VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: July 1, 2011 Ending: July 31, 2011

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 -$ Total Rental Income Potential at 100% Occupancy 241,260.00$

Apartments 5220 133,065.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 -$ Miscellaneous (attach detail in Other VHDA Information) 5290 (10,005.00)$ Total Vacancies 123,060.00$

Net Rental Income - Rental Income Less Vacancies 118,200.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 6,848.00$ Total Other Income 6,848.00$

Total Income 125,048.00$

Advertising 6210 3,395.00$ Other Administrative Expenses 6250 -$ Office Salaries 6310 41,345.00$ Office Supplies 6311 -$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 9,378.00$ Expenses Manager's or Superintendent's Salaries 6330 -$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 1,282.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 22,374.00$ Total Administrative Expenses 77,774.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 10,799.00$ Expense Water 6451 8,243.00$

6400 Gas 6452 90.00$ Sewer 6453 -$ Total Utilities Expense 19,132.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 2,653.00$ Janitor and Cleaning Supplies 6515 -$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 -$ Exterminating Supplies 6520 610.00$

Operating and Garbage and Trash Removal 6525 174.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 -$ Repairs Payroll 6540 2,313.00$ Repairs Materials 6541 568.00$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 565.00$ Heating/Cooling Repairs and Maintenance 6546 82.00$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 793.00$ Miscellaneous Operating and Maintenance Expenses 6590 3,962.00$ Total Operating and Maintenance Expenses 11,720.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 4,817.00$ Miscellaneous Taxes, Licenses and Permits 6719 122.00$

Taxes Property and Liability Insurance (Hazard) 6720 110.00$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 1,336.00$ 6700 Health Insurance and Other Employee Benefits 6723 1,410.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 7,795.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 116,421.00$

6900 Profit (Loss) Before Depreciation 8,627.00$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) 8,627.00$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) 8,627.00$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: August 1 2011 Ending: August 31, 2011

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 2,295.00$ Total Rental Income Potential at 100% Occupancy 243,555.00$

Apartments 5220 118,645.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 19,289.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 -$ Total Vacancies 137,934.00$

Net Rental Income - Rental Income Less Vacancies 105,621.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 30.00$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 5,986.00$ Total Other Income 6,016.00$

Total Income 111,637.00$

Advertising 6210 15,146.00$ Other Administrative Expenses 6250 29,447.00$ Office Salaries 6310 20,833.00$ Office Supplies 6311 -$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 10,026.00$ Expenses Manager's or Superintendent's Salaries 6330 11,019.00$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 4,331.00$ Bad Debts 6370 2,629.00$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 5,114.00$ Total Administrative Expenses 98,545.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 11,220.00$ Expense Water 6451 5,354.00$

6400 Gas 6452 294.00$ Sewer 6453 -$ Total Utilities Expense 16,868.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 3,756.00$ Janitor and Cleaning Supplies 6515 1,042.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 -$ Exterminating Supplies 6520 153.00$

Operating and Garbage and Trash Removal 6525 -$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 1,240.00$ Repairs Payroll 6540 3,427.00$ Repairs Materials 6541 -$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 408.00$ Heating/Cooling Repairs and Maintenance 6546 23.00$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 -$ Miscellaneous Operating and Maintenance Expenses 6590 755.00$ Total Operating and Maintenance Expenses 10,804.00$

Real Estate Taxes 6710 24.00$ Payroll Taxes (Development's Share) 6711 6,500.00$ Miscellaneous Taxes, Licenses and Permits 6719 -$

Taxes Property and Liability Insurance (Hazard) 6720 220.00$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 726.00$ 6700 Health Insurance and Other Employee Benefits 6723 9,216.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 16,686.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 142,903.00$

6900 Profit (Loss) Before Depreciation (31,266.00)$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) (31,266.00)$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) (31,266.00)$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: September 1, 2011 Ending: September 30, 2011

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 -$ Total Rental Income Potential at 100% Occupancy 241,260.00$

Apartments 5220 128,848.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 -$ Miscellaneous (attach detail in Other VHDA Information) 5290 7,948.00$ Total Vacancies 136,796.00$

Net Rental Income - Rental Income Less Vacancies 104,464.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 6,949.00$ Total Other Income 6,949.00$

