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TAB A(Documentation of Development Location)
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TAB A.1(Qualified Census Tract Certification)
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APPLICABLE
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TAB A.2(Revitalization Area Certification)
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APPLICABLE
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TAB A.2(Surveyors Certification of Proximity To PublicTransportation)
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APPLICABLE
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TAB A.2(Location Map)
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TAB B(Partnership or Operating Agreement)
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Cosby Village
Manor LP, a
Virginia limited
partnership
General Partner:
LDG Cosby Village Manor
LLC (0.01%)(wholly owned by LDG
Development, LLC, which is
50% owned by each of Mark
Lechner and Chris Dischinger)
Initial Limited Partner:
Chris Dischinger
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TAB C(VA SCC Certification)
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TAB D(Principals Previous Participation Certification)
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CHRISTOPHER L. DISCHINGER, SEC
1473 S 4th
Street
Louisville, Ky 40208
502-639-8030
PROFESSIONAL:
Chris began his real estate career in 1988 while still incollege. He went to work as a residential sales agent
and began acquiring rental properties for his own account. In1990 Chris became the principle broker and
co-owner of Equity Solutions Realtors concentrating oncommercial and project based marketing. In 1993
Chris sold his interest in Equity Solutions and formedHelm/Dischinger Property Management and placed
his real estate license with Re/Max Commercial Brokers. Chriseventually sold his interest in
Helm/Dischinger and became an independent real estatebroker.
Chris purchased his first investment real estate in 1988 and hasbeen involved in many different aspects of
the development/and investment business including owningcommercial properties in 13 states.
In 1994 Chris co-founded LDG Development with partner MarkLechner. They have built, developed or
rehabbed in excess of 1600 housing units since that time andcurrently plan to build an additional 2000
units in 2007/2008.
PROFESSIONAL ORGANIZATIONS
Society of Exchange Counselors Board of Governors 2005 -2007
- Membership Committee Chair
Kentucky Real Estate Exchangors - President 1993
- President 1994
- Currently Board of Directors
Kentuckiana Real Estate Investors Association - President1993-1994
Indiana Real Estate Exchangors
Louisville Apartment Association President 2003
-President 2004
- Secretary/Treasurer 2006 - 2007
National Apartment Association Legislative Committee 2004
- Governance Task Force 2006
Lexington Apartment Association
Kentucky CCIM Chapter
CCIM Candidate
Better Business Bureau
Housing Credit Group - NAHBMayors Hometown Housing PolicyAdvisory Team (HPAT) (Louisville, KY)
International Council of Shopping Centers (ICSC)
Indiana Apartment Association
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EDUCATION
Graduate University of Louisville School of Business (Major inFinance)
Graduate St. Xavier High School Class of 1984
A-Pass-Weikel Real Estate Licensing Course
Auctioneer Licensing Course
Certified Commercial Investment Member Completed all coursesnecessary for CCIM Designation
Institute of Real Estate Management (IREM) Completed severalcourses
Completed all courses required to be awarded the Society ofExchange Counselors designation SEC
Equity Marketing, Counseling for Action, High Touch, ModeratorTraining, Broker Estate Building,
Investment Analysis and Creative Real Estate Techniques, EquityMarking Specialist (EMS Designation)
The Strategic Coach
Many other real estate and business related courses andseminars
AWARDS
Society of Exchange Counselors
2006 Cliff Weaver Award for Most Creative Transaction
Louisville Apartment Association
See Also2226 East Hecla Drive, Unit B, Louisville, CO 80027 | CompassTwo EF-1 tornadoes hit Kentucky during deadly weather outbreak. Here's what we know2004 -Government Affairs Award
2005 -Presidents Award
Kentucky Real Estate Exchangors
1990 Rookie Exchangor of the Year
1991 Exchange of the Year Russell Plaza Shopping Center
1993 Exchangor of the Year
1997 Exchange of the Year Louisville, Illinios, Indianapolis andLouisville
1998 Exchange of the Year Build to Suit Exchange 12 houses for anote on Lex Apt and cash2000 - Exchange of the Year Seven housesfor Industrial Building
2001 Exchange of the Year 16 Houses in Lou/Lexington forcommercial property in Georgia & Indiana
2001 - Exchangor of the Year
2001- Presidents Award
2003 - Exchange of the Year
2003 - Don Kessler Award
2006 - Exchange of the Year
Kentuckiana Real Estate Investors Association
2002 - Ed Melton Award
SPEAKER/EDUCATOR
Kentucky Association of Realtors Annual Convention 1990 &1991 The Basics of Exchanging
Success Development International Guerilla Marketing for RealEstate Entrepreneurs
Bellarmine College Investing in Residential Real Estate
WWKY Talk 790 Radio LDG Developments Wealth Building RadioShow
Featured Speaker Kentuckiana Real Estate Investors Association(Twice)
CREW Louisville Multifamily Properties
