/Applicant to such locality that the zoning be
deemed proper for the sole purpose of awarding points under the Qualified Allocation Plan,
notwithstanding that the zoning for the property does not have an "R" designation.
(Signature)
(Printed Name)
(Title of Chief Executive Officer)
Date:
NOTE TO LOCALITY:
1. Return this certification to the developer for inclusion in the tax credit application package.
2. Any change in this form may result in a reduction of points under the scoring system. If you have
any questions, please call Jim Chandler at VHDA (804) 343-5786.
NOTE TO DEVELOPER: You are strongly encouraged to submit this certification to the appropriate local
official at least three weeks in advance of the application deadline to ensure adequate time for review and
approval.
EXHIBIT A
N37°31'28"W208.72' to a point at fence post, thence S61°56'00"W21 1.59' to an iron pin in line of
recorded in Deed Book 353, Page 99, three (3) calls N37°18'42"WI26.35' to a 2" pipe in concrete,
thence N44°35'03"EI7.20' to an iron pin, thence N34°04'46"WI55.25' to an iron pin in the eastern
calls N21 °43'57"EJ30.20' thence NI6°30'09"E131.02' to an iron pin, a common corner to Charlie
Dean (DB 620, Page 521) thence with said Dean four (4) calls S67°00'05'EI51.62' to an iron pin,
thence N25°58'41"E66.00' to a metal rod, thence NI7°00'54"W94.67 to a 16" black oak, thence
N05°57'07"W235.14 to an iron pin in line of now or formerly William Cox (DB 564, Page 183)
Barnette (Inst. #200300617) thence in part with said Barnette arid with Cecil Cantrell,
S 16°01' 48"W354.13' to an iron pin at fence intersection, thence continuing with said Cantrell two
(2) calls Soo03'06"E201.l7' to an iron pin, thence SII°35'29"EI58.41' to an iron pin in the
Northern R-O-W Line of aforesaid State Route #640, thence with said R-O-W S72°20'41"WI41.08'
Housing Authority, Ltd., by Joseph F. Barger, CLS 1177, dated March I, 2007, attached to and
recorded with the deed, in the Clerk's Office, Circuit Court, Wise County, Virginia in Instrument No.
200804204
which are appurtenant to and part of the use and enjoyment of this particular tract of/and.
and/or adverse conveyances as the same may lawfully affect the above described property.
TOGETHER WITH all buildings, improvements, fixtures, appliances and/or easements, now or
hereafter attached to or used in connection with the property herein described.
TABN
(Copies of 8609's To Certify Developer Experience)
OMBNo.l54S0988
Low-lncome Housing Credit
Allocation Certification
~dh~"~~~~__~~~~~~~~~~~~~~~~~~~~~~______JL____~;;;;~~
_ _~ 8586,--
Allocation of Credit· Completed by Housing Credit Agency Only

o Amended Fonn
A Address ct building (do not usa P. O. box)(see iIs1rucIions) B N<Ine and address d I\CNsing aedi! agency
Broad Street and 4~ Avenue Virginia Housing Development Authority
St. Paul, VA 24283 601 S. Belvidere Street
VA 23220-6504
C Name. address. and TIN ofblJilding ownerreeeiving alIocaIIon o ~ iden1iflca1lon numberof agency
Stonebriar, L.P. 54-0921892
P. O. Box 630
Coeburn, VA 24230 E Buicfll1!J idenlilica1ion number (BIN)
TIN • 54-1804894 VA9549001
1a Dateota//ocation ~ 12/22/95 b Maximumhousingcedi!doIl,nmountailowable ......... . 1b $ 2,804
2 Maximum applicable cedi! percentage allowable . . . • . . . . . . . . . . . . . . . . . . • • . . . • • . . . . . . .

3a Maximum quafrlied basis . • • • • . . • • . • • . . . • • . . . . • . . . . • • . . . . • . . • • . . . . . . . . . . .
b Checi here • 0 if the eligible basis used in the computation of line 3a was irxreased under the high- cost
<ell provisioos of section42(d)(5J(C). Enter !he percentage to which the eligible basis was
ina-eased (see instructions) . . • . . . . • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . %
4 Pertentage of !he aggregate basis financed by tax-exempt bonds. (If zero, enter· 0-.) ................ .
5 . . ~ 12/1/97
Date bw1mng placed In seMQ!. • • • • • • • • • • • • • • • • • • • • • • • • . • • • • • • •
6 Check !he box tIIat desaibes tile allocation for tile building (check one only):
a 0 Newly constructed and federally subsidized b 0 Newfy tonS1ructed and not federally subsidized c I2l Existing building
d 0 Sec. 42(E) rehabili!ation expenditures federally subsidized e 0 Sec. 42(E) rehabilitation expenditures not federally subsidized
Under pef13ities d pe!jury, I dedan! 1I1at!he a/Ioca1ion made is il axnp4iance wiIh !he requilements of section 42 01 tile Intema/ Revenue COOe. and 1I1at I have examined
Part I of 1his I:xm and 10 !he best d rrrr belief, !he ill:xma1ion is true. ccmct and CIlI1'4liete.
JAMES M. CHANDLER
~ AUTHORIZED OFFICER
----~~~~W~~ase~~~~~pnn~·7Q--------
First·Year Certification· Completed by Building Owner for First Year of Credit Period Only
7a Date building placed in seIVice • ~I I I '-\'1 b Errgible basis of building (see instructions) 7b '1(...403
8a Original qualified basis 01 !he building at dose 01 first year 01 cedi! period .......•..•.............. 8a '1 c.., 4021
b Is !he building part of a multiple building project? ...•••.......•.•...•..•....•........... 0 Yes ® No
9a ff box Sa a box 6d is dlecked, do you elect to reduce eligible basis under section (42{i){2){B)? .•.............. 0 Yes 0 No
b Do you elect to reduce eligible basis by dispropoc1ionate costs of non-Jow.income units (section 42(d){3))? ......... . 0 Yes 0 No
10 Checi!he appropriate box for each election:
a Beet 10 begin cedi! period !he first year after tile building is placed in seI'Iice (moo 42(Q{l)) •.............. .3 Yes 0 No
b 8ed no( to treat large patnership as taxpayer{sectfon 42{jX5)) ...•..•...•.....•.•.......•..... 0 Yes
c 8ed minimum set-aside requirement (sectioo 42(g)){see instrudions) 0 2Q..5O 8 ~ 0 25-80 (N.Y.C. only)
d 8eet cieep..rent-skewed ~ (section 142)d){4XB)){see instructions) .•...•..•••.•.•....•....... 0 15-40
Note: A separate Schedule A (Form 8609), Annual Statement, for each building must be attached to the corresponding F0f1l78609
for each year of the f5-year compliance period.
Caution: Read II1e instructions under Sfgnafurl1 (page 4) befom signing this part
Under pef13ities d pe!jwy, I dec1an11I1at!he above bujJd'rng continues to qualify as aP!I
of. qualified IcJw.Inccme housing project and mee!S t>e requRments of Internal Revenue
Code section 42 and 1ha11he quaified basis of !he building has • 0 has not • JlII decreased for1his lax year. I have exaJMed 1his tam and allachmems, and to the best 01 my
knaMedge and beief,1hey ate true. CCIIed. and canplete.
~
----------~S~9~MWm~-------------
.----::-:--_.---
Taxpayer idenlilicatiOir number Date
Name (please Iype Of prmj

_8609 Low-Income Housing Credit
(1140. "-ry 2000) Or.e No. 15454988
Allocation Certification
Allocation of Credit· Completed by Housing Credit Agency Only
A AddIossofbulldlng(donotuseP.O.box)(seoi1slM:llons) B _and_ofhoulIngClldft_
100 Don Whitehead Drive Building D Virginia Housing Development Authority
Appalachia, VA 24216 601 S. Belvidere Street
C _ , _,and TIN of building -1\lOIIiWlIJ-' D ~_,numberofagency

Inman Village, L.P. 54-0921892
P.O. Box 630
Coeburn, VA 24230 E Buidi1g _ nwnber (BIN)
11N • 54-1995317 VAOOOll03
I' Date 0/ allOCatIon. _ :~~~:'_O~_. b Maximum housing aadK dollar amount a11a«ab1e. lb $ 14,327
2 Maximum applicable aadK peroentage allowable • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

