Proposed Contract with Harvard Court Owner LLC to Contract No. 2025-127

MURIEL BOWSER
MAYOR

July 1, 2025

Honorable Phil Mendelson
Chairman
Council of the District of Columbia
John A. Wilson Building
1350 Pennsylvania Avenue, NW, Suite 504
Washington, DC 20004

Dear Chairman Mendelson:

Pursuant to section 451 of the District of Columbia Home Rule Act (D.C. Official Code §
1-204.51), enclosed for consideration and approval by the Council of the District of Columbia is
proposed Contract No. 2025-127 with Harvard Court Owner LLC in the amount of $24,290,185.

Under the proposed contract, the District will loan $24,290,185 from the Housing Production Trust
Fund (HPTF) to Harvard Court Owner LLC, who will use the HPTF loan proceeds to finance the
eligible acquisition costs, soft costs and construction hard costs associated with the development
of 108 units of affordable housing at 1425 Harvard Street NW in Ward 1.

My administration is available to discuss any questions you may have regarding the proposed
contract. In order to facilitate a response to any questions you may have, please have your staff
contact Christopher Earley, Deputy Director, Department of Housing and Community
Development, at chris.earley@dc.gov or at (202) 442-7158.

I look forward to the Council's favorable consideration of this contract.

Sincerely,

Muriel Bowser
GOVERNMENT OF THE DISTRICT OF COLUMBIA
Department of Housing and
Community Development
COUNCIL CONTRACT SUMMARY
Pursuant to section 202(c) of the Procurement Practices Reform Act of 2010, effective April 8, 2011
(D.C. Law 18-371; D.C. Official Code §2-352.02(c)), the following contract summary is provided :

$
The proposed contractor, contract amount, unit and method of
compensation, contract term, and type of contract:
Proposed Contractor: Harvard Court Owner, LLC
Contract Amount: $24,290,185
Unit and Method of Compensation: 'UDZ6FKHGXOH
Term of Contract: 42yrs/3% simple interest
Type of Contract: /RDQ$JUHHPHQW

%
The goods or services to be provided, the methods of delivering goods orservices,
and any significant program changes reflected in the proposedcontract:
The Department of Housing and Community Development (DHCD) proposes
to provide a loan to Harvard Court Owner, LLC in the amount of $24,290,185 from the
Housing Production Trust Fund for the purpose of financing certain eligible acquisition
costs,soft costs and construction hard costsassociated with the development of 108
affordable housing units located at 1425 Harvard Street NW in Ward 1 ("Harvard
Court").

&
Results, including the price and technical components:
DHCD received a request for funding from the borrower to be used for the purpose of
financing certain eligible acquisition costs, soft costs and construction hard costs
associated the development of 108 affordable housing units located at 1425 Harvard
Street NW in Ward 1.
Page 1 of 3

(D) The background and qualifications of the proposed contractor,
including its organization, financial stability, personnel, and prior
performance on contracts with the District government:
Owners of Harvard Court Owner, LLC include NHP Foundation (50%), Columbia Heights
Village Tenant Association, Inc. (25%) and Change All Souls Housing Corporation (25%),
with NHP Foundation maintaining the controlling interest. All entities involved in the
proposed contractor have no performance concerns related to working on contracts with the
District of Columbia government.
(E) Performance standards and the expected outcome of the proposed contract:
The developers of Harvard Courts have requested a $24,290,185 Housing Production
Trust Fund loan to finance the production of 108 units located at 1425 Harvard
Street NW in the Columb ia Heights neighborhood of Ward 1.
(F) A certification that the proposed contract is within the appropriated
budget authority for the agency for the fiscal year and is consistent with
the financial plan and budget adopted in accordance with D.C. Official
Code §§ 47-392.01 and 47-392.02:
The loan will be funded through the Housing Production Trust Fund. Attached is
the funding requisition certification that the financing is consistent with the
District’s financial plan and budget.
(G) A certification that the proposed contract is legally sufficient, including
whether the proposed contractor has any currently pending legal
claims against the District:
A legal sufficiency memorandum from the Office of the General Counsel is attached.
(H) A certification that the proposed contractor is current with its
District and federal taxes or has worked out and is current with a
payment schedule approved by the District or federal government:
District and federal tax law compliance certifications are attached.
Page 2 of 3
(I) The status of the proposed contractor as a certified local, small, or
disadvantaged business enterprise as defined in the Small, Local, and
Disadvantaged Business Enterprise Development and Assistance Act of
2005, effective October 20, 2005 (D.C. Law 16-32; D.C. Official Code §
2-218.01 et seq.):
Harvard Courts Owner, LLC is not a certified local, small, or disadvantaged business enterprise.
(J) Other aspects of the proposed contract that the Chief Procurement
Officer considers significant:
None
(K) A statement indicating whether the proposed contractor is currently
debarred from providing services or goods to the District or federal
government, the dates of the debarment, and the reasons for
debarment:
The proposed contractor is not currently debarred from providing services or goods
to the District or federal government. A debarment affidavit is attached.
(L) Where the contract, if executed, will be made available online:
The contract summary will be available at www.dhcd.dc.gov.
Page 3 of 3
*
*
* GovernmentoftheDistrictofColumbia

Hm OfficeoftheChiefFinancialOnfcer HL 4!Street,SW
HS (ificeofTaxandRevenwe ‘Washington,DC20024
DateofNotice:May13,2025 NoticeNumber:L0014098699 es
HARVARDCOURT OWNER,LLC PEIN:*9-9991517
122E 42NDST #4900 CaseID:18596457
NEW YORK NY 10168-0002

AsreportedintheCleanHandssystem,theabovereferencedindividual/entityhasnooutstanding
liabilitywiththeDistrictofColumbiaOfficeofTaxandRevenueortheDepartmentofEmployment
Services,Asofthedateabove,theindividual/entityhascompliedwithDCCode§47-2862.therefore
this Certificateof Clean Hands isissued.

TITLE 47,TAXATION, LICENSING. Ss,
CHAPTER 28 GENERAL LICENSE,
SUBCHAPTER II.CLEAN HANDS BEFORE RECEIVING A LICENSE OR PERMIT
D.C.CODE §47-2862(2006)
§ 47-2862 PROHIBITION AGAINST ISSUANCE OF LICENSE OR PERMIT

‘RuthorizedByMelindaJenkins—
Branch Chief,Collectionand Enforcement Administration
Tovalidatethis certificate,pleasevisitMyTax.DC.gov.OntheMyTaxDC homepage,clickthe
“ValidateaCertificateofCleanHands”hyperlinkundertheCleanHandssection.

TiO14thStreetSW,SuiteW270,Washington,DC20024/Phone:(202)724-S048/MyTas.DC.g0v
PROJECT/CONTRACT ELIGIBILITYAFFIDAVIT!
AUTHORIZED REPRESENTATIVE,
IHEREBYAFFIRMTHATIamtheSeviorVeePresident andthedulyauthorizedrepresentativeof‘heNHPFoundeton ‘andthatIpossessthelegalauthoritytomakethisAffidavitonbehalfofmyselfandtheorganizationforwhichIamacting.
CERTIFICATIONOF ORGANIZATIONAL REGISTRATIONAND TAX PAYMENT
IFURTHER AFFIRMTHAT theorganizationnamedaboveisa DistictofColumbia
corporation,unincorporatedassociationorpartnershipdulyregisteredinaccordancewiththelawsof
theDistrictofColumbiaandisingoodstanding.Thenameandaddressofitsresidentagentis:
UNIVERSALREGISTEREDAGENTS,INC.
1100HSteetNW,Suite640,
Washington,0¢20005

IFURTHERAFFIRMTHAT,exceptasvalidlycontested,theorganizationandanyrelated
entities,haspaid,orwillhavepaidallrealproperty,income,andwithholdingtaxesduetothe
DistrictofColumbiapriortoexecutionofanyfundingagreementawardedbytheDistrictof
Columbia,
AFFIRMATIONREGARDING BRIBERY CONVICTIONS
1FURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,thatwithinthe
pastfiveyears,[havenotbeenindicted,convictedof,orhavehadprobationbeforejudgment
imposed,orhavepleadednolocontendertoachargeofbribery,attemptedbribery,orconspiracyto
bribeinviolationofanyDistrictofColumbiaorfederallaw,

AFFIRMATION REGARDING OTHER CONVICTIONS
1FURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,thatwithinthe
pastfiveyears,Ihavenotbeenindictedorconvictedofa criminaloffenseincidenttoobtaining,
attemptingtoobtain,orperformingapublicorprivatecontract;fraud,embezzlement,theft,forgery,
falsificationordestructionofrecords;receivingstolenproperty;oradmittedinwritingorunder
oath,duringthecourseofanofficialinvestigationorotherproceeding,actsoromissionsthatwould
constitutegroundsforconvictionorliabilityunderanylaworstatutedescribedabove.

AFFIRMATION REGARDING CIVILLIABILITY
IFURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,thatwithinthe
pastfiveyears,neitherInortheaboveorganizationhasbeenfoundcivillyliableforcommissionof
fraudoracriminaloffenseincidenttoobtaining,attemptingtoobtainorperformingapublicor

'Project/ContractEligibilityAffidavitisalsoknownastheContractAffidavit.
privatecontract;violationoffederalorstateantitruststatutes;commissionofembezzlement,theft,
forgery,falsificationordestructionofrecords;makingfalsestatements;orreceivingstolenproperty.

AFFIRMATION REGARDING CURRENT CRIMINAL OR CIVILLIABILITY
IFURTHER AFFIRM,tothebestofmy knowledge,information,andbeliefthatIam not
currentlyindictedorotherwisecriminallyorcivillychargedbyagovernmentalentitywithcommissionofanyoftheoffensesenumeratedinthethreeprecedingparagraphsofthisAffidavit.
AFFIRMATION REGARDING DEBARMENT,
1FURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,thatwithinthepastfiveyears,Ihavenotbeendebarred,proposedfordebarment,suspended,declaredineligible,excludedfromordeterminedineligible(includingbeingissuedalimiteddenialofparticipation)byanypublicentity.
AFFIRMATION REGARDING DEBARMENT OF RELATED ENTITIES
LFURTHERAFFIRMTHAT(a)theorganizationwasnotestablished,anditdoesnot
operateinamannerdesignedtoevadetheapplicationofordefeatthepurposeofdebarment;and(b)
theorganizationisnotasuccessor,assignee,subsidiary,oraffiliateofa suspendedordebarredorganization.
SUBCONTRACT AFFIRMATION
IFURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,thatneitherI
northeaboveorganization,hasknowinglyenteredintoacontractwithapublicbodyunderwhicha
persondebarredorsuspendedwillprovide,directlyorindirectly,supplies,services,architectural
services,construction-relatedservices,leasesofrealproperty,orconstruction.
AFFIRMATION REGARDING PASTPROJECT PERFORMANCE
[FURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,thatwithinthepastfiveyears,neitherI,northeaboveorganizationanditsrelatedentitieshavewhileactingasa
sponsor,developer,guarantor,orownerofa projectdevelopmentteambeenremovedasageneral
partnerormanagingmember,asapplicable;hadchronicpastdueaccounts;hadsubstantialliens,
judgments,foreclosures,orbankruptcies;hadunresolveddefaults;issuedchronichousingcode
violations;receivedexcessivetenantcomplaints;failedtoreceiveIRSForm8609foracompleted
project;orfailedtocorrectareportofLow-IncomeHousingCreditAgenciesReportof
NoncomplianceorBuildingDisposition(Form8823),

AFFIRMATION REGARDING PASTDHCD PROJECT PERFORMANCE
IFURTHERAFFIRM,tothebestofmy knowledge,information,andbelief,thatIandthe
aboveorganizationanditsrelatedentitiesareincompliancewithallexistingandprioragreements
withDHCD and/ortheDistrictofColumbia,includingmajorhealth,safetyandbuildingcodes.
andtheaboveorganizationanditsrelatedentitieshavenotconsistentlyfailedtoprovideinformation
toDHCD aboutexistingdevelopmentsorotherloanapplications.Withinthepastthreeyears,Iand
theaboveorganizationanditsrelatedentitieshavenothadanawardterminatedbyDHCD or
receivedanunsatisfactoryratingfromDHCD orHUD,ifapplicable.