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EXPERIENCE/SIGNIFICANT PROJECTS
* Sold 120 Condos in eighteen months (Lakeview Condos)
* Bought and renovated 113,000+ square foot shopping center(Russell Plaza)
* Renovated, leased, and managed 62,000 square foot officebuilding Went from 0% to 85% occupancy
in twelve months (Breckenridge Business Centre)
* Build to suit 9700 square foot office building (4511 BardtownRoad)
* Build to suit four (4) Hollywood Video Stores (One in Kentuckyand Three in Ohio)
* Acquired seventeen (17) former Color Tile commercial buildingsin ten states
* Acquired and renovated over 300 single family houses
* Built over 200 single family houses
* Helm Dischinger Housing Partners LIHTC Project
* Numerous 1031 tax deferred exchanges
* Total renovation of eighteen unit and sixteen unit apartmentbuildings with city of Louisville rehab loan
* Developed 34 lot subdivision (The Enclave)
* Renaissance Housing Ltd 27 unit Tax Credit Project LouisvilleKy (Investor House Investments)
* Forest Drive Single Family Homes -24 unit Tax Credit Project(Sold)
* Strip Center Indianapolis, IN
* Commercial Buildings Akron, Ohio (2), Alton, Ill, Hammond,IN., Lincolnton, GA.* Crescent Hill Development, LLC Developed,built and sold 38 unit condo project
* Acquired 12,250 square foot office building in Louisville,KY
* Commercial Property Group Acquired 7,800 square foot officebuilding in Frankfort, KY
* Overlook at Beargrass Creek developed and built 26 unit condocomplex
* Cooper Chapel Properties developed and building 72 unit condocomplex
* Glen Hill Manor II, Ltd 108 unit tax credit project inLouisville, Ky ( Investor MMA Financial)
* Elkhorn Creek Ltd 44 unit tax credit project in Georgetown Ky(Investor MMA Financial)
* Falcon Crest Patio Homes 14 units
* Falcon Crest Condos 64 units
* Falcon Crest Apartments (Louisville, KY) 208 unit apartmentbuilding
* Acquired and sold 15,500 square foot office building 1961Bishops Lane Louisville, Ky
* Acquired, leased, built out 14,625 square foot office building1601 Business Center Court Lou, KY
* Acquired 22,000 square foot office building in RiverportIndustrial Park* Elkhorn Creek Phase II 48 unit tax creditapartment project
* Elk River Senior Housing 40 unit tax credit apartmentproject
* Cambridge Station Apartments (Indianapolis, IN) 200 unitapartment rehab project
* Gleneagles Apartments (Lexington, KY) 184 unit apartmentproject (new construction)
* Elmira NY Acquisition of 200,000 square foot office buildingand parking garage
* Carrizo Springs, Tx acquisition of commercial building leasedto dialysis center
* Muskegon, MI Acquisition and sale of vacant land parcel
* Tyler, Tx acquisition, plat approval and sale of 45 acrebusiness park
* Baton Rouge, La acquisition of 54,000 square foot officebuilding
* Cambridge Station Phase II (Indianapolis, IN) 256 unitapartment rehab project
* Harris Branch Apartments (Austin, Tx) 248 unit newconstruction apartment project
* Whispering Woods Apartments (Louisville, KY) 48 newconstruction apartment project
* Park Place at Loyola Apartments (Austin, Tx) 252 unit newconstruction project
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2007 PROJECTS
Santora Villas Apartments (Austin, Tx) 192 unit new constructionproject The Villas at Shaver (Pasadena, Tx) 240 unit newconstruction project Lakeside Apartments (Texas City, Tx) 252 unitnew construction project Inwood Crossings (Wichita, KS) 260 unitnew construction apartment project The Villas at Lake Forest (NewOrleans, LA) 230 unit mixed income apartment complex BurbankVillage Apartments (Baton Rouge, LA) 300 units
Geographic Diversity of Projects
Louisville, KY
Georgetown, KY 3 apartment complexes
Lexington, KY - 184 Unit Apartment Complex
Lexington, KY Commercial Bldg (Sold)Indianapolis, IN 456apartment units and shopping center
Hammond, IN Commercial Building
Akron, OH (2) Commercial Buildings
Alton, In Commercial Building
Lincolnton, GA Commercial Building
Carrizo Springs, Tx Dialysis Center
Tyler, Tx Industrial Park (sold)
Austin, Tx apartment complex
Muskegeon, MI land (sold)
Elmira, NY office building
Beumont, Tx Commercial Bldg (Sold)
Birmingham, Al Commercial Bldg (Sold)
Bowling Green, KY Commercial Bldg (Sold)
Gibsonia, PA - Commercial Bldg (Sold)Huntsville, Al CommercialBldg (Sold)
Greenwood, IN Commercial Bldg (Sold)
Jacksonville, FL Commercial Bldg (Sold)
Knoxville, Tn Commercial Bldg (Sold)
Florance, KY- Commercial Bldg (Sold)
Montgomery, AL Commercial Bldg (Sold)
Jackson, TN Commercial Bldg (Sold)
Parkersburg, WV Commercial Bldg (Sold)
Birmingham, Al Commercial Bldg (Sold)
Planned Projects
Wichita, KSNew Orleans, LA
Baton Rouge, LA
Houston, Tx
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Mark A. Lechner1900 Rolling Hills Trail
Fisherville, Ky. 40023
502-639-8032
PROFESSIONAL:
Mark began his real estate career in 1985 with the purchase ofhis first home. He received his real estate
licence in 1987, and principal brokers licence in 1989. Markpersonally purchased, renovated, sold and managed
more than 100 properties in his first 9 years. In 1994 MarkCo-founded LDG Development, LLC with partner
Chris Dischinger. They have built, developed, or rehabbed inexcess of 3500 housing units since that time and
currently plan to construct an additional 1000 apartment unitsin 2010-2011. LDG also owns and manages commercial
properties in 13 states.