3a Maximum qualified basis • • • • • • • • • • • • • . • • . •••••••••••••••••••••••• "
b Check heI8 • 0 ff the eligible basis used In the computation 0/ line 3a was increased under
the high- cost 8/98 provisions of section 42(d)(5XC). EnIet'the percentage III which the eligible
basis was Increased (see ins1ructions) .................................. .
4 Pertentage of the aggregate basis finanGed by Iax-exempt bonds. (If zero, enIet' .1)..) ••••..••.
5 Datebuildlngplacedlnservice. ••• • • •• • • • • • • • • • • • • • • .. • _:::~~~ ___ •
6 Check the box that descnbes the a11oc:a1ion for the building (checI< one only):
, 0 Newly ccns1rucIed and federally subsidized b 0 Newly consIrUCted and nat federally subsidized c 181 ExIsting building
d 0 Sec. 42(e) rehabilitation expencfrtures federally subsidized • 0 Sec. 42(e) IIlhabirrtalion expendoores nat federally subsid'lZed
Under penalties ofpelJuy,l declare IlialIIIe _ made is In compIance willi IIIe II!qUIrements o f _ 42 ofllle lnIIimai Revenue Code, and IhaII hIM! examined
Part I oflllis loom and In IIIe best of my and _,1IIe /n!annaIiOn is 1rUe, _and compIeIe.
JAMES M. CHANDLER
• AUTHORIZED OFFICER
.• ----- Na.iie"'(pi.as,,~.rPit'ili ---- ------.
• 3-28-03$
.- - - - -1iiiS -. - - - --
Flrst·Year Certification - Completed by Building Owner for First Year of Credit Period Only
7, Date building placed In service • __ ! __ -'- ___ b Er'llible basis of building (see InsbucIions)
Sa Original qualified basis of the building at close of filS! year of credK period • • • • • • • • • • • • • • • •
b Ale you IIIlafing this building as part of a multiple building project for purposes of section 42 (see
ins1Juctions)? .•••.•...•••.•.••••.••••.•••.•..•...••••..••..••.•• Ves 0 No o
9, Wbox 6a or box 6d is checked, do you elect Illillduce eligible basis under section (42(i)(2)(B)? •••••••• OVes ONo
b Do you elect ID lIlduce eligible basis by disproportionate cosls 0/ non-/aW~ncome una (section 42(d)(3))? Oves ONo
10 Check the appropriate box for each election:
• Elect ID begin aadK period the filS! year after the building Is placed In service (section 42(1)(1)) ••••••••• Ves 0 No o
b Elect nat ID Iraat large partnership as taxpayer (section 42(j)(5)) ••••••••••••••••••••••••• Ves o
c Elect minimum set-aside recpremenl (section 42(g))(see ins1Juctions) 0 21).50 0 ~ o
~ (N.V.C. only)
d Elect deep-IIlnt-6i<ewed project (section 142)dX4)(B))(see ins1ruclions) •••••••••••••••••••• 15-40 o
Noto: A s.p.rat. Sch.dul. A (Form .fO'J, Annual Stat.m.nt, for ..ch building must be attachad to the corresponding Fonn8609 for
each year of the 15-yesr compliance period.
Caution: Read the inslruclions under Slgnatul8 (page 4) befol8 signing this part.
Under penalties of p&ljwy, I declaillthat the above building continues ID qualify as a part of aqualified Iow-income housing project and meeIs the
lIlquilllmenls of Internal Revenue Code section 42 and that the quafified basis of the building has • [J has not • [J d8Clll8Sed for this lax
year. I have examined this form end attachmenls, and ID the best of my knowledge and belief, they 818M, correct. and complate.
-----------~n~--------------
• •- - --- - 5aie- - - - - --
--------~~~~-~--------
For I'IptlWor1! Reduclkin Act NoUce, ... pag.4. Cal. No. 63981U Fonn 8609 (1140. 1·2000)
TabQ
Documentation of Rental Assistance

and Utility Allowance
WISE: COUNTY RE:DE:lJE:LOPME:NT AND HOUSING AUTHORITY
107 Litchfield Street, NW • P.O. Box 630 • COEBURN, VIRGINIA 24230
Telephone: (276) 395·6104 • FAX (276) 395·5874 • email: msalyer@wcrha.org
May 12,2009
James Chandler
LlHTC Program Director
601 S. Belvidere Street
Richmond, VA 23220·6500
Dear Mr. Chandler:
The Wise County Redevelopment and Housing Authority administers the Section 8 Housing
Choice Voucher Program for Wise County Virginia. The Commonwealth Apartments project is
consistent with the objectives of the Housing Choice Voucher Program. The program's objective is
to provide housing assistance to the low and very low income populace that will provide them the
opportunity to live in affordable housing of their choice and to promote upward mobility and self-
sutTiciency.
To this end we will provide project-based vouchers to all 26 units at the property for the entire
compliance period.
If you have questions or need additional information, please do not hesitate to call. We look
fOJward to beginning this exciting project.
Si2c.L-A?~
~t:~I~
Executive Director
eaUAL HOUSING OPPORTUNITY

RPR-06-2009 23:39 WISE CO HOUSING AVH 275 395 5874 P.02/03
Wise County Redevelopment And Housing Authority
Utility Allowance Estimates
FY2008
E f" ~ ec.:-r'-v e. /t) I J/ 0 ~
VA 24.1, Clinchview
1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5 Bedroom

Electricity (Kwh) 43.00 52.00 62.00 84.00 95.00
Water/Sewer 20.00 27.00 39.00 49.00 56.00
Total $ 63.00 $ 79.00 $ 101.00 $133.00 $ 153.00
VA 24.2, Ridgeview
1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom

Electricity (Kwh) 42.00 59.00 70.00 81.00
Water/Sewer 34.00 42.00 54.00 64.00
Tot;;>1 $ 76.00 $101.00 $124.00 $ 145.00
VA 24-2, Monte Vista
1 Bedroom :I Bedroom 3 Bedroom

Electricity (Kwh) 42.00 59.00 70.00
Water/Sewer 37.00 46.00 61.00
. Total $ 79.00 $105.00 $ 131.00
VA 24-4, Litchfield Manor
1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom 5 Bedroom

Electricily (Kwh) 43.00 52.00 59.00 83.00 93.00
.Water/Sewer 36.00 39.00 53.00 65.00 76.00
Total $ 79.00 $ 91.00 $ 112.00 $146.00 $169.00
VA 24-5, Appalachian Tower
1 Bectroom Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Av9
E;leclricity (Kwh) 729 681 626 515 435 405 403 403 422 494 608 714 536
GIOldaviHe Apartments
1 Bedroom 2 Bedroom
*
ElectriCity (Kwh) 60.00 71.00
Water/Sewer 19.00 25.00
TOlal $ 79.00 $ 96.00
. I,f,
.. '
TABR
(Documentation of Operating Budget)
TABS
(Documentation of Project Budget)
\ccount http://www.wise-assessor,org/assessor/taxweb/account.jsp?aceo ...
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Account: R013499
Location Owner Information Assessment History
0380062B Owner Name WISE COUNTY Actual (2009) $925,800
WISE- W REDEVELOPMENT & HOUSING Primary $925,800
AUTHORITY
Situs Address COMMONWEALTH AVE Tax Area: W Tax Rate: 0.0057
Owner Address PO BOX 630
Legal Summary 8.024 AC RE-SURVEY E Type Actual Assessed Acres
COEBURN, VA 24230-0630
END WISE NR FAIRGROUND ADDN Improvement $725,200 $725,200
Land $200,600 $200,600 8.024
1)'ansfers
Sale Date Sale Price
200804204 1011712008 $180.000
:!:R22.Q $0
~ $0
Tax Historv Images
13x Year Thxes
o Photo
2009 $0.00 • Sketch
2008 No Tax Values • GIS
)f 1 517109 6:28 PM
Commonwealth Apartments Renovations One Bedroom Unit Cost Estimate
Wise, Virginia Page 1 of 22
April 2009
Ref. Building System Description Quan. Unit Unit Cost Demolition Renovation Totals
1 Doors and Hardware

Demo Exist Storm Doors 2 ea $ 10.00 $ 20
Demo Exist Doors 9 ea $ 10.00 $ 90
Demo Exist Pocket Door 1 ea $ 10.00 $ 10
Demo Exist Shutters (kitchen-dining) 1 ea $ 5.00 $ 5
Replace Exterior Doors / HOW 2 ea $ 400.00 $ 800
Replace Interior Doors / HOW 2 ea $ 300.00 $ 600
New Swinging Closet Doors - (Pairs) 5 ea $ 500.00 $ 2,500
New Hollow Metal Door Frames 5 ea $ 175.00 $ 875
Misc Framing for Closet Doors 1 Is $ 50.00 $ 50
Subtotal $ 4,950
2 Replace Windows
Demo Exist Window Units 3 ea $ 50.00 $ 150
Replace Bedroom Window Unit 1 ea $ 1,000.00 $ 1,000
Replace Living/Dining Window Unit 1 ea $ 1,250.00 $ 1,250
Replace Sidelight at Entry Door 1 ea $ 250.00 $ 250
New Mini-Blinds @ all Windows 75 sf $ 5.50 $ 413
Subtotal $ 3,063
3 Furr and GWB Exist CMU Wall

New 1x Furring 295 sf $ 1.00 $ 295
NewGWB 295 sf $ 1.00 $ 295
Subtotal $ 590
4 Painting
Prep and Paint Exist Ceilings 625 sf $ 0.75 $ 469
Prep and Paint Exist Walls 2175 sf $ 0.50 $ 1,088
Subtotal $ 1,556
5 Hardwood Flooring
Sand and Prep Exist Hardwood 365 sf $ 1.50 $ 548
Re-finish Exist Hardwood 365 sf $ 3.00 $ 1,095
Subtotal $ 1,643
6 Sheet Vinyl Flooring