IftheAffiantcannotcertifythathe/shenortheaboveorganizationhasnotbeendebarred,
suspended,proposedfordebarment,declaredineligible,excludedfrom,participationinapublic
contract;oreannotcertifythathe/shenortheaboveorganizationhasnotbeenindicted,convicted,
orcivillychargedbyagovernmentalentitywithanoffenseincidenttoobtaining,attemptingto
obtain,orperformingapublicorprivatecontract,fraud,embezzlement,theft,forgery,falsification
ordestructionofrecords;orreceivingstolenproperty;orcannotcertifythatwithinthepastfive
years,he/she,northeaboveorganizationhasahistoryofremovalfromaprojectdevelopmentteam;
substantialliens,defaults,judgments,foreclosures,and/orbankruptcies;he/sheshallprovidean
explanationwiththisAffidavit.Anexplanationwillnotnecessarilyresultindenialofparticipation
inaRequestforProposalaward.FailuretosubmitthisAffidavitwilldisqualifytheauthorized
representativeandtheaboveorganizationfromaRequestforProposalaward.

C1 cheekhereitanexplanationisattachedtothisAffidavit.
ACKNOWLEDGMENT
TACKNOWLEDGETHATthisAffidavitistobefurnishedtotheDistrictofColumbia
DepartmentofHousingandCommunityDevelopmentandmaybedistributedtounitsof(a)the
DistrictofColumbiagovernment;(b)otherstates;and(c)thefederalgovernment.Ifurther
acknowledgethatthisAffidavitissubjecttoapplicablelawsoftheUnitedStatesandtheDistrictof
Columbia,bothcriminalandcivil,andthatnothinginthisAffidavitoranyagreementresultingfrom
thesubmissionofthisproposalshallbeconstruedtosupersede,amend,modify,orwaive,onbehalf
oftheDistrictofColumbia,oranyunitoftheDistrictofColumbiahavingjurisdiction,theexercise
ofanystatutoryrightorremedyconferredbytheConstitutionandthelawsoftheDistrictof
‘Columbiawithrespecttoanymisrepresentationmadeoranyviolationoftheobligations,termsand
covenantsundertakenbytheaboveorganizationwithrespectto(a)thisAffidavit,(b)theproject
proposal,(c)thefundingaward,(d)thefundingcontract,and(c)otherAffidavitscomprisingpartof
thecontract.

IDO SOLEMNLY DECLARE AND AFFIRMUNDER THE PENALTIESOF PERJURY
THAT THE CONTENTS OF THISAFFIDAVITARE TRUE AND CORRECT TO THE BESTOF
MY KNOWLEDGE, INFORMATION,AND BELIEF.
wr “TheNHPFoundation
Sigefafure\fWitness fgnatureofRepresentative
BrattRuby 702025 JohnWelsh 152028
‘SoniViePresident
Page 1 of 4
GOVERNMENT OF THE DISTRICT OF COLUMBIA
PROFILE SUMMARY
(CONTRACTs TO PURCHASE, SELL, ACQUIRE, TRANSFER, LEASE OF REAL
PROPERTY/ EXCLUSIVE RIGHT AGREEMENTs/LOANs & GRANTs OVER $1M/INTRA-
DISTRICTs)
Contracting Agency: Dept. Housing andCommunity Development Agency Code:
Using Agency: Dept. Housing and Co mmunity Development Agency Code:
Loan/Grant/Lease Sub-recipient Name: Harvard Court Owner, LLC.
Should the D.C. Council have any questions regarding this loan/grant/lease, please contact:
Project Manager: Guyton Harvey Telephone Number: 202-442-7140
TYPE OF DOCUMENT SUBMITTED
1. Loan/Grant/Lease Modification 4. Written or Informal Contract
2. Exercise of Grant Option Year (E. O.) 5. Lease of Real Property
3. Loan/Grant/Lease Agreement for:
Harvard Court Owner, LLC
6. Other:
LOAN/GRANT TYPE
1. Grant 4. Cost Reimbursement
2. Loan Price $24,290,185 5. Time and Material
3. Task Order 6. Advance Payment
Page 2 of 4
GRANT/LOAN/LEASE INFORMATION
Grant/Loan/Lease No. : _DHCD Amount: $24,290,285 (HPTF)
Caption: Harvard Court Owner, LLC. Grant/Loan Term: 42 Years
Interest Rate: 3%, simple interest
Does this Grant/Loan Amount exceed $1 million: Yes No
If yes, please attach a copy of the DC Council approval and provide the following information:
Date received: Date approved:
LEASE INFORMATION
Lease No.:
Location:
Sq. Ft. Leased:
Total Bldg. Sq. Ft.:
Total Cost
Annual Cost
Cost Per Sq. Ft.
% Sq. Ft. Leased By D.C.
BRIEF DESCRIPTION OF GRANT/LOAN/LEASE
SOURCE OF FUNDING
1. Appropriated 4. I ntra-District
2. Capital 5. Inter-Jurisdictional
3. Grant ( ) 6. Other: HPTF
If procurement action is funded by grant or other non-capital or non-appropriated funds, will the
District need to expend some portion of its funds prior to receiving funds from the grantor or
other funding source?
Yes No N/A
If Yes, indicate the amount the District will need to expend and the percentage this amount
represents of the total funds required to support the effort. District Funds $
%.
Page 3 of 4
CRITICAL ISSUES ASSOCIATED WITH GRANT/LOAN ACTION
1. Is this Grant/Loan one of multiple (more than one) Grants/Loans for similar goods, services, etc.,
awarded by the Agency to this subrecipient, or related entity, within the last twelve (12)months?
Yes No
2. Have reserved funds been obligated for payment? (If Yes, ensure documentation is included in
Grant/Loan File).
Yes No
3. Is the File complete? (If Yes, please attach pertinent documentation).
Yes No
4. Is the subrecipient a successor to or affiliated with another individual or business that has
Grant/Loan with the Agency?
Yes No
If Yes, name of Predecessor/Affiliate: Anacostia Gardens Owner, LLC, which is an affiliate of NHP
Foundation.
5. Is a former District employee an owner, officer, or affiliate of the subrecipient?
Yes No
If Yes, Name and Affiliation: N/A
Please discuss any other critical issues such as time constraints; health and safety issues; or
financial/revenue production issues that should be known.
FUTURE INFORMATION/DOCUMENTATION TO BE SUBMITTED TO AUTHORITY
IF Grant/Loan IS AWARDED
1. Award Date 4. Claims By/Against Grant/Loan
2. Expiration Date 5. Certified Completion Date
3. Amendments 6. Final Payment Date

CERTIFICATIONS
IcertifythatthisproposedfinancingprovidedbytheDepartmentofHousingandCommunity
Development(DHCD)toHarvardCourtOwner,LLCintheamountof$24,290,185fromtheDistrictof
ColumbiaHousingProductionTrustFundwillfacilitatea 108unitaffordablehousingdevelopment
locatedat1425HarvardStreet,NW inWard5andisincompliancewiththeapplicableFederaland
(otas

‘oljden\@feen Fate
Director,
BE oy June12,2025
ChristopherEarley Date
DeputyDirector,DHCD
Ihave reviewedthisProject’sbudgetand determinedthatitiswithintheDistrict’sFinancialPlan
and Budget forFY_2025_and thatfundsareavailabletosupporttheaction.
DigitallysignedbyBethanySpoonerBethany Spooner oste'20asos1214021-0600
BethSpooner Date
AgencyFiscalOfficer,DHCD
DETERMINATION
ThavereviewedthisProject’sbudgetandhavedeterminedthatitiswithintheDistrict’sFinancial
PlanandBudgetforFY_2025andthatfundsareavailabletosupporttheaction.
GX AbukarAbdirahmansteam
LeroyClay,Ill Date
AssociateChiefFinancialOfficer
EconomicDevelopmentandRegulationCluster
Page4of4
Harwey,Guyton(DHCD)Earley.Chris(DHCD)‘leche.Gorn(DHCD)‘Fw:HarvardCourtANCNoticeDate: ‘Wednesday,May14,20256:06:35AM

Chris,Justwantedtokeepyouabreast.
gov
Phone:202-539-7303
From:Harvey,Guyton(DHCD)<guyton.harvey@dc.gov>
Sent:Friday,May9,20254:40PM
To:Perri,Carlo(SMD1A03)<1A03@anc.dc.gov>
Ce:Hillsman,Pamela(DHCD)<pamela.hillsman@dc.gov>;Earley,Chris(DHCD)
<chris.earley@dc.gov>
Subject:HarvardCourtANC Notice
Mr.Perri,
PleaseseeattachedtheANCNoticefortheHarvardCourtProject.
Regards,
GuytonHarvey
GuytonHarvey
DistrictofColumbiaDepartmentofHousingandCommunity
Development
1800MartinLutherKingJr.AvenueSE|Washington,D.C.20020
(p)202-442-7140|(c)202-577-2300|(f)202-645-5870
Guyton.harvey@dc.gov
http://dhed.de.gov
In-officeTuesday,Wednesday,ThursdayandFriday.OffonMondaysAltrnately
aticdAC
kan
*
&&ed GOVERNMENT OF THE DISTRICT OF COLUMBIA
<== DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
Bl=*
a
May09,2025
VIAELECTRONICMAIL,
CommissionerCarloPerri
ANC 1A03340011"StreetNW,Suite#200SecretaryANC 1AWashington,DC 200101A@ane.de.gov
Re:HarvardCourt—290014"Street,NW
DearCommissionerPerri,
PursuanttoD.C.OfficialCode§1-309.10(2001ed.),youareherebyinformedthattheDepartmentof|
HousingandCommunityDevelopment(“Department”or“theDepartment”)proposestoprovidewith
fundinginanapproximateamountof$24,290,185.00inHousingProductionTrustFund(HPTF)loanthatwill
beusedtofinanceacquisition,construction,andrelatedcostsfortheaffordablehousingprojecttobelocatedat
290014"StreetNW,Washington,D.C.
PleasebeadvisedthatAdvisoryNeighborhoodCommission1A03hasthirty(30)businessdaysfromthedate
ofthisnoticetosubmitcommentsontheproposedaboveaction.DistrictlawrequiresthattheDepartmentgive
“greatweight”tollrelevantANCconcemsorrecommendations.Werespectfullyrequestthatany
commentinresponsewaivetheremainderofthestatutory30-dayANCnoticecommentperiod.
‘TheDepartmentmustreceivecommentsbyJune10,2025(je.thethirty-businessdaycommentperiod).You
mustincludeareferencetothesubjectmatteridentifiedatthetopofthisnoticeinyourresponse.Comments
maybesentbyemailtoPamelaHillsmanatpamelahillsman@dc.govorbymailfo:TheDepartmentof
HousingandCommunityDevelopment,OfficeoftheDirector,Attn:PamelaHillsman,1909MartinLuther
KingAvenue,S.E.,4thFloor,Washington,D.C.20020.
Ifyouhavefurtherquestionsregardingthisproject,pleasedonothesitatetocontactGuytonHarveyat
202-442-7140orguyton.harvey@dc.gov.
Director
CouncilmemberRobertC.White,Jr.,At-LargeCouncilmember
‘CouncilmemberBrianneK.Nadeau,WARD 1,CouncilMember
ANC 1A02CommissionerDieterLehmannMorales,Chairperson
Mr.KentBose,OfficeofAdvisoryNeighborhoodCommissions