Mark has been well served with his business degree from theKrannert School of Management at Purdue
University, as well as sales & management experience with 3separate companies before he went intothe real estate business.
EDUCATION: BSIM (Bachelor of Science in IndustrialManagement)
Purdue University, 1982
CCIM- (CCI-100, CCI-101, CCI-102, CCI-103, CCI-104, CCI-105)
GRI, (Graduate Realtors Institute)
SDI, Real Estate Conferences and Boot Camps as an
Attendee and Instructor
Mark O' Haroldson National Investment Seminars
Mark O' Haroldson Millionaire Training Retreat
Robert Allen National Investment SeminarGraduate, A-Pass WeikelReal Estate School
Real Estate Principal, Real Estate Law, Low Income Seminars
Multiple Tax Credit Seminars
Wade Cook Financial Clinic
Graduate, Jasper High School, Jasper, Indiana
Various Regional & National Seminars
PRESENT POSITION: Developer/Investor/Builder
Real Estate Broker, Mark Lechner Company Realtors
Co-owner, LDG Development, LLC; Xpert Design
and Construction, LLC; LDG Multifamily, LLC; and am amember/manager
in approx. 80 other LLC's and LTD's.
PAST POSITIONS: Sales Representative, Job Rentals & Sales/Raymond
Equipment Inc. (1984-1987)
Sales Representative, Jasper Engines & Transmissions,
Inc. (1982-1985)
Sales Representative, Southwestern Co. 1981
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PROFESSIONAL
ORGANIZATIONS: National Association of Realtors (NAR)
Kentucky Association of Realtors (KAR)Kentucky CCIM Chapter
Kentuckiana Real Estate Investor Association (KREIA)
President 1994-1996
Vice Presiden 1993-1994
Board of Dire 1992-1993, 1997, 1999-2004
Graduate Realtors Institute (GRI)
Kentucky Real Estate Exchangers, Director, 1995-1996
Director 2001-present
Indiana Real Estate Exchangors
Kentucky CCIM Chapter
Louisville Board of Realtors
Lexington Apartment Association
Louisville Apartment Association
Indiana Apartment Association
National Apartment Association
Better Business Bureau
Honorable Member, Kentucky Colonels
Sir Knight: Fourth Degree Knights of Colombus
AWARDS: Kentuckiana Real Estate Investors Association
1992 - Best Deal 1st Place
1993 - Best Deal 3rd Place
2002 - Best Deal 2nd Place
1996 - Presidents Award
1998 - Inaugural Ed Melton Award
Kentucky Real Estate Exchangors
1996 - Exchange of the Year - 16 Houses in Lou/Lexington
for commercial property in Georgia & Indiana
1997 - Exchange of the Year - Louisville, Illinois, Indianapolisand Louisville
1998 - Exchange of the Year - Build to suit Exchange 12 housesfor note
on Lexington Apartments and cash
2000 - Exchange of the Year - 7 houses for IndustrialBuilding
2000 - President's Award
2001 - Exchange of the Year - 16 houses in Lou/Lexington forcommercial
property in Georgia & Indiana
2003 - Exchange of the Year
2006 - Exchange of the Year
2007 - Exchange of the Year - 20 houses for Florida condo
2008 - Exchange of the Year - Madison Land - 29 Indianapoliscondos
2009 - Exchange of the Year
SPEAKER/EDUCATOR Success Development International - GuerillaMarketing for Real Estate Ent.
WWKY Talk 790 Radio - LDG Development's Wealth Building RadioShow
Featured and Panel Speaker - Kentuckiana Real Estate InvestorAssociation
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EXPERIENCE/SIGNIFICANT PROJECTS
* Acquired and renovated over 400 single family homes
* Built over 200 single family houses
* Lechner Scattered Sites - LIHTC Project* Numerous 1031 taxdeferred exchanges
* Total Renovation of eighteen unit and sixteen unit apartmentbuildings with city of Louisville rehab loans
* Developed 34 lot subdivision (The Enclave) in Louisville
* Renaisance Housing Ltd. - 27 unit Tax Credit Project -Louisville, Ky. (Investor - House Investments)
* Forrest Drive Single Family Homes - 24 unit Tax Credit Project- (Sold)
* Strip Center - Indianapolis, Indiana
* Commercial Buildings - Akron, Ohio (2), Alton, Ill, Hammond,In., Lincolnton, GA.
* Cresent Hill Development, LLC - Developed, built, and sold 38unit condo project
* Acquired 12,250 sq ft office building in Louisville, Ky
* Commercial Property Group - Acquired 7,800 square foot officebuilding in Frankfort, Ky.