Total Income 111,413.00$

Advertising 6210 18,182.00$ Other Administrative Expenses 6250 920.00$ Office Salaries 6310 30,683.00$ Office Supplies 6311 409.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 8,303.00$ Expenses Manager's or Superintendent's Salaries 6330 7,796.00$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 811.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 25,618.00$ Total Administrative Expenses 92,722.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 9,198.00$ Expense Water 6451 571.00$

6400 Gas 6452 763.00$ Sewer 6453 -$ Total Utilities Expense 10,532.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 2,478.00$ Janitor and Cleaning Supplies 6515 393.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 -$ Exterminating Supplies 6520 -$

Operating and Garbage and Trash Removal 6525 164.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 2,688.00$ Repairs Payroll 6540 2,285.00$ Repairs Materials 6541 1,662.00$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 1,021.00$ Heating/Cooling Repairs and Maintenance 6546 -$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 -$ Miscellaneous Operating and Maintenance Expenses 6590 858.00$ Total Operating and Maintenance Expenses 11,549.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 4,409.00$ Miscellaneous Taxes, Licenses and Permits 6719 -$

Taxes Property and Liability Insurance (Hazard) 6720 -$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 512.00$ 6700 Health Insurance and Other Employee Benefits 6723 (970.00)$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 3,951.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 118,754.00$

6900 Profit (Loss) Before Depreciation (7,341.00)$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) (7,341.00)$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) (7,341.00)$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: October 1, 2011 Ending: October 31,2011

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 9,401.00$ Total Rental Income Potential at 100% Occupancy 250,661.00$

Apartments 5220 122,439.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 8,838.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 (1,738.00)$ Total Vacancies 129,539.00$

Net Rental Income - Rental Income Less Vacancies 121,122.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 -$ Total Other Income -$

Total Income 121,122.00$

Advertising 6210 24,422.00$ Other Administrative Expenses 6250 739.00$ Office Salaries 6310 37,075.00$ Office Supplies 6311 261.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 8,973.00$ Expenses Manager's or Superintendent's Salaries 6330 -$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 2,271.00$ Bookkeeping Fees/Accounting Services 6351 754.00$ Telephone and Answering Service 6360 656.00$ Bad Debts 6370 586.00$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 15,450.00$ Total Administrative Expenses 91,187.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 7,948.00$ Expense Water 6451 (3,296.00)$

6400 Gas 6452 291.00$ Sewer 6453 -$ Total Utilities Expense 4,943.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 2,258.00$ Janitor and Cleaning Supplies 6515 741.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 -$ Exterminating Supplies 6520 -$

Operating and Garbage and Trash Removal 6525 164.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 1,240.00$ Repairs Payroll 6540 2,285.00$ Repairs Materials 6541 573.00$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 736.00$ Heating/Cooling Repairs and Maintenance 6546 1,100.00$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 65.00$ Vehicle and Maintenance Equipment Operation and Repairs 6570 243.00$ Miscellaneous Operating and Maintenance Expenses 6590 851.00$ Total Operating and Maintenance Expenses 10,256.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 3,862.00$ Miscellaneous Taxes, Licenses and Permits 6719 -$

Taxes Property and Liability Insurance (Hazard) 6720 -$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 493.00$ 6700 Health Insurance and Other Employee Benefits 6723 3,502.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 7,857.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 114,243.00$

6900 Profit (Loss) Before Depreciation 6,879.00$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) 6,879.00$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) 6,879.00$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: November 1, 2011 Ending: November 30, 2011

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 1,712.00$ Total Rental Income Potential at 100% Occupancy 242,972.00$

Apartments 5220 121,253.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 5,453.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 -$ Total Vacancies 126,706.00$

Net Rental Income - Rental Income Less Vacancies 116,266.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 6,944.00$ Total Other Income 6,944.00$

Total Income 123,210.00$

Advertising 6210 18,397.00$ Other Administrative Expenses 6250 1,628.00$ Office Salaries 6310 22,431.00$ Office Supplies 6311 746.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 8,828.00$ Expenses Manager's or Superintendent's Salaries 6330 -$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 1,655.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 30,150.00$ Total Administrative Expenses 83,835.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 7,118.00$ Expense Water 6451 1,040.00$