Demo Exist Sheet Vinyl 265 sf $ 0.50 $ 133
Replace Sheet Vinyl 265 sf $ 3.50 $ 928
Subtotal $ 1,060
7 Closet Shelving
Demo Exist Shelving 1 Is $ 20.00 $ 20
Replace Closet Selving 1 Is $ 200.00 $ 200
Subtotal $ 220
April 2009
8 Kitchens
Demo Exist Kitchen Cabinets 1 Is $ 150.00 $ 150
Demo Exist Sink 1 ea $ 50.00 $ 50
Demo Exist Range Hood / Ductwork' 1 ea $ 75.00 $ 75
Replace Base Cabinets / Countertop 16 If $ 210.00 $ 3,360
Replace Kitchen Wall Cabinets 11 If $ 125.00 $ 1.375
New Pantry Cabinet 1 ea $ 750.00 $ 750
Reconfigure Refrigerator & Corridor 1 Is $ 100.00 $ 100
Reconfigure Range & Sink Locations 1 Is $ 100.00 $ 100
Replace Sink & Faucet 1 ea $ 500.00 $ 500
Replace Range Hood / Ductwork ea $ 300.00 $ 300
Subtotal $ 6,760
9 Appliances
Demo Exist Range / Refrigerator 1 Is $ 50.00 $ 50
Replace Range (front controls) 1 ea $ 500.00 $ 500
Replace Refrigerator (14 cf) 1 ea $ 650.00 $ 650
New 24" Dishwasher 1 ea $ 450.00 $ 450
Subtotal $ 1,650
10 Bathrooms
Demo Exist Floor Down to Joists 40 sf $ 1.50 $ 60
Demo Exist Wall f Ceiling to Studs 250 sf $ 0.50 $ 125
Demo Exist Bathtubs 1 ea $ 100.00 $ 100
Demo Exist Water Closets 1 ea $ 50.00 $ 50
Demo Exist Lavatories 1 ea $ 50.00 $ 50
Demo Exist Heat f Vent flight 1 ea $ 10.00 $ 10
Replace Plywood Subfloor 40 sf $ 2.00 $ 80
Replace Plywood Underlayment 40 sf $ 1.25 $ 50
Replace Sheet Vinyl Flooring 40 sf $ 3.50 $ 140
Replace Rubber Base 25 If $ 2.00 $ 50
New GWB Ceilings 40 sf $ 1.50 $ 60
New GWB Walls 210 sf $ 1.00 $ 210
Replace Bathtubs & Surrounds 1 ea $ 800.00 $ 800
Replace Water Closets 1 ea $ 400.00 $ 400
Replace Lavatories 1 ea $ 400.00 $ 400
Replace Vanity Cabinets 1 ea $ 250.00 $ 250
Replace Heat f Vent flight 1 ea $ 150.00 $ 150
New Light Over Vanity 1 ea $ 75.00 $ 75
Subtotal $ 3,060
11 Water Heaters
Demo Exist Water Heaters 1 ea $ 50.00 $ 50
Replace Water Heaters (eriergy star) 1 ea $ 550.00 $ 550
Subtotal $ 600
12 Install Washer Box / Drain Pan 1 ea $ 150.00 $ 150 $ 150

April 2009
13 New HVAC Units (14 Seer)

Demo Exist Baseboard Heat 1 Is $ 50.00 $ 50
Disconnect Exist Ceiling Heat 1 Is $ 20.00 $ 20
New Heat Pump System 1 ea $ 5,500.00 $ 5,500
New Ductwork 1 Is $ 1,000.00 $ 1,000
New Electrical Circuits 2 ea $ 375.00 $ 750
New Furred Ceiling & GWB 105 sf $ 3.00 $ 315
New Concrete Pad for Outdoor Unit 10 sf $ 5.00 $ 50
Subtotal $ 7,685
14 Electrical Wiring Devices

Demo Exist Light Switches 10 ea $ 5.00 $ 50
Demo Exist Power Receptacles 16 ea $ 5.00 $ 80
Demo Telephone Outlets 2 ea $ 5.00 $ 10
Replace Light Switches 10 ea $ 15.00 $ 150
Replace Interior Power Receptacles 14 ea $ 15.00 $ 210
Replace Exterior Power Receptacles 2 ea $ 30.00 $ 60
Replace Telephone Outlets 2 ea $ 15.00 $ 30
New Cable TV Outlets 2 ea $ 15.00 $ 30
Subtotal $ 620
15 Light Fixtures
Demo Existing Light Fixtures 10 ea $ 5.00 $ 50
Replace Interior Light Fixtures 8 ea $ 75.00 $ 600
Replace Exterior Light Fixtures 2 ea $ 125.00 $ 250
Subtotal $ 900
16 Smoke Detectors
Demo Existing Smoke Detectors 1 ea $ 5.00 $ 5
New hard Wired Smoke Detectors 2 ea $ 50.00 $ 100
New Electrical Circuit & Breaker 1 ea $ 150.00 $ 150
Subtotal $ 255
17 Covered Seating Area

Misc Demo for New Roof 1 Is $ 250.00 $ 250
New Roof System Over Entrance 100 sf $ 10.00 $ 1,000
Exterior Bench at Covered Area 1 ea $ 250.00 $ 250
Subtotal $ 1,500
18 Water Piping
Demo Exist Water Piping 130 If $ 2.00 $ 260
Replace Water Piping / Insulation 130 If $ 15.00 $ 1,950
Valves / Connections 1 Is $ 300.00 $ 300
Subtotal $ 2,510
One Bedroom Unit Totals Demolition Renovation Total Cost
$ 5,332.50 $ 33,438.75 $ 38,771.25

Commonwealth Apartments Renovations Two Bedroom Unit Cost Estimate
April 2009

Replace Exterior Doors / HOW 2 ea $ 400.00 $ 800
Replace Interior Doors / HOW 3 ea $ 300.00 $ 900
New Hollow Metal Door Frames 5 ea $ 175.00 $ 875
Misc Fram ing for Closet Doors 1 Is $ 50.00 $ 50
Subtotal $ 5,260
2 Replace Windows
Replace Bedroom Window Unit 2 ea $ 1,000.00 $ 2,000
Replace Living/Dining Window Unit 2 ea $ 1,250.00 $ 2,500
Subtotal $ 5,798

New 1x Furring 295 sf $ 1.00 $ 295
NewGWB 295 sf $ 1.00 $ 295
Subtotal $ 590
4 Painting
Subtotal $ 1,850
5 Hardwood Flooring
SUbtotal $ 2,228

Subtotal $ 1,060
7 Closet Shelving
SUbtotal $ 270
April 2009
8 Kitchens
Demo Exist Range Hood / Ductwork 1 ea $ 75.00 $ 75
Replace Base Cabinets/Countertops 14 If $ 210.00 $ 2,940
Replace Kitchen Wall Cabinets 13 If $ 125.00 $ 1,625
New Pantry Cabinet 1 ea $ 750.00 $ 750
Reconfigure Refrigerator & Corridor 1 Is $ 100.00 $ 100
Replace Range Hood / Ductwork 1 ea $ 300.00 $ 300
Subtotal $ 6,590
9 Appliances
Demo Exist Range / Refrigerator 1 Is $ 50.00 $ 50
SUbtotal $ 1,650
10 Bathrooms
Demo Exist Wall / Ceiling to Studs 250 sf $ 0.50 $ 125
Demo Exist Heat / Vent / Light 1 ea $ 10.00 $ 10
New GWBWalis 210 sf $ 1.00 $ 210
Replace Bathtubs & Surrounds 1 ea $ 800.00 $ 800
Replace Vanity Cabinets 1 ea $ 250.00 $ 250
Replace Heat / Vent / Light 1 ea $ 150.00 $ 150
New Light Over Vanity 1 ea $ 75.00 $ 75
Subtotal $ 3,060
11 Water Heaters
Replace Water Heaters (energy star) 1 ea $ 550.00 $ 550
Subtotal $ 600
12 Install Washer Box I Drain Pan 1 ea $ 150.00 $ 150 $ 150

April 2009

New Ductwork 1 Is $ 1,250.00 $ 1,250
New Furred Ceiling & GWB 110 sf $ 3.00 $ 330
New Concrete Pad for Outdoor Unit 10 sf $ 5.00 $ 50
Subtotal $ 8,450

Subtotal $ 750
15 Light Fixtures
Subtotal $ 1,060
16 Smoke Detectors
New Electrical Circuit & Breaker 1 ea $ 150.00 $ 150
Subtotal $ 305

Misc Demo for New Roof 1 Is $ 250.00 $ 250
New Roof System Over Entrance 100 sf $ 10.00 $ 1,000
Subtotal $ 1,500
18 Water Piping
Demo Exist Water Piping 130 If $ 2.00 $ 260
Replace Water Piping / Insulation 130 If $ 15.00 $ 1,950
Valves / Connections 1 Is $ 300.00 $ 300
Subtotal $ 2,510
Two Bedroom Unit Totals Demolition Renovation Total Cost
$ 5,057.50 $ 38,622.50 $ 43,680.00

Commonwealth Apartments Renovations Handicap Accessible Unit Cost Estimate
April 2009