* Overlook at Beargrass Creek - Developed and built 26 unitcondo complex
* Cooper Chapel Properties - Developed and built 72 unit condocomplex
* Glenn Hill Manor II, Ltd - 108 unit tax credit project inLouisville, Ky. (Investor - MMA Financial)
* Elkhorn Creek Ltd 44 unit tax credit project in Georgetown,Ky. (Investor - MMA Financial)
* Falcon Crest Patio Homes - 14 units
* Falcon Crest Condos - 64 units
* Falcon Crest Apartments (Louisville, Ky.) - 208 unit apartmentcomplex
* Acquired and sold 15,500 sq ft office building - 1961 BishopsLane Louisville, Ky
* Acquired 22,000 square foot office building in RiverportIndustrial Park
* Elkhorn Creek Pahse II - 48 unit tax credit apartmentproject
* Elk River Senior Housing - 40 unit tax credit apartmentproject
* Cambridge Station Apartments (Indianapolis, In) - 200 unitapartment rehab project
* Gleneagles Apartments (Lexington, Ky.) - 184 unit apartmentproject (new construction)
* Elmira NY - Acquisition of 200,000 square foot office buildingand parking garage
* Carrizo Springs, Tx - acquisition of commercial buildingleased to dialysis center
* Muskegon, MI - Acquisition and sale of vacant land parcel
* Tyler, Tx. - acquisition, plat approval and sale of 45 acrebusiness park
* Baton Rouge, La - acquisition of 54,000 sq ft officebuilding
* Cambridge Station Phase II (Indianapolis, In) - 256 unitapartment rehab project
* Harris Branch Apartments (Austin, Tx.) - 248 unit newconstruction apartment project
* Whispering Woods Apartments (Louisville, Ky.) - 48 unit newconstruction apartment project
* Santora Villas Apartments (Austin, Tx) - 192 unit newconstruction project
* The Villas at Shaver (Pasadena, Tx) - 240 unit newconstruction project
* Park Place Apartments (Austin, Tx) - 252 unit new constructionproject
* Inwood Crossings (Wichita, KS) - 260 unit new constructionproject
* The Muses - Phase I (New Orleans, La) - 211 unit newconstruction project
* Whispering Woods Apartments (Louisville, Ky.) Phase II - 50unit new construction apartment project
* Melbourne Sr (Alvin, Tx) - 110 unit Senior project underconstruction 2010
* The Muses - Phase II (New Orleans, La) - 52 unit project underconstruction 2010
Planned ProjectsNew Orleans & Baton Rouge, LA
Houston & Dallas, Tx
Louisville, Elizabethtown, & Shelbyville, Ky
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Geographic Diversity of ProjectsLexington, Ky - purchasesseveral lots and constructed homes
Louisville, Ky - numerous single family, apartment complex, andcondominium projectsGeorgetown, Ky - 3 apartment projects
Lexington, Ky - 184 unit apartment complex
Indianapolis, In - 456 apartment units
Hammond, In - Commercial building
Akron, Oh - (2) Commercial buildings
Alton, Ill - Commercial building
Lincolnton, GA - Commercial building
Carrizo Springs, Tx. - Dialysis Center
Tyler, Tx - Industrial Park (purchased, platted and sold)
Houston, Tx - Apartment complexes
New Orleans, La. - Apartment complex
Austin, Tx. - Three Apartment complexes
Pasadena, Tx - Apartment ComplexElmira, NY - office building
Ashville, NC - Value Place Hotel
Wichita, KS - Apartment Complex
Lincoln, Nebraska - Value Place Hotel
Alvin, Tx _Apartment complex
Baton Rouge, La - Apartment complexes
Elizabethtown, Ky - Apartment complex
Shelbyville, Ky - Commercial and apartment ground
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TAB E
(Nonprofit Questionnaire)
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NOT
APPLICABLE
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TAB F(Architects Certification)
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TAB H(PHA/Section 8 Notification Letter)
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1
Michael Haas
From: [emailprotected]: Wednesday, March 02, 201112:46 PMTo: Michael HaasSubject: FedEx Shipment 794474448744Delivered
________________________________________________________________________________
This tracking update has been requested by:
Name: 'not provided by requestor'
E-mail: [emailprotected]
________________________________________________________________________________
Our records indicate that the following shipment has beendelivered:
Ship (P/U) date: Mar 1, 2011
Delivery date: Mar 2, 2011 11:31 AMSign for by: A.COLEMAN
Delivery location: MECHANICSVILLE, VA
Delivered to: Receptionist/Front Desk
Service type: FedEx Standard Overnight
Packaging type: FedEx Envelope
Number of pieces: 1
Weight: 0.50 lb.
Special handling/Services: Deliver Weekday
Tracking number: 794474448744
Shipper Information
LouisvilleKY
US
Recipient Information
ChesterfieldVA
US
Please do not respond to this message. This email was sent froman unattended
mailbox. This report was generated at approximately 11:42 AMCST
on 03/02/2011.
To learn more about FedEx Express, please visit our website atfedex.com.
All weights are estimated.
To track the latest status of your shipment, click on thetracking number above,
or visit us at fedex.com.
This tracking update has been sent to you by FedEx on the behalfof the
Requestor noted above. FedEx does not validate the authenticityof the
requestor and does not validate, guarantee or warrant theauthenticity of the
request, the requestor's message, or the accuracy of thistracking update. For
tracking results and fedex.com's terms of use, go tofedex.com.