6400 Gas 6452 362.00$ Sewer 6453 -$ Total Utilities Expense 8,520.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 2,469.00$ Janitor and Cleaning Supplies 6515 289.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 -$ Exterminating Supplies 6520 153.00$

Operating and Garbage and Trash Removal 6525 342.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 1,240.00$ Repairs Payroll 6540 2,278.00$ Repairs Materials 6541 -$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 588.00$ Heating/Cooling Repairs and Maintenance 6546 117.00$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 -$ Miscellaneous Operating and Maintenance Expenses 6590 2,277.00$ Total Operating and Maintenance Expenses 9,753.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 4,936.00$ Miscellaneous Taxes, Licenses and Permits 6719 -$

Taxes Property and Liability Insurance (Hazard) 6720 -$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 499.00$ 6700 Health Insurance and Other Employee Benefits 6723 9,015.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 14,450.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 116,558.00$

6900 Profit (Loss) Before Depreciation 6,652.00$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) 6,652.00$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) 6,652.00$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: December 12011 Ending: December 31, 2011

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 -$ Total Rental Income Potential at 100% Occupancy 241,260.00$

Apartments 5220 123,732.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 11,441.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 (922.00)$ Total Vacancies 134,251.00$

Net Rental Income - Rental Income Less Vacancies 107,009.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 6,341.00$ Total Other Income 6,341.00$

Total Income 113,350.00$

Advertising 6210 14,716.00$ Other Administrative Expenses 6250 2,007.00$ Office Salaries 6310 23,419.00$ Office Supplies 6311 66.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 9,010.00$ Expenses Manager's or Superintendent's Salaries 6330 10,657.00$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 596.00$ Bad Debts 6370 73.00$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 22,408.00$ Total Administrative Expenses 82,952.00$

Fuel Oil/Coal 6420 485.00$ Utilities Electricity (Light and Miscellaneous Power) 6450 8,116.00$ Expense Water 6451 684.00$

6400 Gas 6452 -$ Sewer 6453 -$ Total Utilities Expense 9,285.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 2,283.00$ Janitor and Cleaning Supplies 6515 542.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 -$ Exterminating Supplies 6520 15.00$

Operating and Garbage and Trash Removal 6525 308.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 1,240.00$ Repairs Payroll 6540 2,285.00$ Repairs Materials 6541 (191.00)$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 486.00$ Heating/Cooling Repairs and Maintenance 6546 195.00$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 -$ Miscellaneous Operating and Maintenance Expenses 6590 (802.00)$ Total Operating and Maintenance Expenses 6,361.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 4,311.00$ Miscellaneous Taxes, Licenses and Permits 6719 -$

Taxes Property and Liability Insurance (Hazard) 6720 -$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 502.00$ 6700 Health Insurance and Other Employee Benefits 6723 4,039.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 8,852.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 107,450.00$

6900 Profit (Loss) Before Depreciation 5,900.00$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) 5,900.00$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) 5,900.00$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: January 1, 2012 Ending: 01/31/201

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 1,375.00$ Total Rental Income Potential at 100% Occupancy 242,635.00$

Apartments 5220 122,585.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 3,505.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 275.00$ Total Vacancies 126,365.00$

Net Rental Income - Rental Income Less Vacancies 116,270.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 8,098.00$ Total Other Income 8,098.00$

Total Income 124,368.00$

Advertising 6210 19,978.00$ Other Administrative Expenses 6250 1,995.00$ Office Salaries 6310 39,326.00$ Office Supplies 6311 -$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 9,122.00$ Expenses Manager's or Superintendent's Salaries 6330 -$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 669.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 23,974.00$ Total Administrative Expenses 95,064.00$

Fuel Oil/Coal 6420

Utilities Electricity (Light and Miscellaneous Power) 6450 8,724.00$ Expense Water 6451 4,329.00$

6400 Gas 6452 592.00$ Sewer 6453 -$ Total Utilities Expense 13,645.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 2,032.00$ Janitor and Cleaning Supplies 6515 544.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 -$ Exterminating Supplies 6520 159.00$