Replace Exterior Doors / HDW 2 ea $ 400.00 $ 800
Replace Interior Doors / HDW 3 ea $ 300.00 $ 900
New Hollow Metal Door Frames 8 ea $ 175.00 $ 1,400
Misc Fram ing for Closet Doors 1 Is $ 50.00 $ 50
Subtotal $ 5,785
2 Replace Windows
Replace Bedroom Window Units 2 ea $ 1,000.00 $ 2,000
Replace Living/Dining Window Units 2 ea $ 1,250.00 $ 2,500
Subtotal $ 5,798

New 1x Furring 295 sf $ 1.00 $ 295
NewGWB 295 sf $ 1.00 $ 295
Subtotal $ 590
4 Painting
SUbtotal $ 1,939
5 Hardwood Flooring
Subtotal $ 2,228

Subtotal $ 1,060
7 Closet Shelving
Subtotal $ 270
April 2009
8 Kitchens
Demo Exist Range Hood I Ductwork 1 ea $ 75.00 $ 75
Replace Kitchen Cabinets/Countertop 14 If $ 210.00 $ 2,940
Replace Kitchen Wall Cabinets 13 If $ 125.00 $ 1,625
Reconfigure Refrigerator Space 1 Is $ 100.00 $ 100
Replace Range Hood I Ductwork 1 ea $ 300.00 $ 300
Subtotal $ 5,840
9 Appliances
Demo Exist Range I Refrigerator 1 Is $ 50.00 $ 50
SUbtotal $ 1,650
10 Bathrooms
Demo Exist Wall I Ceiling to Studs 340 sf $ 0.50 $ 170
Demo Exist Heat I Vent I Light 1 ea $ 10.00 $ 10
New GWB Walls 265 sf $ 1.00 $ 265
Replace Bathtubs & Surrounds 1 ea $ 1,000.00 $ 1,000
New Grab Bars at Tub 1 Is $ 300.00 $ 300
New Grab Bars at Water Closet 1 Is $ 200.00 $ 200
Replace H/C Vanity Cabinets 1 ea $ 250.00 $ 250
Replace Heat I Vent I Light ea $ 150.00 $ 150
New Light Over Vanity ea $ 75.00 $ 75
Subtotal $ 4,221
11 Water Heaters
Replace Water Heaters (energy star) 1 ea $ 550.00 $ 550
Subtotal $ 600
12 Install Washer Box I Drain Pan 1 ea $ 150.00 $ 150 $ 150

April 2009

New Ductwork 1 Is $ 1,250.00 $ 1,250
New Furred Ceiling & GWB 125 sl $ 3.00 $ 375
New Concrete Pad lor Outdoor Unit 10 sl $ 5.00 $ 50
Subtotal $ 8,495

Subtotal $ 750
15 Light Fixtures
Subtotal $ 1,060
16 Smoke Detectors
New Electrical Circuit & Breaker ea $ 150.00 $ 150
Subtotal $ 305

Misc Demo lor New Rool 1 Is $ 250.00 $ 250
New Rool System Over Entrance 100 sf $ 10.00 $ 1,000
Subtotal $ 1,500
18 Water Piping
Demo Exist Water Piping 130 II $ 2.00 $ 260
Replace Water Piping !Insulation 130 II $ 15.00 $ 1,950
Valves! Connections 1 Is $ 300.00 $ 300
Subtotal $ 2,510
April 2009
Ret. Building System Description Quan. Unit Unit Cost Demolition Renovation Totals
HIC Handicap Accessible Modifications

Demo Portion of Exterior Wall 120 sf $ 2.00 $ 240
Demo Portions of Interior Walls 200 sf $ 1.00 $ 200
New Interior Wall Construction 240 sf $ 7.00 $ 1,680
New Footing at Addition 24 If $ 30.00 $ 720

New Foundation Wall at Addition 120 sf $ 15.00 $ 1,800
New Exterior Wall at Addition 200 sf $ 17.00 $ 3,400
New Floor Framing at Addition 60 sf $ 5.00 $ 300
New Floor Sheathing at Addition 60 sf $ 2.00 $ 120
New Floor Underlayment at Addition 60 sf $ 1.25 $ 75
New Roof System at Addition 100 sf $ 10.00 $ 1,000
Subtotal $ 9,535
Handicap Accessible Unit Totals Demolition Renovation Total Cost
$ 5,595.00 $ 48,690.00 $ 54,285.00

Commonwealth Apartments Renovations Building Cost Estimates
April 2009
603 Building 603 - (2) 2BR

Two Bedroom Unit· Demolition 2 ea $ 5,057.50 $ 10,115
Two Bedroom Unit· Renovation 2 ea $ 38,622.50 $ 77,245
Demo Exist Crawlspace Vents 8 ea $ 5.00 $ 40

Replace Crawlspace Vents 8 ea $ 30.00 $ 240
Demo Exist Crawlspace Access 2 ea $ 10.00 $ 20
Replace Crawlspace Access 2 ea $ 100.00 $ 200
New R·30 Insulation in Attic 1620 sf $ 1.25 $ 2,025
New R-19 Insulation in Crawlspace 1620 sf $ 1.00 $ 1,620
New Vapor Barrier in Crawlspace 1620 sf $ 0.15 $ 243
Demo Exist Shingle Roof System 2300 sf $ 0.25 $ 575

Demo Selective Roof Sheathing 230 sf $ 0.75 $ 173
Replace Selective Roof Sheathing 230 sf $ 1.50 $ 345
Replace 30# Roof Felts 2150 sf $ 0.15 $ 323
Replace Ice & Water Shield 150 sf $ 0.85 $ 128
Replace Drip Edge 250 If $ 2.00 $ 500
Replace Roof Shingles 2300 sf $ 2.40 $ 5,520
Replace Ridge Vent 50 If $ 5.00 $ 250
Replace Exhaust Vents 6 ea $ 50.00 $ 300
Replace Vent Pipe Boots 2 ea $ 25.00 $ 50
Demo Gutter and Downspout 150 If $ 0.50 $ 75

Replace Gutter and Downspout 150 If $ 5.00 $ 750
Demo Exterior Soffits / Ceilings 500 sf $ 0.50 $ 250

Replace Soffits / Ceilings with Vinyl 500 sf $ 4.00 $ 2,000
Replace Damaged Portions of Trim 1 Is $ 50.00 $ 50
Clad Existing Wood Trim 250 If $ 2.50 $ 625
Demo Exist Wood Deck and Railing 120 sf $ 2.00 $ 240

Replace Wood Deck and Stair 120 sf $ 10.00 $ 1,200
Replace Wood Deck Railing 30 If $ 15.00 $ 450
Demo Exist Wood Siding 200 sf $ 0.50 $ 100
Replace Wood Siding with Vinyl 200 sf $ 3.50 $ 700
Building 603 Totals Demolition Renovation Total Cost
$ 11,587.50 $ 94,763.00 $106,350.50

April 2009
604 Building 604 - 2BR 12BRHC

Two Bedroom Unit - Demolition 1 ea $ 5,057.50 $ 5,058
Two Bedroom Unit - Renovation 1 ea $ 38,622.50 $ 38,623
Two Bedroom Unit HIC - Demolition 1 ea $ 5,595.00 $ 5,595
Two Bedroom Unit HIC - Renovation 1 ea $ 48,690.00 $ 48,690

New R-30 Insulation in Attic 1620 sl $ 1.25 $ 2,025
New R-19 Insulation in Crawlspace 1620 sl $ 1.00 $ 1,620
New Vapor Barrier in Crawlspace 1620 sl $ 0.15 $ 243
Demo Exist Shingle Rool System 2300 sl $ 0.25 $ 575

Demo Selective Rool Sheathing 230 sl $ 0.75 $ 173
Replace Selective Rool Sheathing 230 sl $ 1.50 $ 345
Replace 30# Rool Felts 2150 sf $ 0.15 $ 323
Replace Roof Shingles 2300 sl $ 2.25 $ 5,175
Replace Ridge Vent 50 II $ 5.00 $ 250

Demo Exterior Soffits I Ceilings 500 sl $ 0.50 $ 250

Replace Soffits I Ceilings with Vinyl 500 sl $ 4.00 $ 2,000
Clad Existing Wood Trim 250 II $ 2.50 $ 625

Replace Wood Deck and Stair 120 sl $ 10.00 $ 1,200
Demo Exist Wood Siding 200 sl $ 0.50 $ 100
Replace Wood Siding with Vinyl 200 sl $ 3.50 $ 700
$ 12,125.00 $ 104,360.50 $ 116,485.50

April 2009
607 Building 607 - (2) 2BR

Two Bedroom Unit - Demolition 2 ea $ 5,057.50 $ 10,115
Two Bedroom Unit - Renovation 2 ea $ 38,622.50 $ 77,245

New R-30 Insulation in Attic 1620 sf $ 1.25 $ 2,025




$ 11,587.50 $ 94,293.00 $ 105,880.50

April 2009
608 Building 608 - (4) 1 BR

One Bedroom Unit - Demolition 4 ea $ 5,333 $ 21,330
One Bedroom Unit - Renovation 4 ea $ 33,439 $ 133,755