Thank you for your business.
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TAB I(Local CEO Letter)
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LOCALITY CEO SUPPORT LETTER
Letter will be delivered to VHDA by the April, 1, 2011deadline.
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TAB J(Homeownership Plan)
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NOT
APPLICABLE
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TAB K(Site Control Documentation-
Documentation of Most Recent Real Estate
Tax Assessment Acq. Rehab. Only)
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TAB L(Plan of Development Certification Letter)
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NOT
APPLICABLE
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TAB M(Zoning Certification Letter)
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TAB N(Copies of 8609s To Certify Developer Experience)
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LDG DEVELOPMENT, LLC
SUMMARY OF SIX (6) 8609S FROM PROPERTIES WITH AT LEAST 108UNITS
Falcon Crest Apartments, Louisville, KY 208 units placed inservice on 4/20/2005.
Cambridge Station, Indianapolis, IN 200 units placed in serviceon 7/22/2005.
Fox Run (Cambridge Station Phase II), Indianapolis, IN 256 unitsplaced in service on6/11/2007.
Harris Branch Apartments, Austin, TX 248 units placed in serviceon 9/24/2007.
Overlook Terraces, Louisville, KY 144 units placed in service on5/4/2009.
The Villas at Shaver, Pasadena, TX 240 units placed in serviceon 1/23/2009.
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TAB Q(Documentation of Rental Assistance)
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NOT
APPLICABLE
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TAB R(Documentation of Operating Budget)
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Operating Budget
Total Number of Total Monthly
Tax Credit Units Rental Income
0 $0
8 $4,200
56 $36,705
44 $34,980
0 $0
108
Plus Other Income Source (list): Other Income PUPM, Garages$2,205
Equals Total Monthly Income: $78,090
Twelve Months x12
Equals Annual Gross Potential Income $937,080
Less Vacancy Allowance ( 7.0% ) $65,596
Equals Annual Effective Gross Income (EGI) - Low Income Units$871,484
Administrative:
1. Advertising/Marketing $7,500
2. Office Salaries $0
3. Office Supplies $1,1004. Office/Model Apartment (type______)$0
5. Management Fee $49,191
5.64% of EGI 455.47222 Per Unit
6. Manager Salaries $86,400
7. Staff Unit (s) (type______) $0
8. Legal $2,500
9. Auditing $2,500
10. Bookkeeping/Accounting Fees $2,500
11. Telephone & Answering Service $500
12. Tax Credit Monitoring Fee $13,980
13. Miscellaneous Administrative $32,000
Total Administrative $198,171
Utilities
14. Fuel Oil $0
15. Electricity $27,000
16. Water $2,70017. Gas $10,800
18. Sewer $10,800
Total Utility $51,300
Operating:
19. Janitor/Cleaning Payroll $0
20. Janitor/Cleaning Supplies $500
21. Janitor/Cleaning Contract $4,500
22. Exterminating $2,000
23. Trash Removal $3,500
24. Security Payroll/Contract $3,500
25. Grounds Payroll $0
26. Grounds Supplies $3,500
27. Grounds Contract $6,000
28. Maintenance/Repairs Payroll $2,000
29. Repairs/Material $2,000
30. Repairs Contract $3,50031. Elevator Maintenance/Contract$0
32. Heating/Cooling Repairs & Maintenance $3,500
33. Pool Maintenance/Contract/Staff $2,500
34. Snow Removal $4,500
35. Decorating/Payroll/Contract $500
36. Decorating Supplies $500
37. Miscellaneous $11,500
Operating & Maintenance Totals $54,000
Total Number of Tax Credit Units
Efficiency Units
EXPENSES
REVENUE
Cosby Village Manor, Chesterfield, VA
4 Bedroom Units
Unit Type
1 Bedroom Units
2 Bedroom Units
3 Bedroom Units
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Taxes & Insurance
38. Real Estate Taxes $75,000
39. Payroll Taxes $5,000
40. Miscellaneous Taxes/Licenses/Permits $3,715
41. Property & Liability Insurance $22,500
42. Fidelity Bond $0
43. Workman's Compensation $2,500
44. Health Insurance & Employee Benefits $0
45. Other Insurance $5,000
Total Taxes & Insurance $113,715
6544Total Operating Expense $417,186
D1. Total Oper. Ex. Per Unit $3,863 D2. Total Oper. Ex. As % EGI(fr 47.87%
Replacement Reserves (Total # Units X $300 for New Const.Minimum) $32,400
Total Expenses $449,586
$871,484 VARIABLES
$449,586 Debt Service Coverage 1.22
Loan Amount $3,808,000
Interest Rate 8.25%
Debt Service $343,299 Amortization (months) 360
Net Revenue
less Total Expenses
