SPARC Round 8(FY 10) Sponsoring Partnerships and Revitalizing Communities Application Transmittal Applicant Information Organization: Primary Contact: Mailing Address: Telephone #: Fax #: Email Type of Organization: Non-Profit Government For-Profit Other(specify) Financing Request Amount of Mortgage Financing Requesting $ (1/2% reduction in rate) $ (FHA Plus allocation) Number of units to be financed Maximum Household Incomes (range) $ to $ Corresponding AMI (adjusted by H/H size-4) % to % Jurisdiction served by financing Purpose of Project (select one) Expand Affordable Housing Opportunities Address Housing Needs of Minorities and Diverse Cultures Support Community Revitalization Efforts Increase Housing Opportunities for Seniors and People with Disabilities
Authorization to Apply for Funding As an applicant to the Virginia Housing Development Authority (VHDA) for homeownership financing as described in the program guidelines for the SPARC program, its application, its supplements and all supporting schedules, the undersigned hereby acknowledges the following: 1. That it, as a condition of the said loan, will comply with all applicable Federal and state fair housing laws. 2. That it will promptly furnish supporting information and documents as requested by VHDA and that in carrying out the construction and operation of the development, it will abide by all rules and regulations prescribed by VHDA. 3. That the factual information in and accompanying the application is true, correct, and complete to the best of the undersigned s knowledge and belief and that all estimates are reasonable. 4. That VHDA may conduct its own independent review and analysis of the information contained in and attached to this application; that such a review may be made for the sole and exclusive benefit and protection of VHDA. 5. That the information in this application may be disseminated to others for the purposes of verification or other purposes consistent with the Virginia Freedom of Information Act. However, all information is maintained, used, or disseminated in accordance with the Virginia Privacy Protection Act and the Gramm-Leach-Bliley Act of 1999. The undersigned may refuse to supply information requested, however, such refusal will result in VHDA s inability to process the loan application. The original or a copy of this application may be retained by VHDA, even if the loan is not granted. 6. That it will hold VHDA harmless against all losses, costs, damages, VHDA s expenses, and liabilities of any nature that directly or indirectly result from, arise out of or relate to VHDA s acceptance, consideration, approval or disapproval of this request and the issuance or nonissuance of funds in connection with this program. I, the undersigned, being duly authorized, have caused this document to be executed in its name on this day of 2009. Legal Name of Applicant By: Title:
Project Summary A. Narrative Summary of Project Provide a brief and concise narrative of the proposed project. This narrative should include a brief summary of each of the following application sections. 1. Development Description: Describe the proposed development and include the following: Name of development Type of construction/description of units/ floor plan (if available) Average sales price(s) Number of units to be developed Neighborhood characteristics 2. Potential Home Buyer Information: Income level(s) to be served by the proposed development General household characteristics (e.g., household size, minority, new immigrant and/or special needs populations served) Typical home purchase transaction 3. Cost and Financing Sources(s) and amount(s) of permanent financing Total development costs Leveraged resources 4. Explanation of Need for the Project How the project supports local housing initiatives Explanation of how the project expands or preserves affordable housing 5. Experience and Administrative capacity of each organization involved carrying out project Years experience Number of staff dedicated to the project Number of units built/projects completed 6. Project Timeline: Site acquisition Plans and specifications are ready Builder Selection Construction Start/Finish Sales of Units Closing/Project completion
Summary of Typical Home Purchase Transaction To the extent possible, provide the following information for a typical home purchase transaction you envision in your proposed project. If there are several different types of financing structures anticipated to be used in your project, then complete a copy of this form for each different type of financing structure. 1. Annual Home Buyer Income $ 2. Home Purchase Costs a. Sales price of typical home b. Anticipated closing costs c. Total cost of purchase 3. Funds to Cover Home Purchase a. First Mortgage b. Second Mortgage c. Deferred Mortgage loan d. Forgivable loan or grant Lien position: e. Home buyer cash f. Other Funds Type: Total funds to cover purchase 2. Monthly Financing Costs a. Monthly P&I payment b. Monthly escrow c. Total mortgage payment