xe k d
+wk
GOVERNMENT OF THE DISTRICTOF COLUMBIA
DEPARTMENT OF HOUSINGAND COMMUNITY DEVELOPMENT
OfficeoftheGeneralCounsel

MEMORANDUM
TO:
THRU:
FROM:
DATE:
SUBJECT:
MurielE.BowserMayor
JuliaWiley,GeneralCounselQu’
DepartmentofHousingandComunityDevelopment
DevinJohnson,AssistantGeneralCounsel 6
DepartmentofHousingandCommunityDevelopmentJ
June10,2025
ProposedFundingintheprincipalamountnottoexceedTwentyFour
MillionTwoHundredNinetyThousandOneHundredEighty-Fiveand
No/100($24,290,185.00)("Funding")toHarvardCourtOwner,LLC.
(Borrower”)
‘TheproposedFundingconsistsofaHousingProductionTrustFund(“HPT”)Loaninan
amountnottoexceedTwentyFourMillionTwoHundredNinetyThousandOneHundred
Eighty-FiveandNo/100($24,290,185).
TheFundingproceedswillfinanceeligibleexpenses,includingeligibleacquisitioncostsand
constructionhardcosts,relatedtotheconstructionofonehundredeight(108)unitsatthatcertain
realpropertylocatedat1425HarvardStreet,NW,Washington,DC 20009(the"Project").All
onehundredeight(108)oftheProjectunitsshallbereservedasaffordablehousingunits(the
“ReservedUnits”).Eighty-Six(86)ReservedUnitsshallbeaffordabletoandoccupiedby
ce:
householdsatorbelow50% ofMedianFamilyIncome(“MFI”).Twenty-Two(22)Reserved
Unitsshallbeaffordabletoandoccupiedbyhouseholdsatorbelow30%of MFI.TheProject
affordabilityrestrictionsshallbeenforcedby affordabilitycovenantsthatrunwiththelandin
perpetuity.
‘TheattachedLoanAgreementevidencingtheproposedcontracthasbeenpreparedbytheOffice
oftheGeneralCounseloftheDepartmentofHousingandCommunityDevelopmentandis
legallysufficientinaccordancewithallapplicablefederalandDistrictofColumbialaws.Ifyou
haveanyspecificquestionsregardingthisLoancontract,pleasecontactDevinJohnsonat(202)
442-7291.
ColleenGreen,Director
DevinJohnson,AssistantGeneralCounsel,OGC
GuytonHarvey,ProjectManager,DFD
LOAN AGREEMENT,
between
HarvardCourtOwner,LLC,aDistrictofColumbialimitedliabilitycompany
asBorrower
and
DISTRICTOFCOLUMBIA,amunicipalcorporation,
actingbyandthroughtheDEPARTMENTOFHOUSINGAND COMMUNITY DEVELOPMENT
asLender
Datedas of. »2025
DHCD Contract No. 2025-127
ProjectName HarvardCourt
DMFIRM#41903668v25 14927-2237-0106,v.3
Section1.
Section2.
2.1.
212.
23.
24.

Section3.
Section4.
4.1.
4.2.
43.

42.
4.10.
4.11.
4.12.
4.13.
Section5.
5.1.

Section6.
6.1.
6.2.
6.3.
ppas?
TABLE OF CONTENTS

GenerallyMakingofPayment:Use of Loan Proceeds
AdditionalFinancing..
Reserved.
RequirementsandConditionsforLoanDisbursementsInitialDisbursement.
SubsequentDisbursements.FinalDisbursement.
PaymentProceduresandRequirements
ConditionsPrecedenttoSubsequentDisbursements.
RetainagiAdditionalConditionsforFinalDisbursementFinalAdjustment to Loan AfterClosing,
InsufficiencyofLoanProceedsAuthorized Disbursements.
DisbursementsNotaWaiverStored Materials.
NoEscrow.
RepresentationsandWarrantiesStatus..
LitigatioyFinancialInformation.
Receivership.
Cost Breakdown.
OFAC List.
Insurance: wsees
Accounting/AuditRequirements
LoanAgreement(RevisedJan.2023) i
4927-2237-0108,v.3

Inspection.MaintenanceandRepair..
ObstructionsPermits,Licenses

.8. StructuralInjury,Nuisance,WasteandOtherProhibitedUses.
6.9. CompliancewithLaws 206.10.Reportin; 206.11.RecordsandRetention 2
6.12.PaymentofObligations. 226.13.Notices. a 22
6.14.FurtherAssurances.. 226.15.FeesofLender’sAgents 22
6.16.PerformanceofOtherAgreements 226.17.AcknowledgementofLenderFinancing, 22
6.18.PropertyManagement 236.19.AffordabilityCovenants. 2B6.20.HazardousMaterialsIndemnit 23
Section7. Default;Remedies7.1. Defaults7.2. RemediesofLenderonEventofDefault7.3.NoRemedyExclusive;DelaysorOmissions;WaiverofBreach
Section8. AdditionalLocalandFederalRequirementsApplicabletoBorrower...
Section9. ConflictOfInterest/LimitofLiability. 31
Section10. NoticeofNon-Discrimination
Section11, FreedomofInformationAct
Section12. AntideficiencyActLimitation:
Section13. Miscellaneous..13.1,ReimbursementofDisbursementsMadeorOtherCostsIncurredbyLendet13.2.InterestonAdditionalPaymentsandReimbursements.
13.3,IndemnificationofLender
13.4,Nonassignability13.5.LiabilityofLender..13.6.NoParinership,JointVenture,Agency
13.7.WaiverofJuryTrial/ServiceofProcess/CourtCost
13.8.NoThirdPartyBeneficiaries13.9.Counterparts.
13.10,Notices...
13.11,Amendment.13.12.SurvivalofAgreements13.13.EntireAgreement;SuccessorsandAssigns;TimeofEssence
LoanAgreement(RevisedJan.2023) ii4927-2237-0106,v.3
13.14.Severability
13.15.DescriptiveCaptions;Headings.13.16.Construction.13.17.GoverningLaw13.18.ConflictwithProgramRequirements

Thefollowingexhibitsandridersattachedheretoareincorporatedintoanddeemedpartofthis

Agreement.
Exhibits ExhibitA__| SummaryofLoanTerms
ExhibitB | ProjectBudgetExhibitC___|ConstructionDrawSchedule
FederalLabor StandardsContractAddendum.
Davis-BaconWageDetermination
Section3ContractAddendum
DevelopmentTeamDebarmentAffidavit
InsuranceRequirements
CertificationofBorrower'sRepresentationsandWarranties
Form of FinalLoan ReductionCertificate
Formof Net Cash Flow CalculationWorksheet
=

ModificationstoLoanAgreement

Riders.
[Low-IncomeHousingTaxCreditProvisions
LoanAgreement(RevisedJan.2023)+4927-2237-0106,v.3 iii
LOAN AGREEMENT
THISLOANAGREEMENT(this“Agreement”)ismadeasofthis___dayofApril,
2025 from HARVARD COURT OWNER, LLC,a District of Columbia limitedliabilitycompany
(“Borrower”),andtheDISTRICTOFCOLUMBIA,amunicipalcorporation,actingbyand
through the DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT
(“Lender”).

RECITALS
A. BorrowerownstherealpropertyintheDistrictofColumbialocatedat1425Harvard StreetNW, Washington DC 20009;
B. BorrowerhasappliedtoLenderforaloaninatotalprincipalamountnottoexceedTwentyFourMillionTwoHundredNinetyThousandOneHundredEighty-Fiveand00/100
Dollars($24,290,185.00)!(the“Loan”),theproceedsofwhichshallbeusedbyBorrowerto
financethe Project(asdefinedbelow);and
c Lenderhasagreedtomake theLoan on thetermssetforthinthisAgreement.
NOW,THEREFORE,inconsiderationofthemutualpromisesandcovenantscontained
herein,andothergoodandvaluableconsideration,thereceiptandsufficiencyofwhicharehereby
acknowledged,thepartiesagreeasfollows:
Section1. DefinitionsAsusedherein:
“ActofBankruptcy”meansthefilingofapetitioninbankruptcyundertheUnitedStates
BankrupteyCode,11U.S.C.§101efseq.(andallfutureactssupplementaltheretooramendatory
thereof)orthecommencementofaproceedingunderanyotherapplicablelawconcerning
insolvency,reorganizationorbankruptcybyoragainstBorroweroranyguarantor,asdebtor.
“AffordableHousingCovenant”meansthatcertainAffordableHousingCovenantbyBorrowerforthebenefitofLender,whichsetsforthBorrower'scovenantstorenttheAffordable
Units to Qualified Tenants in accordance with the Program Requirements and the Loan
Documents,whichagreementshallberecordedagainstthePropertyasacovenantrunningwith
theland.
'BorroweracknowledgesandagreesthatitisexecutingthisAgreementaheadof theClosingDate
inordertoobtainthenecessaryapprovalsbytheD.C.Council.Borrowerfurtheracknowledges
andagreesthattheLoanamountmaybeadjustedaheadoftheClosingDateinaccordancewith
theloanright-sizingrequirementssetforthintheCommitmentLetter.
Borrower: (initial)
LoanAgreement(RevisedJan,2023) 14927-2297-0106,9.3
“AffordabilityPeriod”meanstheperiodduringwhichBorrowershalloperatetheProject
asaffordablehousingunitsincompliancewiththeAffordableHousingCovenantandtheProgram
Requirements.
“AffordableUnit”meansaresidentialhousingunitthatisreservedforandleasedto
QualifiedTenantsattheapplicableincomelimitforsuchunitandatrentsthatareaffordable
pursuanttotheAffordableHousingCovenant.“AffordableUnit”asusedhereinhasthesame
meaningas“ReservedUnit”asusedintheHPTFProgramRequirements.Notwithstandingany
jontothecontrary,anOver-IncomeTenant(assuchtermisdefinedintheAffordable
HousingCovenant)mayoccupyanAffordableUnit,however,oncesuchtenantvacatesan
AffordableUnit,theAffordableUnitshallberentedtoincomeeligiblehouseholdsinaccordance
withtheAffordableHousingCovenantandtheProgramRequirements.“AffordableUnitIndex”
hasthemeaningsetforthintheAffordableHousingCovenant.