equals Net Operating Income $421,898
CALCULATIONS
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TAB S(Documentation of Project Budget)
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Cosby Village Manor Project Budget 3/4/2011Chesterfield, VA
DEPR ECI AT ION AM OR TI ZAT ION
PER PER SITE PERSONAL LOAN ORGINI-
USES OF FUNDS AMOUNT UNIT NRSF % ELIGIBLE INELIGIBLE BUILDINGWORK PROPERY COSTS ZATION EXPENSE OT
LAND 1,000,000 9,259 8.45$ 6.5% - 1,000,000 1
Profers ($17,674/unit) 1,908,792 17,674 16.12$ 12.4% 1,908,792 -1,908,792
Tap on Fees($6,677/unit) 721,116 6,677 6.09$ 4.7% 721,116 -721,116
SITE WORK 9,081,630 1,512,000 14,000 12.77$ 9.8% 1,512,000 -1,512,000
CONST RUCTION - BUILDINGS & CLUBHOUSE 74,186 5,940,00055,000 50.18$ 38.7% 5,940,000 - 5,940,000 - -
GARAGES 187,500 1,736 1.58$ 1.2% - 187,500
CARPORTS 7,639,500 - - -$ 0.0% - - - -
CONSTRUCTION CONTINGENCY(5%) 8,012,100 372,600 3,450 3.15$ 2.4%372,600 - 372,600
GENERAL REQUIREMENTS (6%) 5.72% 458,370 4,244 3.87$ 3.0% 458,370- 458,370 - - - - -
CONTRACTOR OVERHEAD (2%) 1.91% 152,790 1,415 1.29$ 1.0% 152,790- 152,790 - - - - -
CONTRACTOR PROFIT (6%) 6.00% 458,370 4,244 3.87$ 3.0% 458,370 -458,370 - - - - -
LENDER ORIGINATION FEES - CONSTRUCTION (1%) 36,950 342 0.31$0.2% 36,950 - 36,950 - - - - -
LENDER ORIGINATION FEES - PERM (1%) 36,950 342 0.31$ 0.2% -36,950 - - - - - -
LENDER COUNSEL FEES 35,000 324 0.30$ 0.2% 35,000 - 35,000 - - -- -
BORROWER COUNSEL FEES - - -$ 0.0% - - - - - - - -
FINANCIAL CONSULTANT FEES - - -$ 0.0% - - - - - - - -
APPLICATION FEE 750 7 0.01$ 0.0% - 750 - - - - - -
IN RESERVATION FEES (6.5%) 84,500 782 0.71$ 0.6% - 84,500 - - -- - -
ACCOUNTING FEES 10,000 93 0.08$ 0.1% - 10,000 - - - - - -
ADVERTISING / MARKETING 10,000 93 0.08$ 0.1% - 10,000 - - - - --
APPRAISAL FEE - - -$ 0.0% - - - - - - - -
ARCHITECT & ENGINEERING FEES 4.00% 320,484 2,967 2.71$ 2.1%320,484 - 320,484 - - - - -
DEVELOPER FEES (MAX = 15%) 1,009,180 1,002,000 9,278 8.46$ 6.5%1,002,000 - 1,002,000 - - - - -
ENVIRONMENTAL REPORTS 5,000 46 0.04$ 0.0% 5,000 - 5,000 - - - --
FURNITURE, FIXTURE & EQUIPMENT - - -$ 0.0% - - - - - - --
INSURANCE - BUILDER RISK 30,000 278 0.25$ 0.2% 30,000 - 30,000 -- - - -
INSURANCE - PROPERTY - - -$ 0.0% - - - - - - - -
LENDER INSPECTION FEES 10,000 93 0.08$ 0.1% 10,000 - 10,000 - -- - -
MARKET STUDY FEE 4,500 42 0.04$ 0.0% 3,600 900 3,600 - - - --
PERMIT / TAP / IMPACT FEES - - -$ 0.0% - - - - - - - -
REAL ESTATE TAXES - CONSTRUCTION PERIOD 10,000 93 0.08$ 0.1%10,000 - 10,000 - - - - -
SOILS REPORT - - -$ 0.0% - - - - - - - -
SURVEY COSTS 10,000 93 0.08$ 0.1% 10,000 - 10,000 - - - - -
TITLE & RECORDING FEES 20,000 185 0.17$ 0.1% 20,000 - 20,000- - - - -
CONSTRUCTION PERIOD INTEREST 609,675 5,645 5.15$ 4.0% 609,675 -609,675 - - - - -
RENT-UP RESERVES - -$ 0.0% - - - - - - - -
OPERATING DEFICIT RESERVES 392,490 3,634 3.32$ 2.6% 392,490 - -- - - -
SOFT COST CONTINGENCY 19,426 180 0.16$ 0.1% - 19,426 - - - - --
REPLACEMENT RESERVES - - -$ 0.0% - - - - - - - -
OTHER - - -$ 0.0% - - - - - - - -
- - -$ 0.0% - - - - - - - -
TOTAL USES OF FUNDS 15,359,263 142,215 129.75$ 100.0% 13,616,7471,742,516 9,474,839 4,141,908 - - - - 1
QCT ADJUSTMENT 130.0% 17,701,771 -
9.00% CREDIT RATE
Eligible Costs without Dev. Fee 12,614,747 1,593,159$ MAX.CREDIT (on basis) 14,700$
Development Fee @ 8% 1,009,180 1,300,000$ CREDIT ALLOCATION12,037$
601,200.0 99.99% % TO ILP
SOURCES OF FUNDS AMOUNT PER UNIT PER SQ. FT. 1,299,870$ ANNUALCREDIT
EQUITY CONTRIBUTION 11,178,882 103,508 94.43$ 72.8% 0.860$ PRECREDIT DOLLAR
GP CONTRIBUTION - - -$ 0.0%
DEFERRED DEVELOPMENT FEE - No limit of deferred fee in VA516,619 485,381 4,494 4.10$ 3.2% PAY-IN SCHEDULE
NET C/F FROM OPERATIONS 0.480965849 - - -$ 0.0% # % AMOUNTBENCHMARK
ARRA-TCAP - - -$ 1 10.0% 1,117,888$ Admission
HOME FUNDS - - -$ 0.0% 2 10.0% 1,117,888$ 50% Completion
- - -$ 3 30.0% 3,353,665$ 100% Completion
- - -$ 0.0% 4 40.0% 4,471,553$ Conversion
5 10.0% 1,117,888$ 3 Months DSCR
MORTGAGE LOAN 3,695,000 34,213 31.21$ 24.1% 100.0%11,178,882$
TOTAL SOURCES 15,359,263 142,215 129.75$ 100.0%
SURPLUS/(SHORTFALL) (0) 0.0%
Page 1
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TAB T
(Documentation of Financing Sources)
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TAB U(Documentation include any as applicable todevelopment:)
To Request Exception To Restriction-Pools With Little/NoIncrease In RentBurdened Population
Of site location in an urban development area as defined in15.2-2223.1 of theCode of Virginia
