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      <Desc>JOBS HAS PROVIDED A LOW INTEREST LOAN TO GENESIS - AFFORDABLE MANAGEMENT LLC FOR PREDEVELOPMENT COSTS FOR THE TAX CREDIT CONVERSION OF DORCHESTER SQUARE APARTMENTS, 1882 DORCHESTER STREET, FRANKLIN VA. THE SPONSOR CAN USE PREDEVELOPMENT FUNDS FOR CONSULTING, ENGINEERING AND ARCHITECTURE. DORCHESTER SQUARE IS A 128-UNIT GARDEN COMMUNITY LOCATED AT 1698 DORCHESTER STREET IN FRANKLIN VA, ORIGINALLY BUILT IN 1974. FRANKLIN IS 44 MILES WEST OF NORFOLK VA, AND IS PART OF THE SOUTHEAST VIRGINIA PLANNING AREA, WHICH CONSISTS OF ALL MAJOR COMMUNITIES OF THE HAMPTON ROADS AREA (NORFOLK, CHESAPEAKE, VIRGINIA BEACH, PORTSMOUTH). THE PROPERTY UNIT MIX HAS 18 1-BR, 51 2-BR, 34 3-BR AND 25 4-BR UNITS AND IS COVERED BY A 100% PROJECT-BASED SECTION 8 RENTAL ASSISTANCE CONTRACT, WHICH WAS RECENTLY RENEWED FOR 20 YEARS. THE PROPERTY WAS BUILT IN 1974, THEN REHABILITATED AS PART OF A 2003 LIHTC SYNDICATION, AND REMAINS SUBJECT TO A LURA. THIS PROJECT WOULD BE A RESYNDICATION. THE PROPERTY IS A GARDEN-STYLE DEVELOPMENT ON 11 ACRES WITHIN REASONABLE DISTANCE OF SERVICES, AND FEATURES LAUNDRY ACCESS, OUTSIDE AMENITIES INCLUDING AN OUTSIDE CONGREGATIONJOBS ALSO PROVIDED A SOURCE LOAN TO PRIMECARE IN CONJUNCTION WITH A NMTC CLOSING BY THE BORROWER. THE PROCEEDS OF THE LOAN SHALL BE USED SOLELY BY BORROWER TO FUND A PORTION OF THE FUND LOAN ON THE NMTC CLOSING DATE.</Desc>
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