“Agreement”hasthemeaningsetforthinthePreamble.
“AnnualOwnerCertification”meansthatcertaincertificationpreparedandexecutedby
BorrowerandsubmittedtoLender,whichcertifiesthatallAffordableUnitshavebeenrented
exclusivelytoQualifiedTenantsatrentlevelsconsistentwiththeAffordableHousingCovenant
andtheProgramRequirements.TheAnnualOwnerCertificationissubmittedtoLenderthrough
itselectronicassetmanagementportal,alsoknownastheDHCD-PAMDOwner/Borrowerportal.
“Architect”meansthearchitectfortheProjectanditssuccessorsandassigns.
“Attorneys”FeesandCosts”meansallreasonablecostsandexpenses(including,without
limitation,reasonableattorneys’feesanddisbursementsofLender'scounsel,whetherin-house
staff,retainedfirmsorotherwise)incurredbyLenderorTrustee(assuchtermisdefinedinthe
DeedofTrust)inconnectionwithBorrower'sdefaultundertheLoanDocuments.
“Authority”meansanygovernmentalentityhavingjurisdictionoverallorpartoftheProperty,theProject,oroverapartyhereto.
“Borrower”hasthemeaning setforthinthePreamble.
“Change Order”hasthemeaning setforthinSection4.5.7.
“ClosingDate”means thedateof thisAgreement.
“CompletionDate” means ,2027 [NTD: 27 months afierclosingdateper
Summary of Loan Terms},asmay be extendedwiththepriorwrittenconsentofLender.
“ConstructionContract”meanstheagreementtobeenteredintobetweenBorrowerasownerandtheContractorfortheProject.
“ConstructionDraw Schedule”means theLender-approveddraw scheduleattachedhereto
asExhibitC andincorporatedherein.

“Contractor”means thegeneralcontractorfortheProjectand itssuccessorsand assigns.
LoanAgreement(RevisedJan.2023) 24927-2237-0106,v.3
“Cost Savings” has the meaning setforthinSection4.8.1(4).
“DeedofTrust”meanstheDeedofTrust,AssignmentofLeasesandRentsandSecurity
AgreementdeliveredfromBorrowertoLender’strusteeforthebenefitofLender,andwillbe
recordedinthelandrecordsoftheDistrictofColumbiatosecuretheLoanasevidencedbythe
Note.
“DraftLoanReductionCalculation”hasthemeaningsetforthinSection4.8.1(4).
“Due Diligenceand ClosingChecklist”hasthemeaning setforthintheLoan Commitment.
“EquityInvestor"hasthemeaning setforthintheLIHTC RiderattachedheretoatRider

“EventofDefault”hasthemeaningsetforthinSection7.1.
“ExcessProceeds”hasthemeaningsetforthinSection4.8.1(4).
“FiftyPercent(50%)Completion”meansthedateonwhichfiftypercent(50%)oftheconstructionand/orrehabilitationoftheProject,andallimprovements,havebeencompleted,inagoodandworkmanlikemanner,defect-freeandfreefrommechanic’sandmaterialmen’sliens,andin accordance with allapplicablelaws and codes,the Plansand Specifications,the relevantLoan
Documentsandallenvironmentalremediationlaws,asevidencedbyasignedcertificatefromthe
Architect,whichcertificatemaybeincludedaspartofthePaymentRequestdeliveredtoLender,
indicatingthatfiftypercent(50%)oftheconstructionand/orrehabilitationoftheProject,andallimprovements,havebeencompletedinaccordancewithallapplicablelawsandcodes,thePlansandSpecifications,therelevantLoanDocumentsandallenvironmentalremediationlaws.

“FiftyPercent(50%)CompletionMeeting”meanstheprogressmeetingconvenedbyLenderfollowingFiftyPercent(50%)Completion.
“FinalLoanReductionCalculation”hasthemeaningsetforthinSection4.8.1(4).
“FinalLoanReductionCertificate”meansthatcertaincertificatepreparedandexecutedby
Borrower,insubstantiallytheformattachedheretoasExhibitJ,whichcertifiestheamountofFinalLoanReductionCalculationinaccordancewithSection4.8.1(4).

“FinancingStatements”meanstheUCC financingstatements,evidencingtheLoan,that
shallberecordedinthelandandchattelrecords,asapplicable,oftheDistrictofColumbiatosecureLender’slienonthefixturesandequipmentlocatedattheProperty.
“FiscalYear”meansthefiscalyearofBorrower,whichis[January1toDecember31].
“FOIA” has the meaning setforthin Section 11.1.
“HazardousMaterials”meansanysubstance(j)thepresenceofwhichrequires
investigation,remediation,orspecialhandlingunderany Federal,stateorlocalstatute,regulation,
ordinance,orderor policy;or (ii)isor becomes a “hazardoussubstance”or “hazardouswaste”
LoanAgreement(RevisedJan.2023) 34927-2257-0108,v.3
underanyFederal,stateorlocalstatute,regulation,ordinance,orderorpolicy,includingtheResource Conservation and Recovery Act of 1976 (42 U.S.C. § 9601 et seq.),as amended from
timetotime,ortheComprehensiveEnvironmentalResponse,CompensationandLiabilityActof
1980(42U.S.C.§9601efseq.),asamendedfromtimetotime;and(iii)withoutlimitation,includesanylead,oilorpetroleumproducts,polychlorinatedbi-phenyls,PCB's,asbestos,ureaformaldehydefoaminsulationorradongas,exceptassuchproductsarecustomarilyfoundorusedinsimilarprojects.

“Household”meansallpersonswhowilloccupytheAffordableUnit,includingthetenant’sspouseordomesticpartner,allchildrenundereighteen(18)yearsofage,andallotherpersonsovereighteen(18)yearsofagewhowillbeoccupyingtheAffordableUnit.
“HUD”meanstheU.S.DepartmentofHousingandUrbanDevelopment.
“HumanRightsAct”hasthemeaningsetforthinSection10.
“Improvements”meansallstructuresorbuildingsnoworhereaftererectedorplacedontheProperty,togetherwithanyandallalterations,additions,accessionsandreplacementsthereof.
“IncreasedSources”has themeaning setforthinSection4.8.1(4).

“Lender”hasthemeaningsetforthinthePreamble.
“LenderRetainage”meansanamountequaltothelesseroftenpercent(10%)ofthe
ConstructionContractortenpercent(10%)oftheLoanamountthatshallbereserveduntilthefinaldisbursementofLoanproceeds.AssetforthinExhibitA,theLenderRetainageforthis
Projectis$

“Loan” hasthemeaning setforthintheRecitals.
“Loan Commitment” means Lender’s letterof conditionalcommitment, and any
modificationsthereto.In theeventofa conflictinterms between thisAgreement and theLoan
Commitment,thisAgreementshallcontrol.
“LoanDocuments”means,collectively,thisAgreement,theNote,theDeedofTrust,theAffordableHousingCovenant,theFinancingStatements,theLoanCommitmentandanyother
documentsrequiredbyLenderfromBorrower,asaconditionprecedenttodisbursingtheLoanproceedsortoevidenceorsecurethisLoan.AllLoanDocumentsshallbeincorporatedhereinbyreference.
“LoanTerm”meansthetermoftheLoanfromtheClosingDatetotheMaturityDate.
“Median Family Income” or “MFI” means the median family income fora Household of
four(4)personsinthe“WashingtonMetropolitanStatisticalArea”asperiodicallypublishedbyHUD,andadjustedforHouseholdsizewithoutregardtoanyadjustmentsmadebyHUD forthepurposesoftheprogramsitadministers,asmaybeadjustedbyLendertoestablishincomelimitspursuanttotheProgramRequirements.MFI isalsoknownasAreaMedianIncomeorAMI.
[Notwithstandinganythingtothecontraryherein,themaximumHouseholdincomeforaQualified

LoanAgreement(RevisedJan,2023) 44927-2287-0106,v.3
Tenantateightypercent(80%)MFIshallbeadjustedpursuanttoSection42(g)(4)oftheInternal
RevenueCode.]
“NetCashFlowCalculationWorksheet”meansthatcertainworksheetpreparedandexecuted by Borrower, insubstantiallythe form attachedheretoas Exhibit K, which demonstrates
Borrower's annualcalculationofNet Cash Flow (assuch term isdefinedintheNote) and payments
owed toLenderpursuanttotheNote.
“Note”meansthatcertainDeedofTrustNotemadebyBorrower,ofevendateherewith,
asamended,modified,orsupplementedfromtimetotime,whichevidencesBorrower'spromisetoLendertorepaytheLoanunderthetermsandconditionsoftheLoanDocuments.
“Notice”hasthemeaningsetforthinSection13.10.
“OFAC”hasthemeaningsetforthinSection5.13.
“OperatingAgreement”meanstheAmendedandRestatedOperatingAgreementof
Borrower,datedasof asmaybeamended.
“OPM” hasthemeaningsetforthinSection4.7.1.
“OtherContingencyUse”hasthemeaningsetforthinSection4.5.7.
“PaymentRequest”hasthemeaningsetforthinSection4.4,
“PermanentLoanClosingDate”hasthemeaningsetforthinSection4.8.1(4).
“PermittedTransfer”means thetransferspermittedinaccordancewithSection1.11of the
DeedofTrust.
“Person”meansa naturalperson,trustee,corporation,partnership,limitedliabilitycompanyorotherlegalentity.
“PlansandSpecifications”meanstheplansandspecificationsapprovedortobeapprovedbyLenderfortheProject.
“ProgramRequirements”mean,collectively,
% TherequirementsoftheHousingProductionTrustFund,including,butnotlimitedto,the Housing ProductionTrust Fund Act of 1988, D.C. Law 7-202, D.C. OfficialCode
§ 42-2801 efseq.(2001 ed.)and 10B DCMR Chapter 41, boththe statutesand regulations,
as may be amendedfromtimetotime(collectively,the“HPTF ProgramRequirements”).
TherequirementsoftheSection8project-basedvoucherprogram,including,butnotlimitedto,theFederalandDistrictofColumbiaHousingChoiceVoucherProgram
rulesandregulationsat24CFRPart982and983and14DCMR Chapters49,51,53,54,
LoanAgreement(RevisedJan.2023) 5482722370106,v.38
56,59,61,93and95.TheSection8project-basedvoucherprogramisadministeredbytheDistrictofColumbiaHousingAuthority.
% TherequirementsoftheLocalRentSupplementProgram,including,butnotlimited
to,theFederalandDistrictofColumbiaHousingChoiceVoucherProgramrulesand
regulationsat24CFRParts982and983,and14DCMR Chapters49,51,53,54,56,59,61,93and95,TheLocalRentSupplementProgramisadministeredbytheDistrictof
ColumbiaHousingAuthority.
% TherequirementsofthePermanentSupportiveHousingProgram,whichprovidessupportivehousingforanunrestrictedperiodoftimeforindividualsandfamilieswhowere
oncehomelessandcontinuetobeatimminentriskofbecominghomeless,includingpersonswithdisabilitiesasdefinedin24CFR§582.5,forwhomself-sufficientlivingmaybeunlikelyandwhosecarecanbesupportedthroughpublicfunds.SeeD.C.OfficialCode§ 4-751.01(28).Affordable Units thatare subjectto the Permanent Supportive Housing
ProgramshallbeoperatedinaccordancewithHUD’sHousingFirstmodelandvacanciesshallbefilledthroughtheCoordinatedEntrySystem.ThePermanentSupportiveHousing
ProgramisadministeredbytheDistrictofColumbiaDepartmentofHumanServices.