Of the development participating in a locally adopted affordablehousingdwelling unit program area as described in either 15.2-2304or 15.2-2305 of
the Code of Virginia
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NOT
APPLICABLE
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TAB V
(Nonprofit or LHA Purchase Option or Right of First Refusal)
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NOT
APPLICABLE
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TAB W
(Original Attorneys Opinion)
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TAB Y(Marketing Plan for units meeting accessibility
requirements of HUD section 504)
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A/72428543.1 2
Resources for Independent Living, Inc. (804-353-6503) VirginiaBoard for People with Disabilities (804-786-0016) VirginiaVocational and Rehabilitation Agency (804-662-7000) Centers forIndependent Living
- Disability Resource Center (540-373-2559)- Access Independence(540-662-4452)
Virginia Rehab Association (804-662-7075)
2. Print Media
Print media sources will also be identified in the Chesterfieldarea that cater to people withdisabilities as well as the public atlarge. These sources may include, but are not limited to,rentalmagazines such as the Apartment Shoppers Guide, ApartmentsFor Rent, local newspapers, etc... Alladvertising materials relatedto the project will contain the Equal Housing Opportunity logotype,slogan orstatement, in compliance with the Fair Housing Act, aswell as the fact the units for people with disabilitiesareavailable.
3. Resident Referrals
An effective Resident Referral program will be set up, in whichcurrent residents are rewarded forreferring friends, coworkers, andothers who may have disabilities to the property. These referralsaregenerally the best form of advertising as it attracts friendswho will want to reside together, thus binding thecommunity.Residents will be offered incentives, to be determined, forreferring qualified applicants whor*nt at the property. Flyers willbe distributed to residents along with the project newsletterannouncingthe tenant referral program.
4. Marketing Materials
Additional marketing materials are needed in order to furthersupport the specific marketing effort
to people with disabilities. All printed marketing materialswill include the EHO logo. The marketing will
also emphasize the physical and administrative compliance withAmericans with Disabilities Act.
These marketing materials include:
Brochures A simple, two color brochures can be produced at lowcost which will effectivelysell the apartments and community. Thisbrochure will include the floor plans, a listing of featuresandamenities. The floor plans should be printed in as large a formatas possible.
Flyers - As mentioned earlier, a flyer campaign can be usedeffectively to market thecommunity. Each flyer should incorporategraphics as well as a small amount of copy and shouldbe designed togenerate traffic.
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A/72428543.1 3
Resident Referral - The least expensive form of advertising isthrough Resident Referrals. Aflyer should be created anddistributed to all residents. ($50 per referral, paid upon movein). Inaddition to being distributed to all residents, the referralflyer should be left in the Managementoffice and should be includedin the move in packet. (People are most inclined to refertheirfriends in the first few weeks of their tenancy.) The flyersshould be changed several times eachyear to reflect the season orany type of special referral program.
III. Public and Community Relations
Equal Housing Opportunity promotions - all Site Signagecontaining the EHO logo and Fair
Housing posters are displayed in English and Spanish in theRental Office. LCF encourages and supports
an affirmative marketing program in which there are no barriersto obtaining housing because of race,
color, religion, national origin, sex, elderliness, maritalstatus, personal appearance, sexual orientation,
family responsibilities, physical or mental handicap, politicalaffiliation, source of income, or place of
residence or business.
Additionally, a public relations program will be instituted tocreate a strong relationship between
management and local disability organizations, neighborhoodcivic organizations, churches, mosques, andsynagogues, cityofficials, and other sources of potential qualified residents stillto be identified.