Operating and Garbage and Trash Removal 6525 306.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 1,240.00$ Repairs Payroll 6540 2,506.00$ Repairs Materials 6541 -$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 486.00$ Heating/Cooling Repairs and Maintenance 6546 141.00$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 -$ Miscellaneous Operating and Maintenance Expenses 6590 2,448.00$ Total Operating and Maintenance Expenses 9,862.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 5,303.00$ Miscellaneous Taxes, Licenses and Permits 6719 -$

Taxes Property and Liability Insurance (Hazard) 6720 1,871.00$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 514.00$ 6700 Health Insurance and Other Employee Benefits 6723 4,646.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 12,334.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 130,905.00$

6900 Profit (Loss) Before Depreciation (6,537.00)$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) (6,537.00)$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) (6,537.00)$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: February 1, 2012 Ending: February 29, 2012

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 244,915.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 (1,270.00)$ Total Rental Income Potential at 100% Occupancy 243,645.00$

Apartments 5220 121,728.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 7,607.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 -$ Total Vacancies 129,335.00$

Net Rental Income - Rental Income Less Vacancies 114,310.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 8,774.00$ Total Other Income 8,774.00$

Total Income 123,084.00$

Advertising 6210 22,836.00$ Other Administrative Expenses 6250 3,174.00$ Office Salaries 6310 56,019.00$ Office Supplies 6311 255.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 9,286.00$ Expenses Manager's or Superintendent's Salaries 6330 -$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 686.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 12,115.00$ Total Administrative Expenses 104,371.00$

Fuel Oil/Coal 6420

Utilities Electricity (Light and Miscellaneous Power) 6450 -$ Expense Water 6451 367.00$

6400 Gas 6452 525.00$ Sewer 6453 8,812.00$ Total Utilities Expense 9,704.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 3,743.00$ Janitor and Cleaning Supplies 6515 661.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 159.00$ Exterminating Supplies 6520 -$

Operating and Garbage and Trash Removal 6525 300.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 -$ Repairs Payroll 6540 3,416.00$ Repairs Materials 6541 36.00$ Repairs Contract 6542

Elevator Maintenance/Contract 6545 1,032.00$ Heating/Cooling Repairs and Maintenance 6546 -$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 -$ Miscellaneous Operating and Maintenance Expenses 6590 585.00$ Total Operating and Maintenance Expenses 9,932.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 7,283.00$ Miscellaneous Taxes, Licenses and Permits 6719 -$

Taxes Property and Liability Insurance (Hazard) 6720 -$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 757.00$ 6700 Health Insurance and Other Employee Benefits 6723 4,019.00$

Other Insurance (attach detail in Other VHDA Information) 6729 1,145.00$ Total Taxes and Insurance 13,204.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 137,211.00$

6900 Profit (Loss) Before Depreciation (14,127.00)$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) (14,127.00)$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) (14,127.00)$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: March 1, 2012 Ending: March 31, 2012

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 1,680.00$ Total Rental Income Potential at 100% Occupancy 242,940.00$

Apartments 5220 118,685.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 6,260.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 -$ Total Vacancies 124,945.00$

Net Rental Income - Rental Income Less Vacancies 117,995.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 25.00$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 10,745.00$ Total Other Income 10,770.00$

Total Income 128,765.00$

Advertising 6210 22,647.00$ Other Administrative Expenses 6250 1,192.00$ Office Salaries 6310 26,175.00$ Office Supplies 6311 460.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 9,526.00$ Expenses Manager's or Superintendent's Salaries 6330 10,357.00$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 656.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 19,932.00$ Total Administrative Expenses 90,945.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 9,384.00$ Expense Water 6451 5,631.00$

6400 Gas 6452 589.00$ Sewer 6453 -$ Total Utilities Expense 15,604.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 1,696.00$ Janitor and Cleaning Supplies 6515 618.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 159.00$ Exterminating Supplies 6520 -$

Operating and Garbage and Trash Removal 6525 304.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 4,031.00$ Repairs Payroll 6540 2,260.00$ Repairs Materials 6541 -$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 486.00$ Heating/Cooling Repairs and Maintenance 6546 -$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 800.00$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 -$ Miscellaneous Operating and Maintenance Expenses 6590 5,924.00$ Total Operating and Maintenance Expenses 16,278.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 4,245.00$ Miscellaneous Taxes, Licenses and Permits 6719 -$

