2008 ENVIRONMENTAL WORKSHOP

1. 2008 ENVIRONMENTAL WORKSHOP

2. General Review of 2007 Competitive Round Issues • 32 funded deals • Brownfield deals • Historic preservations deals • Noise • Wetlands • Floodplains

3. ASTM-05: One Year Later (Lessons Learned) • Valuation Reduction • Professional Qualifications • “Freshness of the Reports”

4. Valuation Reduction • Need a statement that addresses the value of the land • If a ground lease, that should be referenced in the report

5. Valuation Reduction • Although this standard does not require that a real estate appraisal be obtained in order to ascertain fair market value of the property, DCA may, at its sole discretion, require that a real estate appraisal be obtained in order to ascertain the fair market value of the subject property. • If the Environmental Professional is not provided with information from a user, the Environmental Professional must inquire of the seller, broker, or real estate professional associated with the project as to the fair market value of the property and as to the causes for any differential between the fair market value and the purchase price of the property; unless a substantive response regarding these matters has already been provided by the user(s). If the Environmental Professional determines that a sales price has not yet been negotiated for the property, that fact should be referenced in Section 10.0 of the report. • If neither the user, Applicant, seller, broker, nor real estate professional can or will disclose to the Environmental Professional whether a differential exists between the purchase price of the subject property and the fair market value of the subject property, the Environmental Professional must assess this as a data gap and discuss it in Section 6.0 of the Report.

6. Professional Qualifications • Signature pages • Different levels of experience allowed under ASTM standards • Document carefully

7. “Freshness of the Reports” • Updates allowed to reports that were commissioned under ASTM-05 • Updates required when more than six months have passed

8. Pre-Application Process • Pre-Application Environmental Determination $2,000 • Deadline April 15, 2008 • Due No later than 30 days prior to submittal of the LIHTC application

9. Pre-Application Process • Pre-Application Submission no later than 75 days before bond closing • (Fee not required at application if submitted with pre-application) • Request for approval of Threshold Environmental Requirements including but not limited to Phase I and Phase II reports (as applicable) must be submitted to DCA on or before April 15, 2008 for environmental review and clearance. • In the event, an Applicant has not received his completed Environmental documentation by that date, he may request additional time to submit the threshold environmental requirements up to and including submission of the environmental documentation in the application. • Once the environmental review is complete, clearance letters will be issued to those projects prior to the application round. • All Environmental Threshold determinations made at pre-application will be conditioned on DCA’s site visit after receipt of the full application.

10. Competitive Round Review • DCA will conduct one Competitive Application cycle for 9% Credit and HOME Loan funding resources during 2008. Applications must be delivered by the deadline to: Georgia Department of Community Affairs Housing Finance Division/ Office of Affordable Housing 60 Executive Park South, N.E. Atlanta, Georgia 30329-2231 • The complete Application is due at DCA by 4:00 PM. on June 5, 2008. After this precise time, irrespective of any extenuating circumstances, no Applications or portions thereof will be accepted.