1. Example of Public Private Partnership
Residences at Government Center
SOURCES
  4% Tax Credit
9% Tax Credit
Total
Federal Tax Credit Equity
18,172,000
7,437,000
25,609,000
HUD 221(d)4
16,665,000
15,001,100
31,666,700
Deferred Developer Fee
2,180,000
34,837,600
24,618,100
59,455,700
USES
Acquisition
Construction
24,436,334
16,578,391
41,014,725
Impact/Tap Fees
1,653,215
1,129,506
2,782,721
Architect & Engineering
1,088,075
745,991
1,834,066
Transaction Costs
2,614,054
2,112,438
4,726,491
Reserves
1,243,426
1,076,705
2,320,130
Interest Expense
1,119,497
795,070
1,914,567
Developer Fee
2,683,000
4,863,000
99-year Ground Lease with Fairfax County
270 units (120 within 4% LIHTC transaction and within 9% LIHTC transaction)
100% Affordable between 50% and 60% of AMI
No Subordinate Funding Required

2. Example of Public Private Partnership One University (Affordable)
SOURCES
  4% Tax Credit
9% Tax Credit
Total
Federal Tax Credit Equity
9,378,000
27,544,000
36,922,000
First Mortgage Loan
17,000,000
13,700,000
30,700,000
Deferred Developer Fee
2,948,000
451,000
3,399,000
 Subordinate Financing
 4,500,000
1,500,000
6,000,000
33,826,000
43,195,000
77,021,000
USES
Acquisition
Construction
22,357,000
30,933,000
53,290,000
Impact/Tap Fees
1,350,000
2,700,000
Architect & Engineering
1,210,000
2,420,000
Transaction Costs
2,843,000
2,840,000
5,683,000
Reserves
1,551,000
1,324,000
2,875,000
Interest Expense
1,940,000
3,440,000
Developer Fee
3,015,000
3,598,000
6,613,000
Long-term Ground Lease with Fairfax County
240 units affordable (between % of AMI) and 798 beds of student housing.
Family, Senior (62+), Student Housing, and County Office Space
Market-rate student housing paying long-term ground lease payment.