Demo Selective Rool Sheathing 370 sl $ 0.75 $ 278
Replace 30# Rool Felts 3150 sl $ 0.15 $ 473
Replace Ice & Water Shield 550 sl $ 0.85 $ 468
Replace Drip Edge 270 II $ 1.50 $ 405
Replace Rool Shingles 3700 sl $ 2.25 $ 8,325
Demo Gutter and Downspout 250 II $ 0.50 $ 125

Replace Gutter and Downspout 250 II $ 5.00 $ 1,250
Demo Exterior Soffits / Ceilings 700 sl $ 0.50 $ 350

Replace Soffits / Ceilings with Vinyl 700 sl $ 4.00 $ 2,800
Replace Damaged Portions 01 Trim 1 Is $ 50.00 $ 50
Demo Exist Wood Deck and Railing 120 sl $ 2.00 $ 240

Replace Wood Deck Railing 30 II $ 15.00 $ 450
Demo Exist Wood Siding 200 sl $ 0.50 $ 100
Replace Wood Siding with Vinyl 200 sl $ 3.50 $ 700
Demo Exist Wood Screens 6 II $ 10.00 $ 60

Replace Wood Screens 6 II $ 50.00 $ 300
$ 23,527.50 $ 159,890.00 $ 183,417.50

April 2009

Two Bedroom Unit - Demolition 1 ea $ 5,058 $ 5,058
Two Bedroom Unit - Renovation 1 ea $ 38,623 $ 38,623
Two Bedroom Unit HIC - Demolition 1 ea $ 5,595 $ 5,595
Two Bedroom Unit HIC - Renovation ea $ 48,690 $ 48,690





Repair Brick Crack 1 Is $ 1,000.00 $ 1,000

Remove Tree 1 Is $ 100.00 $ 100
$ 12,225.00 $ 105,360.50 $ 117,585.50

April 2009
615 Building 615 - (6) 1BR

One Bedroom Unit - Demolition 6 ea $ 5,333 $ 31,995
One Bedroom Unit - Renovation 6 ea $ 33,439 $ 200,633

Demo Exist Shingle Roof System 5500 sf $ 0.25 $ 1,375


Replace Gutter and Downspout 350 If $ 5.00 $ 1,750
Demo Exterior Soffits I Ceilings 850 sf $ 0.50 $ 425

Replace Soffits I Ceilings with Vinyl 850 sf $ 4.00 $ 3,400
Demo Exist Wood Privacy Screen 50 If $ 10.00 $ 500

Replace Wood Privacy Screen 50 If $ 50.00 $ 2,500
Demo Railing at Concrete Stair 80 If $ 5.00 $ 400

Replace Railing at Concrete Stair 89 If $ 22.50 $ 2,003
Demo Porch & Stairs at A & BIC 425 sf $ 5.00 $ 2,125

Replace Porch & Stairs at A & BIC 425 sf $ 15.00 $ 6,375
$ 37,647.50 $ 245,370.00 $ 283,017.50

April 2009
621 Building 621 - (2) 2BR



Demo Selective Roof Sheathing 2300 sf $ 0.75 $ 1,725
Replace Selective Roof Sheathing 230. sf $ 1.50 $ 345



Replace Wood Deck and Stair 120 sf $ 10.00 $ 1,200.
$ 13,040.00 $ 94,393.00 $ 107,433.00

April 2009
622 Building 622 - (2) 2BR



Demo Selective Rool Sheathing 230 sf $ 0.75 $ 173
Replace 30# Rool Felts 2150 sl $ 0.15 $ 323
Replace Ice & Water Shield 150 sl $ 0.85 $ 128
Replace Drip Edge 250 II $ 1.50 $ 375
Replace Rool Shingles 2300 sl $ 2.25 $ 5,175
Demo Gutter and Downspout 150 II $ 0.50 $ 75

Replace Gutter and Downspout 150 II $ 5.00 $ 750

Demo Exist Wood Deck and Railing 120 sl $ 2.00 $ 240

$ 11,487.50 $ 94,393.00 $105,880.50

April 2009
625 Building 625 - (2) 2BR




Demo Exterior Soffits f Ceilings 500 sf $ 0.50 $ 250

Replace Soffits f Ceilings with Vinyl 500 sf $ 4.00 $ 2,000

$ 11,487.50 $ 94,393.00 $ 105,880.50

April 2009

Two Bedroom Unit HIC - Demolition 1 ea $ 5,595 $ 5,595
Two Bedroom Unit HIC - Renovation ea $ 48,690 $ 48,690





. Replace Wood Deck and Stair 120 sf $ 10.00 $ 1,200
$ 12,125.00 $ 104,360.50 $ 116,485.50

Commonwealth Apartments Renovations Sitework Cost Estimate
April 2009
1 Repave Existing Drives and Road 2,622 sy $ 6.00 $ 15,732 $ 15,732

(Wearing Course Only)
2 Pave Existing Gravel Parking 311 sy $ 24.00 $ 7,464 $ 7,464
3 Replace Concrete Walks

Demo Exist Walks 169 sy $ 11.00 $ 1,859
Fill / Seed Demolished Walk Areas 147 sy $ 8.00 $ 1,176
New Concrete Walks 2625 sf $ 4.75 $ 12,469
Subtotal $ 15,504
4 Regrade Ditch Line for Drainage

Grading 300 sy $ 4.25 $ 1,275
Mobi[ization 1 [s $ 250.00 $ 250
Subtotal $ 1,525
5 Replace Culverts at Driveways

Demo Exist Culverts 90 [f $ 7.00 $ 630
[nstall New Culverts 90 [f $ 9.72 $ 875
Subtotal $ 1,505
Sitework Totals Demolition Renovation Total Cost
$ 2,489.00 $ 39,240.55 $ 41,729.55

Commonwealth Apartments Renovations Master Summary Sheet
April 2009
Ref. Building System Description Demolition Renovation Totals
603 Building 603 - (2) 2BR $ 11,587.50 $ 94,763.00 $ 106,350.50
604 Building 604 - 2BR 12BRHC $ 12,125.00 $ 104,360.50 $ 116,485.50
607 Building 607 - (2) 2BR $ 11,587.50 $ 94,293.00 $ 105,880.50
608 Building 608 - (4) 1 BR $ 23,527.50 $ 159,890.00 $ 183,417.50
612 Building 612 - 2BR 12BRHC $ 12,225.00 $ 105,360.50 $ 117,585.50
615 Building 615 - (6) 1BR $ 37,647.50 $ 245,370.00 $ 283,017.50
621 Building 621 - (2) 2BR $ 13,040.00 $ 94,393.00 $ 107,433.00
622 Building 622 - (2) 2BR $ 11,487.50 $ 94,393.00 $ 105,880.50
625 Building 625 - (2) 2BR $ 11,487.50 $ 94,393.00 $ 105,880.50
626 Building 626 - 2BR 12BRHC $ 12,125.00 $ 104,360.50 $ 116,485.50
Sitework $ 2,489 $ 39,241 $ 41,729.55
Master Summary Sheet Totals Demolition Renovation Total Cost

$ 159,329.00 $ 1,230,817.05 $ 1,390,146.05
Contingency (10 % ) $ 139,014.61
$ 1,529,160.66
TABT
(Documentation of Financing Sources)
TAB V
(Nonprofit or LHA Purchase Option or Right of First Refusal)
Prepared by and to be returned to: Tax Map Parcel: _ _ _ __
Kanady & Quinn, P.C.
7130 Glen Forest Drive, Suite 120
PURCHASE OPTION AND RIGHT OF FmST REFUSAL AGREEMENT
This Purchase Option and Right of First Refusal Agreement (this "Agreement") is made
as of the 5th day of May 2009, by and between COMMONWEALTH
APARTMENTS. LLC, a Virginia limited liability company (the "Company" and to be indexed
as "Grantor',), WISE COUNTY REDEVELOPMENT AND HOUSING AUTHORITY, a
political subdivision of the Commonwealth of Virginia, whose primary purpose is the providing
of affordable housing to residents of Wise County, Virginia ("Grantee") and Commonwealth
Apartments Development Corporation, a Virginia corporation (the "Managing Member").
WHEREAS, the Company is wholly owned and controlled by Grantee through its
ownership of all of the issued and outstanding stock of Commonwealth Apartments
Development Corporation, the sole Member and Manager of the Company; and
WHEREAS, Grantee will be instrwnental in the negotiation of a purchase contract for

certain property in the Town of Wise, Wise County, Virginia as more particularly described in
Exhibit A attached hereto (the "Project Property"), which the Company will rehabilitate and operate
an affordable housing project (the "Project") and will act as guarantor of the obligations of the
Managing Member in the fonnation or continuation of the Company for the further development of
the Project; 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
affordable housing and may become subject to a low-income use restriction (the "Special
Covenant") pursuant to the terms and conditions of this Agreement (such use restrictions under
the Regulatory Agreement and any Special Covenant being referred to collectively herein as the
"Use Restrictions"); and
WHEREAS, Grantee desires to provide for the continuation of the Project Property as
low-income housing upon termination of the Company's ownership of the Project 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, Grantee has negotiated and required that the Company shall execute and .
deliver this Purchase Agreement in order to provide for such affordable housing.
NOW, THEREFORE, in consideration of the execution and delivery of the Agreement