TherequirementsoftheDistrictofColumbiaDepartmentofBehavioralHealthPermanentSupportiveHousingProgram,includingbutnotlimitedtoThe Departmentof
Behavioral Health EstablishmentAct of 2013, D.C. Law 20-61, D.C. OfficialCode § 7-1141.01
etseq.andthatcertainMemorandumofUnderstandingBetweentheDepartmentofBehavioralHealth and the Department of Housing and Community Development, effectiveJune 16,2014, as
amended,thatprovidesforfinancingdevelopmentoflong-termsupportivehousingunitsintheDistrictofColumbiafortheexclusiveuseofDepartmentofBehavioralHealthconsumers.
TherequirementsoftheHOME InvestmentPartnershipsProgram,including,butnot limitedto,the Federal rulesand regulationsat 24 CFR Part 92 and the HOME Written
AgreementbyandbetweenBorrowerandLender,datedasofsubstantiallyevendateherewith.
TherequirementsoftheNationalHousingTrustFundProgram,including,butnot
limitedto,theFederalrulesandregulationsat24CFRPart93.
The requirementsoftheCommunityDevelopmentBlockGrantProgram,including,butnotlimitedto,theFederalrulesandregulationsat24CFRPart570.
TherequirementsoftheSection108LoanGuaranteeProgram,including,butnotlimitedto,theFederalrulesandregulationsat24CFRPart570,SubpartM andthatcertainContractforLoanGuaranteeAssistanceunderSection108oftheHousingandCommunityDevelopment Act of 1974, as amended, 42 U.S.C. § 5308 ef seq.,by and between Lender and
HUD,dated (collectively,the“Section108ProgramRequirements”),
(The requirementsoftheHousingforOlderPersonsAct,including,butnotlimited
to,42U.S.C§3607efseq.andtheFederalrulesandregulationsat24CFRPart100.
LoanAgreement(RevisedJan.2023) 64927-2257-0106,v.3
1 ‘TherequirementsoftheHousingOpportunitiesforPersonswithAIDSAct,including,butnotlimitedto,42U.S.C.§12901efseq.andtheFederalrulesandregulationsat24
CER Part574.
“Project”means,collectively,theImprovementslocatedortobebuiltonthePropertythatwillbefinancedwiththeLoanproceedspursuanttothisAgreement,andusedasarentalhousingdevelopment.
“ProjectBudget”meansthesourcesandusesoftheProjectandthespecificusesoftheLoan proceeds thatare setforthinExhibit B attachedhereto.
“Property”hasthemeaningsetforthintheDeedofTrust.
“QualifiedTenants”meansHouseholdswhosehouseholdincomequalifiesfortheincomelimitfortheparticularAffordableUnittheHouseholdisleasing,assetforthintheAffordableHousingCovenantandmeetsanyadditionalcriteriasetforthintheProgramRequirements.AQualifiedTenant shallincludeany Over-Income Tenant who hasa validwrittenleaseand was in
goodstandingattheProjectpriortothedateofthisAgreement.
“RegisteredAgent”meansUniversalRegisteredAgents,Inc.,locatedat 1100H Street,
NW, Suite840,Washington,DC 20005.
“Rent”meanstheoccupancychargeforeachhousingunitandanycommercialorretailspace,ifapplicable,intheProjectpursuanttoa proprietarylease,leaseorotheroccupancyagreementbetweenthetenantandBorrower.
“ReturnedFunds”hasthemeaningsetforthinSection4.8.1.
“SatisfactionLetter”hasthemeaning setforthinSection4.7.9.
“SeniorLender”hasthemeaning setforthintheDeed ofTrust.
“SeniorLoan”meansanyloanfromaSeniorLender,asevidencedbyapromissorynote,and otherinstruments,agreements and documents by and between Borrower and Senior Lender,
toevidence,secureorguaranteetherepaymentoftheSeniorLoan,
“SeniorLoanDocuments”meansallofthefinancingdocumentsenteredintobetween
Borrower and theSeniorLendertoevidencetheSeniorLoan.
“Seventy-FivePercent(75%)Completion”meansthedateonwhichseventy-fivepercent(75%)oftheconstructionand/orrehabilitationoftheProject,andallimprovements,havebeencompleted,ina goodandworkmanlikemanner,defect-freeandfreefrommechanic'sandmaterialmen’sliens,andinaccordancewithallapplicablelawsandcodes,thePlansandSpecifications,therelevantLoanDocumentsandallenvironmentalremediationlaws,asevidencedbya signedcertificatefromtheArchitect,whichcertificatemaybeincludedaspartofthePayment
RequestdeliveredtoLender,indicatingthatseventy-fivepercent(75%)oftheconstructionand/orrehabilitationoftheProject,andallimprovements,havebeencompletedinaccordancewithall
LoanAgreement(RevisedJan.2023) 74927-2237-0106,v.3,
applicablelawsandcodes,thePlansandSpecifications,therelevantLoanDocumentsandallenvironmentalremediationlaws.
“SubordinationAgreement”meansthatcertainIntercreditorandSubordinationAgreementdatedonoraboutthedatehereofamongBorrower,Lender,theDistrictofColumbiaHousingFinanceAgency,U.S.BankTrustCompany,NationalAssociation,SeniorLender,andSubordinateLender.
“SubordinateLender”meansColumbiaHeightsVillageApartmentsLP.
“SubordinateLoan”meansanyloanfroma SubordinateLender,asevidencedbyapromissorynote,andotherinstruments,agreements,anddocumentsbyandbetweenBorrowerandSubordinateLender,toevidence,secureorguaranteetherepaymentoftheSubordinateLoan.
“SubordinateLoanDocuments”meansallofthefinancingdocumentsenteredintobetween
Borrower and theSubordinateLendertoevidencetheSubordinateLoan.“UCC” hasthemeaning
setforthinSection7.2.7.
“VAWA" has the meaning setforthin 1)a)i)(1)(a)(z)
Section2. Loan.
2.1. Generally.
2.11. Use and Purpose. Borrower agreesto borrow from Lender,and Lender
agreestolendtoBorrower,theLoanproceeds;suchLoanproceedsshallbeusedbyBorrowerfortheusesspecifiedintheProjectBudget,subjecttoSection2.2herein,andsubjecttoallofthe
terms,provisionsandconditionsofthisAgreement.

2.1.2. Expenses and Disbursements Secured by Deed of Trust. The Loan
proceeds,Attomeys’FeesandCosts(ifany)andallotherLoanexpenses,asandwhendisbursedorincurredbyLender,willbesecuredbytheDeedofTrust.
2.2,MakingofPayments.Allpayments(includingprepayments)ofprincipalof,orintereston,theLoan,shallbemadeinaccordancewiththetermsoftheNote.Allsuchpaymentsshall be made without any set-offor counterclaim,and freeand clearof any restrictionsor
conditions,andfreeandclearofandwithoutdeductionfororonaccountof,anypresentorfuturetaxes,levies,imposts,duties,charges,fees,deductionsorwithholdingsofanynaturenoworhereafierimposedbyanygovernmentalorotherauthority.
2.3.UseofLoanProceeds.IncompliancewithandsubjecttoalltermsofthisAgreement, Lender will disbursethe Loan to or for the account of Borrower. Borrower shall
providetoLenderacostbreakdown,intradeform,andloanbudget,whichshallbeapprovedbyLender, in itssolediscretion.Lender shalldisbursethe proceedsofthe Loan, so long as no Event
ofDefault(definedherein)hasoccurredandiscontinuing,onlyforpurposesthatarepermittedbytheProgramRequirements,andfornootherpurposes.Furthermore,theLoanproceedsshallonlybeappliedtotheusesspecifiedintheProjectBudget,exceptasmaybemodifiedwiththeprior

LoanAgreement(RevisedJan.2023) 84927-22879108.9.
writtenconsentofLender,whichconsentshallnotbeunreasonablywithheld,conditionedor
delayed.
2.4,AdditionalFinancing.
2.4.1.ExceptfortheSeniorLoan(s),theSubordinateLoan,andlowincomehousingtaxcreditequity,Borrowershallnotreceiveanyadditionalfundsfromanysource,concerningthisProjectwithouttheexpresswrittenconsentofLender,exceptthatBorrowershallbepermittedtorefinancethebalanceoftheSeniorLoanatanytime,(i)fornotmorethantheoutstandingbalanceofprincipalandaccruedinterestandreasonableandnecessaryclosingcosts,(i)foratermthatdoesnotexceedtheremainingtermoftheLoan,and(iii)upontermsthatLenderhasdeterminedascommerciallyreasonableandforwhichLenderhasprovideditspriorwrittenapprovalinaccordancewiththeProgramRequirements(whichapprovalshallnotbeunreasonablywithheld,conditionedordelayed).

2.4.2.IftheLoanissubjecttotheSection108ProgramRequirements,neither
LendernorBorrowershallenterintoanintercreditororsubordinationagreementwithanother
lenderwithoutHUD’spriorwrittenapproval.
Section3. Reserved.
Section 4. Req ments and Conditions for Loan Disbursements. Lender’s obligationto
makeanydisbursementofLoanproceedsissubjecttoBorrower'ssatisfactionofthefollowingrequirementsandconditions,subjectinallrespectstoSection2.