Taxes Property and Liability Insurance (Hazard) 6720 -$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 473.00$ 6700 Health Insurance and Other Employee Benefits 6723 4,702.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 9,420.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 132,247.00$

6900 Profit (Loss) Before Depreciation (3,482.00)$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) (3,482.00)$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) (3,482.00)$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: April 1, 2012 Ending: April 30, 2012

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 1,656.00$ Total Rental Income Potential at 100% Occupancy 242,916.00$

Apartments 5220 121,678.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 5,073.00$ Miscellaneous (attach detail in Other VHDA Information) 5290

Total Vacancies 126,751.00$

Net Rental Income - Rental Income Less Vacancies 116,165.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 6,347.00$ Total Other Income 6,347.00$

Total Income 122,512.00$

Advertising 6210 18,601.00$ Other Administrative Expenses 6250 2,047.00$ Office Salaries 6310 26,677.00$ Office Supplies 6311 221.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 9,624.00$ Expenses Manager's or Superintendent's Salaries 6330 10,357.00$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 121.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 13,651.00$ Total Administrative Expenses 81,299.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 7,520.00$ Expense Water 6451 4,362.00$

6400 Gas 6452 334.00$ Sewer 6453 -$ Total Utilities Expense 12,216.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 2,495.00$ Janitor and Cleaning Supplies 6515 535.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 159.00$ Exterminating Supplies 6520 -$

Operating and Garbage and Trash Removal 6525 323.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 -$ Repairs Payroll 6540 2,285.00$ Repairs Materials 6541 -$ Repairs Contract 6542 1,814.00$ Elevator Maintenance/Contract 6545 989.00$ Heating/Cooling Repairs and Maintenance 6546 -$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 (800.00)$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 -$ Miscellaneous Operating and Maintenance Expenses 6590 5,885.00$ Total Operating and Maintenance Expenses 13,685.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 4,191.00$ Miscellaneous Taxes, Licenses and Permits 6719 -$

Taxes Property and Liability Insurance (Hazard) 6720 -$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 495.00$ 6700 Health Insurance and Other Employee Benefits 6723 4,739.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 9,425.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 116,625.00$

6900 Profit (Loss) Before Depreciation 5,887.00$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) 5,887.00$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) 5,887.00$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: May 1, 2012 Ending: May 31, 2012

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 1,775.00$ Total Rental Income Potential at 100% Occupancy 243,035.00$

Apartments 5220 112,893.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 8,346.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 (48.00)$ Total Vacancies 121,191.00$

Net Rental Income - Rental Income Less Vacancies 121,844.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 10,697.00$ Total Other Income 10,697.00$

Total Income 132,541.00$

Advertising 6210 18,251.00$ Other Administrative Expenses 6250 1,362.00$ Office Salaries 6310 28,942.00$ Office Supplies 6311 279.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 9,457.00$ Expenses Manager's or Superintendent's Salaries 6330 7,646.00$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 1,325.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 26,122.00$ Total Administrative Expenses 93,384.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 7,660.00$ Expense Water 6451 2,005.00$

6400 Gas 6452 272.00$ Sewer 6453 -$ Total Utilities Expense 9,937.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 2,542.00$ Janitor and Cleaning Supplies 6515 553.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 159.00$ Exterminating Supplies 6520 -$

Operating and Garbage and Trash Removal 6525 323.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535

6500 Grounds Supplies 6536 -$ Grounds Contract 6537 1,350.00$ Repairs Payroll 6540 2,271.00$ Repairs Materials 6541 1,512.00$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 486.00$ Heating/Cooling Repairs and Maintenance 6546 -$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 -$ Miscellaneous Operating and Maintenance Expenses 6590 -$ Total Operating and Maintenance Expenses 9,196.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 3,980.00$ Miscellaneous Taxes, Licenses and Permits 6719 23.00$

Taxes Property and Liability Insurance (Hazard) 6720 1,470.00$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 495.00$ 6700 Health Insurance and Other Employee Benefits 6723 4,739.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 10,707.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 123,224.00$

6900 Profit (Loss) Before Depreciation 9,317.00$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) 9,317.00$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) 9,317.00$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: June 1, 2012 Ending: June 30, 2012