IV. Tenant Selection and Orientation
The first contact with the management operations is an importantone in attracting qualifiedresidents; therefore themanagement/leasing offices should convey a sense ofprofessionalism, efficiency,and cleanliness. The management/leasingoffice is designed to provide a professional leasingatmosphere,with space set aside specifically for residentinterviews and application assistance. The leasing interviewswillbe used to emphasize the respect afforded to the resident and theresponsibilities which the residentwill be expected to assume.
Times of Operation - the Management Office will be open Mondaythrough Thursday from 8:30A.M. to 4:30 P.M. Applicants will beprocessed at the Management Office in accordance withapprovedcriteria. Move-in process and orientation to property -applicants meet with the Housing Manager ordesignated staff todiscuss programs available on the property and will be suppliedrelevant information toassist them in their move.
On-site staff will check previous landlord and personalreferences verify income, performcriminal/sex offender and creditbackground checks for each application taken. Tenant Selectionwillinclude minimum income limits assigned by the Owner. Newtenants will be given an orientation to theproperty including areview of the rules and regulations, information on the area,proper use of appliances,move-out procedures, maintenanceprocedures, rent payment procedures, energy conservation,grievanceprocedures and a review of the Lease documents.
Tenant Selection Criteria
Tenant Selection will include maximum income standards under theLow-Income Tax Credit andSection 8 programs. New tenants will begiven an orientation to the property including a review of therulesand regulations, information on the area, proper use of appliances,move-out procedures, maintenanceprocedures, rent paymentprocedures, energy conservation, grievance procedures and a reviewof the Leasedocuments.
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A/72428543.1 4
Application Processing
Application processing will be done by the housing staff at theManagement Office, well versed inFair Credit Law. As stated before,the processing will include a review of prior landlordreferences,personal references, criminal/sex offender and creditreporting and income verification. The on-site staffwill makefurther review for inaccuracies in the application.
The annual income and family composition are the key factors fordetermining eligibility. However, theProperty Manager will also usethe following criteria in selecting applicants for occupancy:
Applicants must be individuals, not agencies or groups.Applicants must meet the current eligibility income limits for taxcredits and any other program
requirements.
Note- If the applicant's denial is based upon a credit report,the applicant will be advised of thesource of the credit report inaccordance with the Federal Fair Reporting Act. Guidelinespublishedby the Federal Trade Commission suggest that apartment managersfall under theprovisions of the Act and are obligated to advise theperson refused an apartment for creditreasons, the name and addressof the credit reporting firm in writing. The credit report will notbeshown to the applicant, nor will specific information berevealed.
We will process the Rental Applications through a credit bureauto determine the credit worthinessof each applicant. If the scoreis below your threshold, but you have determined the applicanthasno bad credit andno negative rental history andno criminalhistory and enough income to qualify,then you can conditionallyapprove the application after you have contacted the priorlandlord. Inthese cases, the application must be reviewed by theAssociate Director before final approval.
We will process the Rental Application through a credit bureauto determine any possible criminalconduct. Convictions will beconsidered, regardless of whether "adjudication" was withheld.Acriminal background check will be used as part of the qualifyingcriteria. An applicant willautomatically be denied if;
There is a conviction for the manufacture, sale, distribution,or possession with the intent tomanufacture, sell or distribute acontrolled substance within the past five years.
There is evidence in the criminal history that reveals that theapplicant has developed a pattern ofcriminal behavior, and suchbehavior presents a real or potential threat to residents and/orproperty.
The application will be suspended if an applicant or member ofthe applicant's family hasbeen arrested for a crime but has not yetbeen tried. The application will be reconsidered,
within the above guidelines, after such legal proceedings havebeen concluded.
Applicants must provide complete and accurate verification ofall income of all family members.The households annual income maynot exceed the applicable limit and the household must meetthesubsidy or assisted Income Limits as established for the area inwhich Lynchburg HighApartments is located. The annual income iscompared to the areas Income Limits to determineeligibility.
Family composition must be compatible for units available on theproperty. Applicants must receive satisfactory referrals from allprevious Landlords.
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Applicants must provide verification of full-time student statusfor all individuals listed on the
application as full-time student for tax credit units.
Applicants must not receive a poor credit rating from the CreditBureau and other credit reportingagencies and must demonstrate anability to pay rent on time.
Applicants must provide a doctor's statement and/or other proofof any handicap or disability ifrequired.
Applicants must provide a birth certificate or other acceptableHUD approved forms ofdocumentation for all household members.
Applicants must fill out the Application for Lease and allverification forms truthfully. Applicants must provide allinformation required by current Federal regulations and policies.Applicants must have the demonstrated ability to maintainacceptable housekeeping standards. Applicants must have thedemonstrated ability to pay the rent for the proposed unit,without
spending a disproportionate amount of income for rent.
Applicants must meet current Federal program eligibilityrequirements for tax credits and anyother programs.
Preference will be given to those households whose familymembers are handicapped or disabledfor housing in the unitsspecifically designated for the handicapped or disabled
Cosby Village - [PDF Document] (2024)
References
- https://www.compass.com/listing/2226-east-hecla-drive-unit-b-louisville-co-80027/1587682939618027801/
- https://vdocuments.mx/cosby-village.html
- https://www.courier-journal.com/story/news/local/2024/05/26/louisville-kentucky-weather-sunday-forecast-tornado-watch/73862039007/
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