41. 1 Disbursement:

4.1.1.Ifapplicable,aninitialamountofLoanproceedsshallbedisbursedontheClosingDateintheformofawiretofundcoststhatareapprovedbyLenderandeligibletobepaidwithLoanproceedsasdeterminedatLender’ssolediscretion,regardlessofwhenthecostswereincurred.
4.1.2.Lender'sobligationtomaketheinitialdisbursementofLoanproceedsis,subjecttoBorrower'ssatisfactionofthefollowingrequirementsandconditionsunlesswaivedinwritingbyLender:
(1) Borrowermustobtain,atitssolecostandexpense,andsubmittoLender
evidencethatithassatisfiedeachoftheClosingConditions(assuchtermisdefinedintheLoanCommitment),whichshallbesubjecttoLender’sreviewandapproval,bothastosubstanceandform,andshallbeupdated
andeffectiveasofthedatehereof.
(2) On or beforetheClosing Date,Borrower shallhave executed and delivered
to Lender the Loan Documents to be executed by Borrower and allother
documentsandinstrumentsrequiredfromBorrowerandLenderinconnectionwith the Loan.
LoanAgreement(RevisedJan.2023) 94927-2237-0106,v.3
(3) LendershallhavereceivedanopinionofBorrower'scounseltotheeffectthatBorrowerisdulyorganizedandvalidlyexistingandingoodstandingunderthelawsofthestateofitsorganization,authorizedtodobusinessintheDistrictofColumbia,withfullpowertoowntheProjectandtoexecute,deliverandperformitsobligationsunderthisAgreement;thattheLoanDocumentsexecutedanddeliveredfortheLoanarevalidandlegallybindingandenforceableagainstBorrowerinaccordancewiththeirrespectiveterms,subjecttolawspertainingtobankruptcyandinsolvency;andopiningastosuchothermattersasmayberequiredbyLender.

4) The representationsand warrantiessetfortl Section5 shallbe trueand
correctinallmaterialrespectsonandasoftheClosingDate,andnoEventofDefaultshallthenexistunderthisAgreement.

(5) The Deed of Trust and the relatedUCC financingstatementsand allother
LoanDocumentsrequiringfilingorrecordationshallhavebeenfiledorrecordedintheappropriatepublicrecordsasnecessaryandappropriatetoevidenceandperfecttheliensandsecurityintereststherebycreated.
(6) SatisfythepaymentandproceduresrequirementssetforthinSections4.4.1
-4.4.4,

4.2. SubsequentDisbursements:
4.2.1.Followingtheinitialdisbursement,Lendershallretainthebalanceofthe
LoanproceedstofundsubsequentdisbursementsinaccordancewiththeProjectBudgetandthe
ConstructionDrawSchedule,subjecttotherequirementssetforthinSections4.4and4.5.
4.2.2,LenderwillmakesubsequentdisbursementsoftheLoanproceedsto
BorrowerintheformofanAutomatedClearingHouse(ACH)payment.
4.2.3.LenderwillmakesubsequentdisbursementsoftheLoanproceedsto
Borrowerinatimelymanner,subjecttotherequirementssetforthinSections4.4and4.5.

4.3. FinalDisbursemer he conditionsforthefinaldisbursementof Loan proceeds
arefurtherdescribedinSection4.7,and Lender’sabilitytowithholda portionof fundsfromthe
finaldisbursementisfurtherdescribedinSection4.8.
4.4.PaymentProceduresandRequirements:BorrowershallsubmittoLendera
fullyexecuted,complete,andaccuratedisbursementordrawrequestpackage(the“Payment
Request"),ashereafterdescribed,atleastthirty(30)daysbeforethedatefundingisbeing
requested.Paymentproceduresandrequirementsareasfollows:
4.4.1.Borrower'ssubmissionofthePaymentRequestmustdocumentcostsinaccordancewiththeProjectBudgetandConstructionDrawSchedule,asthesamemaybeadjustedfromtime-to-timeasconstructionprogresseswithLenderapproval,ifapplicable.

LoanAgreement(RevisedJan.2023) 104927-2237-0106,v.3
4.4.2.BorrowershallcreateandsubmitPaymentRequestsinanelectronicformatthroughtheDC VendorPortalora successorsystem.TheDCVendorPortalisanonlinesystemthatallowsBorrower/vendortocreateandsubmitinvoicepackagesbyselectingtheapplicablepurchaseordernumber.AllBorrowers/vendorsmustberegisteredintheportalpriortoinvoicesubmission,Additionaldetailsandinstructionsareavailableontheportalwebsite.
4.43. EachPaymentRequestmustbesubmittedintheformofaproperinvoicepackagetoLender,includingallrequiredformsanddocuments,inaccordancewithLender’smostrecentpublishedguidelines.PerLender’spublishedguidelinesandinaccordancewithSection4.5,LendermayrequireadditionalsubstantiatingdocumentationbeincludedaspartofthePaymentRequestsubmittedthroughtheDC VendorPortalorsharedseparatelyutilizingLender’scloudplatformforconstructionperiodmonitoring.
4.44. EachPaymentRequestshallincludetheCertificationofBorrower's
RepresentationsandWarranties,attachedheretoatExhibitIandincorporatedherein,andshallbesubmittedthroughtheDC VendorPortal.ThePaymentRequestshallalsocontainalldetails
concerningtheProjectwhichLenderreasonablyrequires,andadequatesupportingdocumentationtosubstantiateeveryexpenditurethatLenderisrequestedtofund.

4.45. IftheLoanproceedswillbeusedtofundconstructioncosts,thePaymentRequestmustincludeacopyoftheContractor’sapplicationforpaymenttoBorrower,signedby
the Architectand confirmed by Lender's inspector,on notarizedAIA Forms G702 and G703 or
otherformsacceptabletoLender.TheContractor’sapplicationforpaymentshallbesubjecttotheSeniorLender'sretainagerequirements,asapplicable.

4.4.6.Disbursementsshallbemadewithinthirty(30)daysofLender'sreceipt
ofa properPaymentRequest.
4.4.7.Lendershallnotberequiredtodisbursemorefrequentlythanonceeverythirty(30)days.
4.48. RegardlessofwhetherBorrowerisrequestingadisbursementofLoanproceedsforaparticularmonth,BorrowershallprovideLenderwithacopyofeachdisbursementordrawrequestsubmittedtotheSeniorLenderorotherfinancingpartiesonamonthlybasis.ThiscopyshallincludethemonthlyapplicationforpaymentfromtheContractoranddocumentationforallotherexpendituresforwhichfundingfromotherpartiesisbeingrequested.
4.5. Conditions Precedent to Subsequent Disbursements. Lender's obligationto
makeanydisbursementshereundershallbesubjecttotheproceduresandrequirementsinSections4.4 and Borrower's satisfactionofthe followingconditions,as determined by Lender in
itssolediscretion:
4.5.1.— ConfirmationthatanyoutstandingitemsontheDueDiligenceand
ClosingChecklisthavebeenprovidedtoLender,includingfinalexecutedandrecordeddocumentsthatwerenotavailableatthetimeofinitialdisbursement.Lendershallbeinreceiptofa final
electronicclosingbinder.
LoanAgreement(RevisedJan.2023) i4927-2237-0106,v.3
4.5.2. Lender has helda preconstructionmeetingforthe Projectand issueda
Noticeto ProceedtoBorrowerand Contractor.
45.3. FollowingFiftyPercent(50%)Completionasdeterminedby the
Architect,LendershallholdaFiftyPercent(50%)CompletionMeeting.TheFiftyPercent(50%)CompletionMeetingmustbeconductedtoLender’ssatisfactionandanyoutstandingcompliance
concernsmustbeaddressedbeforeLendershallmakedisbursementssubsequentto FiftyPercent
(50%)Completion.

4.5.4. Fieldprogressmeetingsshallbeheldonaregularlyscheduledmonthlybasis.Borrower,Contractor,Architect,andallnecessarysubcontractorsshallagreeonthepercentageofworkcompletedandinplace,andtheamountofstoredandinsuredmaterialson-siteandoff-site,Borrowershallberesponsiblefornotifyingallofthepartiesaboveofthetimeanddateofthemeetinginadvance.IfLender'srepresentativeisunabletoattendinpersonorvirtuallytoitssatisfaction,LenderreservesarighttoinspecttheworkperformedforwhichadisbursementissoughtorotherwiseinspecttheconditionoftheProjectbeforeprovidingitsapproval.IfLenderisunabletocompleteaphysicalinspection,date-stampedphotographicevidenceand/orvideofootagethatverifiestheworkcompletedandbilledforinthePaymentRequestwillberequired,inaccordancewithLender'spublishedguidelines.

4.5.5.Lendershallhavereceivedsuchcertificationsofjobprogress,informsatisfactorytoLender,asLendermayrequest,whichshallincludethemostrecentconstructionprogressreportorconstructionmonitoringreport,asapplicable,meetingminutes,asummaryoftheProject’srecentlycompletedandupcomingconstructionactivities,anupdatedschedule,adescriptionofsignificantProjectissues,andtheproposedresolutionofsuchissues.Regardlessofwhether Lender isbeing requestedto disbursefunding for hard costs,Borrower isexpected to
submitacopyoftheconstructionprogressorconstructionmonitoringreport,asapplicable,orminutestoLenderonamonthlybasis.Inaddition,Lendershallhavereceivedcopiesofallotherrequestedreportsanddocuments,asavailable,requiredtosatisfyrequirementsofLenderandotherapplicablegovernmentalagencieshavingjurisdictionovertheProject.Inthisregard,Lendershall
havetherighttoinspectallbooks,recordsandaccountsrelatingtosuchwork,andmay,atits
option,requireexecutionbyBorrowerandanycontractors,subcontractors,laborersandmaterialmenofsuch affidavits,endorsements and releasesas Lender deems necessary.