and the payment by the Grantee to the Company of Ten and 00/100 Dollars ($10.00) and other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereby set forth the following:
1
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)(I) of the Internal Revenue Code of 1986, as amended (the "Code"), on the
tenns and conditions set forth in this Purchase Agreement and subj ect 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 is described in
Exhibit B attached hereto and made a part 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 first refusal to purchase the Property (the "Refusal Right") after the close of the
Compliance Period, on the tenns 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 9 hereof,
whichever first occurs, a qualified nonprofit organization, as defined in Section 42(h) (5) (C) of
the Code, and (b) any assignment of the Refusal Right pennitted 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 sale has been closed, a Permitted Assignee described in Section 9 hereof meeting
the requirements of Section 42(i)(7)(A) of the Code. Prior to accepting any such bona fide offer
to purchase the Property, the Company shall notify Grantee and the General Member of such
offer and deliver to each of them a copy thereof. The. Company shall not accept any such offer
unless and until the Refusal Right has 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
hereinbelow:
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 inunediately following the sale pursuant to the Option, and (ii) 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 Option; 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
. a. , I . ..
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,
concluding that property of the nature and use of the Property may be sold under circumstances
described in this Agreement at the greater of the price detennined under Section 42(i) (7) of the
Code or the price detennined under Subsection 3a hereinabove without limiting tax credits or
deductions that would otherwise be available, then the Option price shall be the price determined
under Section 3 a.
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 tennination 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 of the Company (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 Refusal 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:
(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
(li) 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.
If any or all of such conditions precedent have not been met, the Option and the Refusal Right
shall not be exercisable.
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
hereof, 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
h' J••
(180) days immediately following the end of the Compliance Period. If the foregoing
requirements are not met as and when provided herein, the Option or the Refusal Right, or both,
as applicable, shall expire and be of no further 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.
8. Contract and Closing. 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.
9. Assignment. 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, 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 the General Member. 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. Except as specifically permitted herein, Grantee's
rights hereunder shall not be assignable.
10. Miscellaneous. This Agreement shall be governed by the laws of the

Commonwealth of Virgiuia. This Agreement may be executed in counterparts or counterpart
signature pages, which together shall constitute a single agreement.
."' .. "
In Wi1ness Whereof, the parties have executed this docwnent as of the date first set forth
hereinabove.
COMPANY:

A Virginia limited liability company
By Commonwealth Apartments Development Corporation,
Its Member-Manager
BY~(~ha./
Its:l>RES:U)iNT'
COMMONWEALTH OF VIRGINIA)
CITY/COUNTY OF Wise )
I, G?~ ~ ,a Notary Public in and for said City/County in the

CommonW;attIlIesaid, do hereby certify that M, ~ ,(7010',+& of
Commonwealth Apartments Development Corporation, a Virginia corporation, 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 he signed and
delivered such instrument as his/her own free and voluntary act, and as the free and voluntary act
of the Company known as Commonwealth Apartments, LLC on behalf of which said Company
WCRHA has executed the foregoing instrument as Manager, all for the uses and
purposes set forth therein.
Given under my hand and notarial seal on 'n'/t1tt S- ,2009
NotaryPu he
My Notarial Certification Number is: 17.5"$«3.

My Commission Expires: 11·:3 (). I;"'· [SEAL]
,....
GRANTEE:
WISE COUNTY REDEVELOPMENT AND

HOUSING AUTHORITY, a political
SUbd;V~i=nunonwea1th of Virginia
By;-J;
Its: -E'-f----'.:·1~·v"'e"""'Jr<-e-="'-to-r------
COMMONWEALTH OF VIRGINIA)
)
CITY/COUNTY OF Wise )
I, G?~ ~ , a Notary Public in and for said City/County in the

Conunonwealth afor said, do hereby certify that ~~ , &'ftC<r1lA.r. 4irr7m. of Wise
County Redevelopment and Housing Authority, a politi su6division of the Conunonwealth of
Virginia, 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 he/she signed and delivered such instrument as his/her own free and voluntary act, and as the
free and voluntary act of the corporation.
Given under my hand and notarial seal on 'Yn9'1 6"" ,2009.
My Notarial Certification Number is: 1 756".a 3

My Conunission Expires: 11_ 3 D - 12.. [SEAL]
6
EXIDBITA
PROPERTY DE8CRIPTION
Being a 8.024 acres parcel ofland situated in the east end of the Town of Wise, Wise County,
Virginia and being the same property conveyed to Gladeville Housing Authority, LTD. and
recorded in Deed Book 422, Page 730 and being further described as follows, to wit:
Beginning at a drill hole in sidewalk in the northern R-O-W line of 8tate Route #640
(Hurricane Road) a common corner to Ryan D. Adkins (Inst #990004825) thence with said
Adkins two (2) calls N37°31 '28"W208.72' to a point at fence post, thence S61°56'00"W211.59'
to an iron pin in line of now or formerly William E. Baugh, Jr. Thence with said Baugh and an
agreed boundary lines recorded in Deed Book 353, Page 99, three (3) calls N37°18'42"WI26.35'
to a 2" pipe in concrete, thence N44°35'03"EI7.20' to an iron pin, thence N34°04'46"WI55.25'
to an iron pin in the eastern R-O-W line of State Route #680 (Old Hurricane Road) thence with
said Eastern R-O-W lines two (2) calls N21°43'57"E130.20' thence NI6°30'09"E131.02' to an
iron pin, a common corner to Charlie Dean (DB 620, Page 521) thence with said Dean four (4)
calls 867°00'05'EI51.62' to an iron pin, thence N25°58'41 "E66.00' to a metal rod, thence
N17°00'54"W94.67 to a 16" black oak, thence N05°57'0T'W235.14 to an iron pin in line of
now or formerly William Cox (DB 564, Page 183) thence in part with said Cox, a 0.133 acre
parcel and Janice Addington (DB 695, Page 80) 873°19'45"E484.09' (at 78.44' pass thru an iron
pin) to a set stone, a common corner to Wendell E. Barnette (lnst. #200300617) thence in part
with said Barnette and with Cecil Cantrell, 816°01 '48"W354.13' to an iron pin at fence
intersection, thence continuing with said Cantrell two (2) calls 80 0 03'06"E201.17' to an iron pin,
thence 811 °35'29"EI58.41' to an iron pin in the Northern R-O-W Line of aforesaid 8tate Route
#640, thence with said R-O-W 872°20'41"WI41.08' to the beginning containing 8.024 acres
more or less.
•• ,1 ••
~ '.', • ~"." i .".
EXIllBITB
DESCRIPTION OF
REGULATORY AGREEMENT
Title: Extended Use Regulatory Agreement and Declaration of Restrictive Covenants
Parties: Commonwealth Apartments, LLC

Date:
Recording Information:
•• fi ,..
TABW
(Original Attorney's Opinion)
KANADY & QUINN. P. C.
ATTORNEYS AND COUNSELORS AT LAw
7130 GLEN FOREST DRIVE, SUITE 1 20

RICHMOND, VIRGINIA 23226
TELEPHONE: (804) 282-8494

FACSIMILe:: (804) 282-8496
E-MAIL: ADMIN@KANADYQUINN.COM
May 13,2009

RE: 2009 Tax Credit Reservation Request

Name of Owner: Commonwealth Apartments, LLC
Gentlemen:
This firm represents the above-referenced Owner as its counsel. It has received a copy of
and has reviewed the completed application package dated as of April 29, 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 Internal 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.
3. The appropriate type(s) of allocation(s) have been requested in Subpart I-D of the
Application form.
May 13,2009
Page 2
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 IT-A of the Application, for a period of not less than four (4) months
beyond the application deadline.
6. It is more likely than 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.
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(h)(1)(E), 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 (nVHDAn) 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.
This oplmon was not prepared in accordance with the requirements of Treasury
Department Circular No. 230. Accordingly, it may not 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.
Kanady & Quinn, P.C.

Commonwealth Apartments / 0
Locality Notification Information Form

4iHDA.
PART I - INSTRUCTIONS:
Section 42 (m)(1 )(A)(ii) of the Internal Revenue Code requires allocating agencies to notify "the Chief
Executive Officer (CEO) or equivalent of the local jurisdiction within which the building is located and
provide such individual a reasonable opportunity to comment on the development." VHDA uses
information you provide in this form to comply with this requirement. If your development overlaps two or
more jurisdictions, you are required to submit this form for each.
New in 2009!
In addition to contacting the Locality CEO, VHDA will also be contacting the Mayor or Chairman of the
Board of Supervisors. It is probable that each position will have a separate mailing address.
Although VHDA prepares the documents sent to each locality, we rely on you, the developer/Applicant, to
provide us with key information, including the name of the locality having jurisdiction over the
development names, addresses and salutations, as well as a summary of basic development information.
If you already have a local support letter, you can include it with the application at TAB I. However, you
must still complete this form and submit it to VHDA or the application for this development will be penalized
50 po'ints!
For information about additional points associated with receiving a Support Letter from the local
jurisdiction, please refer to the Application Manual.
Developers seeking tax-exempt bond 4% credits or Non-Competitive 9% credits, should submit this form at
least 30 days prior to submission of the tax credit application.
50-Point Penalty:
Failure to complete and submit this form prior to 5:00 p.m. EST time on March 25, 2009 will result in a 50-point
penalty (-50 points) for any application submitted in connection with the 2009 competitive tax credits.
Delivery of Electronic Copy of this form to VHDA:

via e-mail to TaxCreditApps@VHDA.com. E-mail only one form at a time!
If you use this e-mail option, you will receive an auto reply message confirming "message received." The
system DOES NOT confirm that an attachment has been received.
via regular mail (on CD) to:
VHDA
Tax Credit Allocation Department
c/o Debbie Griner
60 I S. Belvidere Street
Richmond, VA 23220-6500
VHDA Confact Informafion:

Call Debbie Griner at 804-343-5518 if you have questions about completing this form.