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 7,296.00$ Total Rental Income Potential at 100% Occupancy 248,556.00$

Apartments 5220 109,968.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 13,304.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 (1,935.00)$ Total Vacancies 121,337.00$

Net Rental Income - Rental Income Less Vacancies 127,219.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 -$ Total Other Income -$

Total Income 127,219.00$

Advertising 6210 34,519.00$ Other Administrative Expenses 6250 994.00$ Office Salaries 6310 26,111.00$ Office Supplies 6311 236.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 9,888.00$ Expenses Manager's or Superintendent's Salaries 6330 7,796.00$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 668.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 21,477.00$ Total Administrative Expenses 101,689.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 9,007.00$ Expense Water 6451 958.00$

6400 Gas 6452 356.00$ Sewer 6453 -$ Total Utilities Expense 10,321.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 2,786.00$ Janitor and Cleaning Supplies 6515 368.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 -$ Exterminating Supplies 6520 159.00$

Operating and Garbage and Trash Removal 6525 321.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 1,350.00$ Repairs Payroll 6540 2,278.00$ Repairs Materials 6541 1,627.00$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 518.00$ Heating/Cooling Repairs and Maintenance 6546 144.00$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 315.00$ Miscellaneous Operating and Maintenance Expenses 6590 (988.00)$ Total Operating and Maintenance Expenses 8,878.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 3,646.00$ Miscellaneous Taxes, Licenses and Permits 6719 330.00$

Taxes Property and Liability Insurance (Hazard) 6720 7,586.00$ and Fidelity Bond Insurance 6721

Insurance Workmen's Compensation 6722 480.00$ 6700 Health Insurance and Other Employee Benefits 6723 (885.00)$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 11,157.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 132,045.00$

6900 Profit (Loss) Before Depreciation (4,826.00)$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) (4,826.00)$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) (4,826.00)$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: July 1, 2012 Ending: July 31, 2012

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 -$ Total Rental Income Potential at 100% Occupancy 241,260.00$

Apartments 5220 105,208.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 8,715.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 (1,788.00)$ Total Vacancies 112,135.00$

Net Rental Income - Rental Income Less Vacancies 129,125.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 6,615.00$ Total Other Income 6,615.00$

Total Income 135,740.00$

Advertising 6210 16,808.00$ Other Administrative Expenses 6250 1,739.00$ Office Salaries 6310 28,004.00$ Office Supplies 6311 309.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 9,964.00$ Expenses Manager's or Superintendent's Salaries 6330 7,395.00$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 517.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 14,937.00$ Total Administrative Expenses 79,673.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 11,076.00$ Expense Water 6451 2,776.00$

6400 Gas 6452 243.00$ Sewer 6453 -$ Total Utilities Expense 14,095.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 2,430.00$ Janitor and Cleaning Supplies 6515 380.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 159.00$ Exterminating Supplies 6520 -$

Operating and Garbage and Trash Removal 6525 638.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 1,350.00$ Repairs Payroll 6540 2,267.00$ Repairs Materials 6541 1,306.00$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 784.00$ Heating/Cooling Repairs and Maintenance 6546 -$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 1,664.00$ Decorating Supplies 6561 107.00$ Vehicle and Maintenance Equipment Operation and Repairs 6570 300.00$ Miscellaneous Operating and Maintenance Expenses 6590 -$ Total Operating and Maintenance Expenses 11,385.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 3,630.00$ Miscellaneous Taxes, Licenses and Permits 6719 -$

Taxes Property and Liability Insurance (Hazard) 6720 2,500.00$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 518.00$ 6700 Health Insurance and Other Employee Benefits 6723 6,798.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 13,446.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 118,599.00$

6900 Profit (Loss) Before Depreciation 17,141.00$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) 17,141.00$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) 17,141.00$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: August 1, 2012 Ending: August 31,2012

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 9,028.00$ Total Rental Income Potential at 100% Occupancy 250,288.00$

Apartments 5220 100,840.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 12,413.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 -$ Total Vacancies 113,253.00$

Net Rental Income - Rental Income Less Vacancies 137,035.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 -$ Total Other Income -$