45.6. Lender shall have received a waiver and releaseof liensfrom the
Contractor,acknowledgingreceiptofpaymentforpriorconstructionworkperformedandpaidout
ofpriorLoandisbursementsandothersourcesoffunding.UnlesswaivedbyLender,BorrowershallalsodelivertoLenderwaiversandreleasesofliensfromallfirst-tiersubcontractorsandsuppliersthathavefurnishedlabor,material,orservicesincludedinallpreviousPaymentRequests.Inaddition,ifanymechanic’slienshavebeenfiled,BorrowershallhavegivennoticeandcopiesofsuchlienstoLender.
4.5.7.If BorrowerrequestspaymentforanychangestotheapprovedPlansand
Specifications(the“ChangeOrder”),theChangeOrdershallhavebeenapproved:(i)priortoSeventy-FivePercent(75%)Completion,bytheSeniorLenderbeforeanydisbursementofLoanproceeds;and(ii)afterSeventy-FivePercent(75%)Completion,approvedbybothLenderandtheSeniorLenderbeforeanydisbursementofLoanproceeds.IfBorrowerrequestspaymentofsoftor
LoanAgreement(RevisedJan.2023) 124927-2257-0106,v.3
othercostsfromotherProjectcontingenciesorlineitemsavings(“OtherContingeneyUse”),the
requestmustbeapprovedbyLenderafterSeventy-FivePercent(75%)Completion.Ifrequested
byLender,BorrowershallfurnishallnecessaryChangeOrderandOtherContingencyUse
documentation.Notwithstandingtheforegoing,Lenderreservestherighttoreviewandapprove
thescopeandcostofanyChangeOrderandOtherContingencyUse,regardlessofwhenthe
ChangeOrderandOtherContingencyUse,asapplicable,wasincurredandregardlessofwhether
theChangeOrderandOtherContingencyUse,asapplicable,istobefundedwithLoanproceedsorothersources.LenderalsoreservestherighttowithholddisbursementofLoanproceedsif
Lenderdetermines,initssolediscretion,thattheProjectcannotbecompletedinaccordancewith
theapprovedPlansandSpecificationswiththeundisbursedportionoftheLoanandotherconstructionsourcesoffunds.
4.5.8.IfrequestedbyLender,Borrowershallprovideexecutedsubcontractsor
anyothersupplementaldocumentsdeemednecessarytoverifythePaymentRequest.
4.5.9. UnlesswaivedbyLender,adate-downtoitstitlepolicyatthetimeof
disbursement,ensuringthecontinuedpriorityoftheDeedofTrustandtheabsenceofany
encumbrancesnototherwiseconstitutingaPermittedEncumbrance(assuchtermisdefinedinthe
DeedofTrust)orpermittedunderthetermsofthisAgreement,togetherwithsuchendorsement
Lendermayreasonablyrequire.
4.5.10.IfrequestedbyLender,BorrowershallprovideupdatesonitseffortstocomplywithapplicableFederalandlocalhiringandcontractingrequirements.
4.5.11.No EventofDefault,noranyeventorstateoffacts,whichwithnotice
orpassageoftimeorbothwouldconstituteanEventofDefault,shallthenexistundertheLoan
Documents.
4.6. Retainage
4.6.1.Borrowerisrequiredtocomplywiththegeneralretainagerequirements
requiredbytheSeniorLenderandtheConstructionContract.
4.6.2.TheLenderRetainageshallbereleasedinthefinaldisbursementofLoan
proceedsuponsatisfactionoftheconditionsspecifiedinSection4.7.
4.6.3.Notwithstandingtheforegoing,Lender,initssolediscretion,mayreducetheoriginalLenderRetainageamountbyfiftypercent(50%)onlyaftertheFiftyPercent(50%)CompletionMeetinghasbeenconductedtoLender'ssatisfactionandanyoutstandingcomplianceconcemshavebeenaddressedtoLender’ssatisfaction.
4.6.4.Lender'sdisbursementoftheLenderRetainageissubjectinallrespectsto the requirementssetforthinSections4.7 and 4.8.

4.7. jionsfor Final Disbursement. In addition to all other
conditionssetforthinthisSection4,Lender'sobligationtomakethefinaldisbursementofthe
Loanproceeds,includingreleaseoftheLenderRetainage,shallbesubjecttoLender'sreceiptof
thefollowing:
LoanAgreement(RevisedJan.2023) 13
4927-2237-0106,v.3
4.7.1, Confirmation that the following matters have been addressed to the
satisfactionoftheLender’sOfficeofProgramMonitoring(“OPM”)

(1) AlllcertifiedpayrollsrequiredbyDavis-BaconandtheRelatedActshave
beensubmittedtoLender,andallsubcontractsdemonstratecompliancewithoutanyunresolvedwagevariancesorrestitution.
(2) FinalaccessibilityinspectionsforaccessibleunitsandcommonspaceshavebeenconductedbyOPM.
(3) AllrequiredSection3reportshavebeensubmittedandapprovedbyOPM.
(4) TherearenooutstandingcrosscuttingcomplianceviolationsforDistrictexternalagenciessuchasFirstSource,apprenticeship,minimumwageand
CertifiedBusinessEnterprises.
4.7.2.UpdatedForm202,includingcomparisontotheProjectBudgetasofthe
ClosingDate.IfrequestedbyLender,satisfactoryChangeOrderandOtherContingencyUse
documentationmustalsobesubmitted.
4.7.3. DraftthirdpartycostcertificationsfortheProjectfromBorrowerand
Contractor.
4.74. Completionofa final,in-personsitevisitbyLender’sinspectorto
confirmallworkwascompletedinaccordancewithapprovedPlansandSpecifications.Final
approvaloftheProjectinaccordancewiththePlansandSpecifications,asbuilt,isrequired.

4.7.5. A completedandnotarizedContractor’sCertificateandReleaseForm
from Borrower.
4.7.6.FinalwaiversandreleasesofliensfromtheContractorandfirst-tiersubcontractorsandsuppliersthathavefurnishedlabor,material,orservicestoProject.ConditionallienreleasesareacceptableincaseswherependingpaymentswillbemadeuponreleaseoftheLenderRetainage.

4.7.1.Theissuanceofafinalortemporarycertificateofoccupancyforthe
ntended,fundeduseoftheProject.

4.78, Architect’sCertificateofSubstantialCompletion(AIAG-704)with
correspondingpunch-lists.
4.7.9.A letterforsatisfactionfromtheArchitectandBorrowerforsatisfactory
completionoftheProject(the“SatisfactionLetter”).TheSatisfactionLettershallaffirmthatthe
punch-listitems associatedwith theAIA G-704 have been satisfied,or adequate funds reasonably
necessarytopaythecostsofcompletionofremainingpunch-listitems,ifany,asdeterminedbytheSeniorLender,shallhavebeenescrowedinaccordancewiththeSeniorLender’srequirements.Inaddition,theSatisfactionLettershallconfirmthatcertifiedwarrantiesandrelateddocumentsrequiredbytheConstructionContracthavebeenprovidedbytheContractor.
LoanAgreement(RevisedJan.2023) 144927-2237-0106.v.3,
4.7.10.Copiesofallpermittradeinspectionsign-offapprovals,including,butnotlimitedto,electrical,plumbing,mechanical,structuralandfiresafety.
4.7.11. Documentation thatthe Projecthas been registeredon the Housing
LocatorWebsite(assuchtermisdefinedintheAffordableHousingCovenant).
4.7.12. EnterpriseGreen Communities Step 2 Certificationor comparable
documentationacceptabletoLender.
4.7.13.Receiptofthefinalas-builtPlansandSpecificationscertifiedbythe
Architectandengineerofrecord.
4.7.14.Receiptofanas-builtsurveyacceptabletoLender,unlesswaivedby
Lender.
4.7.15.CopiesofsuchadditionalpermitsandlicensesforoperationoftheProject,including,butnotlimitedto,thebusinesslicenseforBorroweranditsmanagement
‘company,asmaybenecessaryorrequiredbyanAuthority.
4.7.16.Performanceof allotherobligationsof BorrowerundertheLoan
Documents.
4.7.17.ConfirmationthattheProjectiscurrentlycomplyingorhascomplied
withapplicableinitiallease-upincomecertificationandtenanteligibilityrequirementssetforthbyLender’sPortfolioandAssetManagementDivision.

4.8. FinalAdjustmenttoLoanAfterClosing
4.8.1,LenderandBorroweracknowledgeandagreethatLenderismakingtheLoantoprovidegapfinancingtoensurethecompletionoftheProjectand,therefore,atLender'sdiscretiontheLoanmaybereduced,orLendermayrequirerepaymentoftheLoan,asfollows:
(1) Onadollar($1.00)fordollar($1.00)basisforfundsthatwereusedforatemporarypurposetotheextentthatsuchfundsareorwillbesubsequently
returnedto Borrower (the“Returned Funds”). Such funds includebut are
notlimitedto:refundeddeposits,financingfeesrequiredbyDistrictagencies,lenders,orotherparties.
(2) Onafiftycents($0.50)foreverydollar($1.00)basisforanyothernetreductionintotalcostsshownintheProjectBudgetduetounspentcontingencyfunds,unspentshort-termreservesorotherbudgetsavings(the
“CostSavings”),unlesstheCostSavingsareutilizedtocoveranunanticipateddecreaseinotherProjectsourcesasreflectedinanamended
ProjectBudget.Theremainingfiftypercent(50%)ofCostSavingsshallbeappliedinaccordancewiththeSeniorLoanDocumentsorthetermsofthe
OperatingAgreement,asapplicable.
LoanAgreement(RevisedJan.2023) 154927-2237-0106,v.3
(3) Onafiftycents($0.50)foreverydollar($1.00)basisforanyincreaseinfundingthatiscommittedtotheProjectaftertheClosingDateoverandabovethefundingsourcesshowninthefinalProjectBudget,unlesstheincreaseinfundingisobtainedfroma non-LendersourcetocoveranunanticipatedincreaseinthecostsoftheProjectoradecreaseinothersourcesavailablefortheProjectasreflectedinanamendedProjectBudget(the“IncreasedSources”).Theremainingfiftypercent(50%)oftheIncreasedSourcesshallbeappliedinaccordancewiththeSeniorLoanDocumentsorthetermsoftheOperatingAgreement,asapplicable.
(4) BorrowershallcalculateanyReturnedFunds,CostSavings,andIncreasedSources(collectively,“ExcessProceeds”)andnotifyLenderofthe
anticipatedloanreductionamount(the“DraftLoanReductionCalculation”)priortorequestingitsfinaldisbursementfromLenderby
submittingadraftLoanReductionCertificate.IftheDraftLoanReductionCalculationislessthantheremainingLenderRetainage,Lenderreserves
therighttowithholddisbursinganequalportionoftheremainingLenderRetainage,unlessBorrowercandemonstratethatdoingsowouldresultinaconstruetion/stabilizationperiodfundinggapfortheProject.IftheDraft
LoanReductionCalculationexceedstheremainingLenderRetainage,LenderreservestherighttowithholddisbursingallofitsremainingLoan
proceeds,includingtheremainingLenderRetainage,unlessBorrowercandemonstratethatdoingsowouldresultinaconstruction/stabilization
periodfundinggapfortheProject.

(5) BorrowershallupdatetheDraftLoanReductionCalculationbysubmittinga revised Loan Reduction Certificate(the “Fi Loan Reduction
Calculation”)withtheBorrower'srequestfora UnitedStatesDepartmentof the Treasury InternalRevenue Service Low-Income Housing Credit
Allocationand Certification(Form 8609).

4.8.2.IftheFinalLoanReductionCalculationpursuanttothissectionexceedstheremainingLenderRetainage,orifthefullamountofLenderRetainagehaspreviouslybeenreleased,thenetamountofExcessProceedsduetoLendertoreducetheLoanshallbepaidwithinninety(90)daysofissuanceoftheForm8609andthefinalexecutedLoanReductionCertificateshallbedeliveredonthesameday.4.8.3.Notwithstandingtheforegoing,anyloanreductionunderthissectionthatismadeafterLoanClosingbutpriortofulldisbursementoftheLoanproceedsshallbesubjecttotheconsentandapprovaloftheSeniorLender,EquityInvestor,andotherfinancingparties,as
applicable.