PART" • CEO & JURISDICTION INFORMATION

Please read INSTRUCTIONS above carefully before completing the following sections.
A. Chief Executive Officer (CEO) Information
Name 01 CEO:
Beverly c. Owens
First Name Middle Initial last Name
This is the full nome of the City Manager, Town Manager, County Administrator; Chief
Administrative Officer, Executive Officer, etc.
Job Tille: Town Manager

e.g. "City Manager", 'Town Manager", "County Adminisirato(, "Executive Officer", "Chief
Administrative Officer", etc.
Local Jurisdiction: Town of Wise
e.g. "City of... .., 'Town of.. ... or "[ 1 County"
Mailing Address/P.O. Box: 501 W. Main Street. PO Box 1100
This is the mailing address of the CEO and may not alWays be the some as the physical
address of the courthouse, town hall, municipal building, city hall, etc. Please double
check the address before entering.
Suite/Room # (if applicable):
City: Wise
state: Virginia
Zip: 24293
This zip code must correspond to the P.O. Box or street address that you are using. Nole:
lip codes for P.O. boxes ore usually different from the zip codes for the street addresses.
Salutation: Mr. Owens
e.g. "The Honorable", "Mr.", "Mrs.", "Ms.". "Rev.", etc.
B. Mayor or Chairman of the Board of Supervisors Information
Name:
Caynor A. Smith, Jr.
First Name Middle Inilial lasl Name
Job Title: Mayor

"Mayor" or "Chairman of the Boord of Supervisors"
Local Jurisdiction: Town of Wise
Mailing Address/P.O. Box: 501 Main Street PO Box 1100
This is the street address for the Admnistrator. May be different from CEO address. Please
double check the address before entering.
Suite/Room # (it applicable):
City: Wise
State: VA
Zip: 24293
Be sure the zip code you pick up corresponds to the P.O. Box or street address that you
ore using. Nole: lip codes for P.O. boxes are usually different from the zjp codes for the
street addresses.
Salutation: The Honorable Mr. Smith
e.g. ''The Honorable", "Mr.", "Mrs.", "Ms.", "Rev.", etc.

C. Jurisdiction Detail
Circuit Court Clerk's office in which the deed to the property is or will be recorded: Wise
City/County of
Does the site overlap one or more jurisdictional boundaries? Yes If yes, add the names of
the other jurisdiction{s) here: °
City/County of City/County of
Development is located in a Metropolitan Statistical Area (MSA)? Yes
Development's Census Tract: "9,,9"'0"-9-::-_ _:---,,-,-----,-_ __
Census Tract Number
Is this a Qualified Census Tract? Yes '0
Is the development located in a Difficult Development Area? Yes '0
Is the development located in a revital'lzation area? Yes '0
Congressional District 9 http://dlsgis.state. va .us/ congress/200 1PDFs/chap 7Tab .pdf
Planning District http://www.vapdc.org/aboutpdcs.htm#PDC%20Map
State Senate District 40 http://dlsgis.state.va.us/senate/200 1PDFs/Chap2Tab.pdf
State House District http;!/dlsgis.state.va.us/House/2001 HousePDFs/Chap 1Tab.pdf
Local Planning/Zoning Contact Info:
Best Person to Contact: Laura Mullins

This is the person with whom you've previously spoken about the development and whom
can answer anticipated questions from the CEO.
Job Title: Director; Department of Planning and Zoning
e.g., "Director of Planning", "Planning Administrator", "Zoning Administrator", ele.
Contact Phone: 276-328-6013
PART III· DEVELOPMENT INFORMATION
Proposed Development Name: -:C:'o""m"m""o"nw""'e"a"lt"-h"A""'p"o"rt"m"e"'n.ct2.s_-:----,-_ _-:-___________

This is the marketing nome of your development
Proposed Development Address: 603,604,607,612,621,622,625,626 A-B, 608 A-D, and 615 A-F Commonwealth Ave, VII
Street Address City State Zip
VHDA Tax Credit Pool: ~P~H"A,-_ _ _ _ _ _ _ _ _ __
In the space below, qive a brief description of the proposed development.

###################################################################################
Development Type: (Family or Elderly) Family

Describe Architectural Style: so
Describe Exterior Finish: bri
Describe Community Facilities:
1. Units:
Number of low-income units 26 # bedrooms 42
% Low-Income Units
Number of new units # bedrooms
Number of adaptive reuse units # bedrooms
Number of rehabilitation units 26 # bedrooms 42
Total number of all units 26 Total # bedrooms 42
2. Floor Area:
Gross Residential Floor Area 20422
Commercial Floor Area
Low-Income Floor Area 20422
% Low-Income Unit Floor Area 100%
3. Number/Age at Buildings
Number of Buildings 10
Age of Building(s) 25 Number of stories:
4. Structural Features (check all that apply):
Row House/Townhouse Garden Apartments Slab on Grade
Detached Single~family Detached Two-family Basement
Elevator Crawl Space
5. Building Systems:
Describe Heating/AC System: -'h::.i_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __

PART IV - OWNER & SELLER INFORMATION
A. Owner Information
Owner Name: Commonwealth Apartments, LLC Phone: 276 395-6104
Best Person to Contact: Monty Salyer
Street Address:
City, State & lip: Coeburn Virginia
City State Zip
Type of entity: Limited Partnership Other:

Individual(s) Corporation
List of Principals. Use the following as a guide fo listing principals.

1. If Partnership (owner or otherwise) - all GPs, regardless of % interest in GP
2. If an LlC - all members regardless of % interest
3. If a Corporation (public or private), Organization or Governmental Entity - officers who are directly responsible to the Board of
Directors (or equivalent) and any stockholder having a 25% or more interest
4. If a Trust - all persons having a 25% or more beneficial ownership interest in the assets of the trust
5. If an Individual (owner or otherwise) - anyone having a 25% or more ownership interest of the named individual
6. If Any Person that Directly or [ndirectly Controls or Has the Power to Control a Principal
Names Phone Type of Ownership % Ownership

Commonwealth Apartments Development Corp< 276 395 6104 Managing Member 100
B. Seller Information:
Seller Name: Wise County Redevelopment and Housing Authority

Seller Phone: (276) 395 6104
Street Address:
City, State & lip: Coeburn, Virginia
City State Zip
Is there an identity of interest between the seller and owner/applicant? Yes 10 If yes, complete
the following:
Nature of Identity of Interest (1): Managing Member controlling shareholder
e.g. general partner; managing member; controlling shareholder; etc.
Name Commonwealth Apartments Development Corporation

Street Address
City, State & lip: Coeburn Virginia
City State Zip
Nature of Identity of Interest (2):

e.g. general partner, managing member. controlling shareholder, etc.
Name
Street Address
City, State & lip:
City state Zip

TABY
(Marketing Plan for units meeting accessibility
requirements of HUn section 504)
A. Project Name, Address (City, State, & Zip Code) and Telephone
Number (including area code)

clo WCRHA From $ 190 to $220 ( to change after rehab)
P.O. Box 630 F. Type of Multifamily Housing:
Coeburn, VA 24230
G. Approximate Starting Dates (mm/dd/yyW)
Advertising
(276)395-6104
B. Development Name, Location/Address (include: City, State, and Zip H. Name of Managing Agent, Address (include: City, State, and Zip
Code) and Telephone Number Code) and Telephone Number (including area code)
Commonwealth Apartments Wise County Redevelopment & Housing Authority

Commonwealth Street P.O.60x630
Wise, VA 24293 Coeburn, VA 24283
(276) 395-6104 (276) 395- 6104
c. Housing Market Area Boundaries & Census Tract

ED 27,28, & .29
2, TYPE OF AFFIRMATIVE MARKETING PLAN - Check Appropriate Box
xNew Updated
Minority White (non-minority) Area *' Mixed Area (with _ _% minority residents)
3, DIRECTION OF MARKETING ACTIVITY
Indicate below which group(s) in the housing market area is/are least likely to apply for the housing because of its location and other factors without
special outreach efforts taking place.
White (non-Hispanic) 'X Black (non-Hispanic) X American Indian or Alaskan Native X Hispanic X Families with Children
X Asian/Native Hawaiian/Pacific Islander Other (Please specify) X Persons with Disabilities (MSHDA requires all
developments to affirmatively market to people with disabilities)
4, MARKETING PROGRAM
A. Commercial Media
Check the media to be used to advertise the availability of this housing:
X Newspaper(s)/Publications Radio TV Billboard(s) Website Other