Total Income 137,035.00$

Advertising 6210 44,380.00$ Other Administrative Expenses 6250 1,905.00$ Office Salaries 6310 42,078.00$ Office Supplies 6311 1,906.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 10,870.00$ Expenses Manager's or Superintendent's Salaries 6330 11,019.00$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 -$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 963.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 24,357.00$ Total Administrative Expenses 137,478.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 9,350.00$ Expense Water 6451 (456.00)$

6400 Gas 6452 1,172.00$ Sewer 6453 -$ Total Utilities Expense 10,066.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 3,901.00$ Janitor and Cleaning Supplies 6515 423.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 -$ Exterminating Supplies 6520 159.00$

Operating and Garbage and Trash Removal 6525 -$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 1,369.00$ Repairs Payroll 6540 3,427.00$ Repairs Materials 6541 5,479.00$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 518.00$ Heating/Cooling Repairs and Maintenance 6546 -$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 341.00$ Miscellaneous Operating and Maintenance Expenses 6590 1,863.00$ Total Operating and Maintenance Expenses 17,480.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 5,246.00$ Miscellaneous Taxes, Licenses and Permits 6719 1,358.00$

Taxes Property and Liability Insurance (Hazard) 6720 2,500.00$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 2,499.00$ 6700 Health Insurance and Other Employee Benefits 6723 4,228.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 15,831.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 180,855.00$

6900 Profit (Loss) Before Depreciation (43,820.00)$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) (43,820.00)$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) (43,820.00)$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements

VIRGINIA HOUSING DEVELOPMENT AUTHORITY

STATEMENT OF PROFIT AND LOSSMonth/PeriodBeginning: September 1, 2012 Ending: September 30,2012

Development Name

VHDA/DHCD Numbers:

Part I Description of Account Acct. No. Amount Apartments 5120 241,260.00$ Tenant Assistance Payments 5121 -$

Rental Furniture and Equipment 5130 -$ Income Stores and Commercial 5140 -$

5100 Garage and Parking Spaces 5170 -$ Flexible Subsidy Income 5180 -$ Miscellaneous Income (attach detail in Other VHDA Information) 5190 2,141.00$ Total Rental Income Potential at 100% Occupancy 243,401.00$

Apartments 5220 102,380.00$ Furniture and Equipment 5230 -$

Vacancies Stores and Commercial 5240 -$ 5200 Garage and Parking Spaces 5270 -$

Concessions 5280 8,506.00$ Miscellaneous (attach detail in Other VHDA Information) 5290 -$ Total Vacancies 110,886.00$

Net Rental Income - Rental Income Less Vacancies 132,515.00$

Elderly and Congregate Services Income -- 5300

Total Service Income (attach detail in Other VHDA Information) 5300 -$ -$

Interest Income--Development Operations 5410 -$ Financial Income from Investments--Residual Receipts 5430 -$ Income Income from Investments--Reserve for Replacements 5440 -$

5400 Income from Investments--Miscellaneous 5490 -$ Total Financial Income -$

Laundry and Vending 5910 -$ NSF and Late Charges 5920 -$

Other Damages and Cleaning Fees 5930 -$ Income Forfeited Tenant Security Deposits 5940 -$

5900 Other Income (attach detail in Other VHDA Information) 5990 6,003.00$ Total Other Income 6,003.00$

Total Income 138,518.00$

Advertising 6210 24,405.00$ Other Administrative Expenses 6250 1,257.00$ Office Salaries 6310 27,936.00$ Office Supplies 6311 706.00$ Office or Model Apartment Rent 6312 -$

Administrative Management Fee 6320 9,817.00$ Expenses Manager's or Superintendent's Salaries 6330 9,524.00$ 6200/6300 Manager's or Superintendent's Rent Free Unit 6331 -$

Legal Expenses (Development) 6340 -$ Auditing Expenses (Development) 6350 3,155.00$ Bookkeeping Fees/Accounting Services 6351 -$ Telephone and Answering Service 6360 1,009.00$ Bad Debts 6370 -$ Miscellaneous Administrative Expenses (attach detail in Other VHDA Information) 6390 18,313.00$ Total Administrative Expenses 96,122.00$

Fuel Oil/Coal 6420 -$ Utilities Electricity (Light and Miscellaneous Power) 6450 8,766.00$ Expense Water 6451 1,589.00$