(specify)
Name of Newspaper, Radio or TV Station RaciaVEthnlc Identification of Readers/Audience SizelDuration of Advertising
Ongoing
Coalfield Progress All 4" X 5" (annuallY)
B. Brochures, Signs and HUO's Fair Housing Poster
(1 ) Will brochures, leaflets, or handouts be used to advertise? _ _ _Yes _X~ No. If yes, attach a copy and explain how this printed
material will be distributed: At Town and County government meetings, churches, businesses, community organizations, community
meetings
(2) For project site sign: indicate sign size x ; Logotype size x . Attach a photograph of project sign.
(3) Fair Housing Poster must be conspicuously displayed whenever rentals and showings take place. Fair Housing Posters will/are displayed
in the:
Rental/Leasing Olfices(s) On-Site Management Office(s) Model Unit(s)
Previous Editions are obsolete Page 1 of 3 Ref. HUD Handbook 8025.1 Rev. 05108
* Other specify ( Central Office of WCRHA)
C. Community Contacts
To further inform the group(s) least likely to apply about the availability of the housing, the applicant agrees to establish and maintain contact with
the groups & organizations listed below that are located in the housing market area. If more space is needed, attach an additional sheet. Notify
MSHDA of any changes in this list. Attach a copy of correspondence to be mailed to these groups/organizations. (Provide all requested
information.)
Name of Group/Organization Group Approximate Date of Contact Person Contacted or to be Contacted
Identification or Proposed Contact
(minlddlyyyy)
1. Junction Center for Independent LivinQ Persons wi Dis. Cindy Mefford

2. Mountain Empire Older Citizens Eld & P wi Dis Marilyn Maxwell
Address & Telephone Method of Contacts Indicate the specific function Group/Organization
will undertake in implementing the Marketing
Program
1. P.O. Box 1210 Norton, VA 24273 Phone, mail and email Directly with consumers
2.P.O. Box 888 BigStone Gap, VA 24219 Phone, mail and email Directly with consumers
5, Future Marketing Activities

Check the block(s) that best describe future marketing activities to fill vacancies as they occur after the development is initially occupied.
X Newspapers/Publications Radio TV Brochures/Leaflets/Handouts X Site Signs X Community Contacts
Others (specify) Access Virginia website
6. Experience and Staff Instructions (See Instructions)
Staff has experience X Yes No
On separate sheets, indicate training to be provided to staff on Federal, State and local fair housing laws and regulations, as well as this AFHM
Plan. Attach a copy of the instructions to staff regarding fair housing. * staff has Certifications in Fair Housing Training
Previous Editions are obsolete Page 2 of 3 Ref. HUD Handbook 8025.1 Rev. 05108
INSTRUCTIONS
Introduction: The goal of H.O.M.E., Inc's Affirmative Fair Housing Marketing (AFHM) requirements is to afford
persons of all racial and/or ethnic backgrounds an opportunity for occupancy in a H.O.M.E., Inc. owned
development in'a percentage which is somewhat reflective of their percentage in the housing development's market
area. AFHM requirements are also intended to attract persons with disabilities, and all AFHM plans must market to
persons with disabilities. The Affirmative Marketing program should ensure that any group(s) of persons ordinarily
not likely to apply for this housing without special outreach (see part 3), know about the housing, feel welcol1)e to
apply and have the opportunity to rent.
Part 1- Applicant and Development Identification: Most of these Blocks are self-explanatory. Block 2-C - the
applicant should indicate the housing market area in which the housing will be (is) located. Block 2-C - the
applicant may obtain census tract location information from local planning agencies, public libraries and other
sources of census data. Block 2-D - please include your HAP Contract Number, if applicable. Block 2-G - the
applicant should specify the approximate date for starting marketing activities to the groups targeted for special
outreach and the anticipated date of initial occupancy (if unoccupied).
Part 2 - Type of Affirmative Marketing Plan: Indicate the status of the AFHM Plan, e.g. new or updated. The
Plan should indicate the racial composition of the housing market area in which the housing will be (is) located by
checking one of the three choices.
Part 3 - Direction of .Marketing Activity: Indicate which group(s) the applicant believes are least likely to apply
for this housing without special outreach. Consider factors such as price, sponsorship of housing, racial/ethnic
characteristics of housing market in which housing will be (is) located, disability or familial status of eligible
population, public transportation routes, etc.
Part 4 -Marketing Program: The applicant shall describe the marketing program to be used to attract those
groups designated in Part 3 of this AFHM plan as least likely to apply. The applicant shall state: the type of media
to be used, the names of newspapers/call letters of radio or TV stations; the identity of the circulation or audience of
the media identified in the AFHM plan (e.g. White, Black or African American, American Indian or Alaskan Native,
Asian, Native Hawaiian or Other Pacific Islander, Hispanic or Latino, persons with disabilities, and families with
children) and the size or duration of the newspaper advertising or length and frequency of broadcast advertising.
Community contacts include individuals or organizations that are known in the housing market area of the locality
that can influence persons within groups considered least likely to apply. Such contacts may include, but are not
limited to: neighborhood minority organizations, grass root faith-based or other community based organizations,
disability advocates, public and private agencies.
Part S -Future Marketing Activities: Self-Explanatory.
Part 6 -Experience and Staff Instructions: The applicant should indicate whether their rental staff has had
previous experience in marketing housing to group(s) identified as least likely to apply for the housing. Describe
the instructions and training provided or to be provided to rental staff. This guidance to staff must include
information regarding Federal, State and local fair housing laws and this AFHM Plan.
Equal
Housing
Lender
Previous Editions are obsolete Page 3 of 3 Ref. HUD Handbook 8025.1 Rev. 05/08

Commonwealth Apartments - 2009 VA

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Commonwealth Apartments - 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

o Electronic Copy ofthe Microsoft Excel Based Application (MANDATORY)

2009 Submission Checklist

A. Development Name and Location:

State Senate District 40 http://dlsgis.state.va.usJsenateJ2001PDFslChap2Tatl.pdf

14, [0 Location Map Attached (TAB A)

2. Credits requested from:

o Tax Exempt Bonds

D. Type(s) of Allocation/Allocation Year

E. Acquisition Credit Information

Ten-Year Rule For Acquisition Credits

F. Rehabilitation Credit Information

Minimum Expenditure Requirements

II. OWNERSHIP INFORMATION

Must be an individual or legally fo.rmed entity

Federal I. D. No. 26-4272928 (If not available. obtain prior to Allocation)

Is there an identity of interest between tbe seller and owner/applicant? o Yes 0 No

Principal(s) involved (e.g. general partners. controlling shareholders, etc.)

C. Development Team Information:

l. Tax Attorney: Tom Thome-Thomsen Related Entity? DYes [7] No

2. Tax Accountant: Mike Vicars Related Entity? DYes [7] No

3. Consultant: Related Entity? DYes 0 No

4. Management Entity (Contact): -'W-'-c=RH=A.:....._ _ _ _ _ _ _ _ _ _ __ Related Entity? [7] Yes 0 No

5. Contractor (Contact): ..:T~B::.:D~_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ Related Entity? DYes [7] No

6. Architect: Jody Gibson Related Entity? DYes [7] No

7. Real Estate Attorney: ~J~o;:.hn:::;;.:so::;n;,:K:;::an:::a=d:,:y-------------- Related Entity? DYes [7] No

8. Mortgage Banker: Related Entity? DYes 0 No

9. Other (Contact): Related Entity? DYes 0 No

I. Nonprofit Involvement (All Applicants)

(Contact Person) (Street Address)

(City) (State) (Zip code)

5. Percentage of Nonprofit Ownership (All nonprofit applicants)

III. DEVELOPMENT INFORMATION

A. Structure and Units:

1.. The development's structural teatures are (check aU that apply):

o Row HouselTownhouse o Uetached Smgle-tamIly

5. unheated r loor Area (Breezeways, Balconies, Storage) U.UU (Sq. ft.)

6. Nonresidential Commercial Floor Area 0.00 (Sq. ft.)

(Not eligible for funding)

8. Number of Buildings (containing rental units) 10

9. Commercial Area Intended Use:

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

Exterior Finish: Brick

3. Check the following items which apply to the proposed project:

For any project, upon completion of construction/rehabilitation: (Optional Point items)

o a. All cooking ranges will have front controls

Db. All units will have an emergency call system

Dc. All bathrooms will have an independent or supplemental heat source

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

Check one or none of the tollowing point categories, as appropriate:

Earthcraft or LEED Development Certification

LEED Accredited Design Team Member

Universal Design - Units Meeting Universal Uesign Standards

VHDA Certified Property Management Agent

IV. TENANT INFORMATION

A. Set-Aside Election: UNITS SELECTED BELOW IN BOTH COLUMNS DETERMINE

Units Provided Per Household Type'

B. Special Housing Needs/Leasing Preference:

5. If leasing preference will be given to individuals and families with children.