6400 Gas 6452 80.00$ Sewer 6453 -$ Total Utilities Expense 10,435.00$

A-10 of 50

VHDA dba Heritage Commons

Form updated 03/25/2011 Page 1 of 2 See Notes to Financial Statements

Janitor and Cleaning Payroll 6510 2,657.00$ Janitor and Cleaning Supplies 6515 536.00$ Janitor and Cleaning Contract 6517 -$ Exterminating Payroll/Contract 6519 -$ Exterminating Supplies 6520 317.00$

Operating and Garbage and Trash Removal 6525 318.00$ Maintenance Security Payroll/Contract 6530 -$

Expenses Grounds Payroll 6535 -$ 6500 Grounds Supplies 6536 -$

Grounds Contract 6537 1,350.00$ Repairs Payroll 6540 2,271.00$ Repairs Materials 6541 4,937.00$ Repairs Contract 6542 -$ Elevator Maintenance/Contract 6545 1,313.00$ Heating/Cooling Repairs and Maintenance 6546 -$ Swimming Pool Maintenance/Contract 6547 -$ Snow Removal 6548 -$ Decorating Payroll/Contract 6560 -$ Decorating Supplies 6561 -$ Vehicle and Maintenance Equipment Operation and Repairs 6570 -$ Miscellaneous Operating and Maintenance Expenses 6590 8,509.00$ Total Operating and Maintenance Expenses 22,208.00$

Real Estate Taxes 6710 -$ Payroll Taxes (Development's Share) 6711 3,605.00$ Miscellaneous Taxes, Licenses and Permits 6719 -$

Taxes Property and Liability Insurance (Hazard) 6720 2,500.00$ and Fidelity Bond Insurance 6721 -$

Insurance Workmen's Compensation 6722 552.00$ 6700 Health Insurance and Other Employee Benefits 6723 5,155.00$

Other Insurance (attach detail in Other VHDA Information) 6729 -$ Total Taxes and Insurance 11,812.00$

Interest on Bonds Payable 6810 -$ Interest on Mortgages Payable - VHDA 6820 -$ Interest on Mortgages Payable - Other 6825 -$

Financial Interest on Notes Payable (Short -Term) 6830 -$ Expenses Interest on Notes Payable (Long -Term) 6840 -$

6800 Mortgage Insurance Premium/Service Charges 6850 -$ Miscellaneous Financial Expenses 6890 -$ Total Financial Expenses -$

Services Total Services Expenses (attach detail in Other VHDA Information) 6900 -$ -$

Expenses Total Cost of Operations Before Depreciation 140,577.00$

6900 Profit (Loss) Before Depreciation (2,059.00)$

Depreciation Depreciation (Total)---6600 6600 -$ -$

6600 Operating Profit or (Loss) (2,059.00)$

Officer Salaries 7110 -$ Corporate or Legal Expenses (Entity) 7120 -$ Mortgagor Taxes (Federal - State - Entity) 7130-32 -$

Entity Other Expenses (Entity) 7190 -$ Expenses Total Corporate Expenses -$

7100 Net Profit or (Loss) (2,059.00)$

Miscellaneous or Other Income and Expense Sub-account Groups. If Miscellaneous or Other Income and/or Expense Sub-accounts (5190, 5290, 5490, 5990, 6390, 6590, 6729, 6890 and 7190) exceed the Account Groupings by 10% or more, attach Other VHDA Information describing or explaining the Miscellaneous Income or Expense.

Part II

1a. Total principal payments required under the VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

1b. Total principal payments required under non-VHDA mortgage(s), even if payments under a Workout Agreement are -$ less or more than those required under the mortgage(s).

2. Replacement, Miscellaneous and Operating Reserve deposits required by the Regulatory Agreement or Amendments -$ thereto, even if payments may be temporarily suspended or waived.

3. Replacement, Miscellaneous or Operating Reserve releases included as expense items on this Profit and Loss Statement. -$ 4. Development Improvement Reserve Releases under the Flexible Subsidy Program that are included as expense items on -$ this Profit and Loss Statement.

A-11 of 50

Form updated 03/25/2011 Page 2 of 2 See Notes to Financial Statements