4.9. InsufficiencyofLoanProceeds.IfatanytimeduringthetermofthisAgreement,
Lender determinesthatthe remaining undisbursedLoan proceedsand the otherfunds availableto
theProject,areinsufficientforanyreasontocompletetheProjectsubstantiallyinaccordancewiththePlansandSpecifications,Borrowershall,withinten(10)daysafterreceiptofNoticethereof(includingastatementofthebasisforsuchinsufficiency)fromLender,depositwithLenderoritsdesigneesuchsumsofmoneyincash(fromsourcesotherthantheLoan)asreasonablyarerequired
LoanAgreement(RevisedJan.2023) 16
4927-2237-0108,v.3
toeliminatetheinsufficiency.AnyamountsodepositedbyBorrowershallstandasadditionalsecurityforBorrower'sobligationsunderthisAgreement,andmaybedisbursedatLender'soptionbeforeanyfurtherLoandisbursementsaremadehereunder.
4.10.AuthorizedDisbursements.NotwithstandinganyothertermofthisSection4,BorrowerherebyirrevocablyauthorizesLender,atLender’soptiontomakedisbursementsofLoanproceeds(i)jointlytoBorrower,Borrower'sconstructionmanagerandtoanycontractorormaterialmenfurnishinglabor,servicesormaterialsintheconstructionoftheProjectforanyamountsduetheminconnectiontherewith,or(ii)directlytoLenderforinterest,feesandanyotheramountsrequiredtobepaidtoLenderundertheNoteortheotherLoanDocuments.NofurtherauthorizationfromBorrowershallbenecessaryforLendertomakesuchdirectdisbursements,andallsuchdisbursementsshallsatisfyprotantoLender’sobligationhereunderandshallbesecuredbytheDeedofTrust.
4.11.DisbursementsNota Waiver.No disbursementof anyLoanproceedsbyLender
shallconstituteawaiverofanyoftheconditionsfordisbursementcontainedinthisAgreement,oranobligationofLendertomakefurtherdisbursements.IfBorrowerisunabletosatisfyanysuchcondition,nosuchdisbursementshallhavetheeffectofprecludingLenderfromthereafterdeclaringthatinabilitytobeanEventofDefault.

4.12.StoredMaterials,No disbursementswillbemadeformaterialsthatarenot
physicallyincorporatedintotheProject,otherthanformaterialsactuallydeliveredtotheProjectsiteoroff-site,andstoredinaplace,securedandinsuredagainsttheft,vandalismandother
damage,allinamannersatisfactorytoLender.

4.13. No Escrow. Any and allLoan proceeds disbursedto Borrower inaccordancewith
thisAgreementmustbeplacedina non-interestbearingaccountandmustbeexpendedinaccordancewithSection4,InnoeventshallBorrowerescrowtheLoanproceeds.
Section5. RepresentationsandWarranties.BorrowerrepresentsandwarrantstoLenderas
ofthedatehereof,andshallbedeemedtorepresentandwarrantasofthedateitsubmitsanydisbursementrequesttoLenderhereunder,that:
5.1,Status.BorrowerisaPersoningoodstandingunderthelawsoftheDistrictofColumbia. All representationsand warrantiesmade by Borrower intheotherLoan Documents are
true,completeandcorrectwhenmade.

5. Authority. Borrower has the power and authorityto enter intoand execute and
deliverthisAgreement and each otherLoan Document executed and deliveredby it,and to incur
andperformtheobligationsprovidedforhereinandtherein(includingborrowingandguaranteeingtheLoan,asapplicable),allofwhichhavebeendulyauthorizedbyallproperandnecessaryactionandallmaterialgovernmentallicenses,authorizations,consentsandapprovalsrequired.NoconsentorapprovalofanyotherPersonorAuthorityisrequiredasaconditiontothevalidityorenforceabilityofthisAgreementoranyofsuch otherLoanDocuments,orifrequiredithasbeen
obtained.
53. NoConflictingAgreements,Thereis(a)noprovisionofanyexistingmortgage,pledge,lien,securityinterest,charge,encumbrance,contractoragreementbindingonBorrower

LoanAgreement(RevisedJan.2023) 17
4927-2237-0106,v.3
oraffectingitspropertynoranyjudgment,decree,ororderofcourtbindingonBorrower,and
(b)tothebestknowledgeofBorrower,nolaw,statute,ruleorregulationbindingonBorroweroraffectinganyofitsproperty,whichwouldconflictwithorinanywaypreventtheexecution,deliveryorperformanceofthetermsofthisAgreementorofanyotherLoanDocumentexecutedanddeliveredbyBorrower,orwhichwouldbeindefaultorviolatedasaresultofthatexecution,deliveryorperformance.

54. gation.Thereisno litigation,proceedingorinvestigation,pendingorthreatenedinwriting,whichmayresultinanymaterialandadversechangein thefinancialcondition,assets,liabilities,businessorprospectsofBorrower,andBorrowerdoesnotknowofanybasisforanysuchlitigation,proceedingorinvestigation,

55. ancialInformation.AllfinancialinformationheretoforefurnishedtoLenderconcerningBorroweris completeand correctinallmaterialrespects,andfairlypresents
Borrower’financialpositionasofthedatethereof.Therearenoliabilities,directorindirect,fixedor contingent,of which Borrower isaware except as reflectedtherein.There has been no material
adversechangeinBorrower'sfinancialconditionoroperationssincethedatesofthosefinancialinformation(andtoBorrower'sknowledge,nosuchmaterialadversechangeispendingorthreatened),andBorrowerhasnotguaranteedtheobligationsof,ormadeanyinvestmentinor
advancesto,anyPersonexceptasdisclosedinsuchinformation.Borrowerhasgoodandmarketabletitletoallofitspropertiesandassets,freeandclearofencumbrances(otherthanPermittedEncumbrancesoraspermittedbyLender),exceptasreflectedinthatinformation.

5.6.Receivership.TherearenoactionsorproceedingspendingorthreatenedagainstBorrower,tothebestofBorrower'sactualknowledge,toliquidateorreorganizeitorplaceireceivership.

5.7. Tax Returns. Borrower has filedor caused to be filedall(if any) requiredFederal,
‘stateand localtax returns,and paidalltaxesshown on thereturnsas such taxeshave become due.
Noclaimshavebeenassessedandareunpaidwithrespecttosuchtaxes,exceptasshowninthefinancialinformationreferredtoabove.
5.8.LiensonProperty.Thereexistsnomortgage,pledge,lien,securityinterest,chargeorotherencumbrances(exceptaspermittedbyLender)onorwithrespecttotheProperty.

59. U Allutilityservicesnecessaryfortheconstructionandoperationofthe
ProjectforitsintendedpurposesareorwillbeavailableattheboundariesoftheProperty,includingwatersupplyofsufficientquantityandpressure,stormandsanitarysewerfacilitiesofadequatecapacities,gas,electricandtelephonefacilities.Borrowerhasprocured,orherebyagreestouseitsbesteffortstoprocure,fromtheDistrictofColumbia,andotherauthoritiesandcorporations,connectionanddischargearrangementsforthesupplyofwater,gas,electricityandotherutilitiesandsewageandindustrialwastedisposalfortheoperationoftheProject.

5.10.Roads.AllroadsnecessaryforthefulluseoftheProjectforitsintendedpurposeshaveeitherbeencompletedorthenecessaryrightsofwaythereforhaveeitherbeenacquiredby
BorrowerortheappropriateAuthorityorhavebeendedicatedtopublicuseandacceptedbysuchAuthorityorwillbesoacquiredordedicatedwithinaperiodoftimesatisfactorytoLender,and
LoanAgreement(RevisedJan.2023) 184927-2237-0106,.3
allnecessarystepshavebeentakenbyBorrowerandsuchAuthoritytoassurethecomplete
constructionandinstallationthereofinaccordancewithlawandallapplicablegovernmental
requirements.
5.11,ZoningandLandUse.TheProject,andtheuseoftheProjectforitsintendeduse,willnotviolateanyzoningorotherordinance,regulationorlaw,restrictivecovenantoragreementofBorrower(eithernowinexistenceorknownbyBorrowertobeproposed)applicabletotheProperty,theProjectoritsuse,andallrequirementsforsuchusehavebeensatisfied.Borrowershallnotinitiate,joinin,orconsenttoanychangeinanyrestrictivecovenant,easement,zoningordinanceorotherpublicorprivaterestrictionlimitingordefiningtheuseswhichmaybemadeoftheProperty,theProjectoranypartthereof.

5.12,CostBreakdown.Thecostbreakdown(intradebreakdownform)fortheProjectsuppliedtoLenderiscompleteandaccurateasofthedatehereof,basedonallinformationnowavailabletoBorrower,andBorrowerhasnoknowledgeofany materialchangeintheamountshownthereonwhichislikelytooccur.
5.13.OFAC List.Borrower,andtothebestofBorrower'sknowledgeafterhavingmadeentinquiry,andallpersonsorentitiesowninganinterestinBorrower(i)arenotcurrently
identifiedontheUnitedStatesOfficeofForeignAssetsControl(“OFAC”)List,and(ii)arenotpersonsorentitieswithwhoma citizenoftheUnitedStatesisprohibitedtoengageintransactions
byanytradeembargo,economicsanction,orotherprohibitionofUnitedStateslaw,regulation,orExecutiveOrderofthePresidentoftheUnitedStates.TheOFAC Listcurrentlyisaccessible
throughtheinternetwebsitehttp:/Avww.treas.gov/offices/cotffe/ofac/sdi/tIsdn.pdf.

Section6. Covenants.Borrowercovenantsandagreesthat,aslongasanypartoftheLoan
remainsunpaid,Borrowerwill:
6.1,ConstructionofProject.CausetheProjecttobecompletedsubstantiallyinaccordancewiththefinalPlansandSpecificationsonorbeforetheCompletionDate,freeandclear
ofallliensotherthantheDeedofTrustandthePermittedEncumbrances(assuchtermisdefinedintheDeedofTrust).BorrowershallnotpermitanymaterialchangesinthePlansand
SpecificationswithoutthepriorwrittenconsentofLenderandallauthoritiestowhomsuchPlansandSpecificationsarerequiredtobesubmitted,
6.2. Insurance.AtalltimesduringthetermofthisAgreement,Borrowerwillmaintainatitssolecostandexpense,forthemutualbenefitofBorrowerandLender,alloftheinsurance
specifiedinExhibitH,andwillnotpermitanyconditiontoexistonthePropertythatwouldinvalidateanypartofanyinsurancecoveragerequiredunderthisAgreement.
6.3. Accounting/AuditRequirements.MaintaincompleteandaccuraterecordsanddocumentationofallcostsincurredundertheLoaninaccordancewiththeinstructionsofLender
andorganizedinamannerthatidentifiescostcategoriesintheitemizedbudget.
6.4,Inspection.PermitLender,itsagentsandLender’sinspectortoenteronthePropertyatallreasonabletimesandasoftenasmaybereasonablyrequested,toinspecttheProjectandallmaterialstobeusedinconnectionwiththeconstructionthereof,andtoexaminealldetailedplansanddrawingswhichareormaybekeptattheconstructionsiteandaccesstothebooks,

LoanAgreement(RevisedJan.2023) 194927-2237-0106,v.3
recordsandsuchotherdocumentsofBorrowerasLendershallreasonablyrequiretoinspect,audit
andexaminethesameandtomakeextractstherefromandtomakecopiesthereof.Furthermore,
throughouttheLoanTerm,BorrowermustbepreparedforandfacilitatemonitoringbyLenderin
compliancewithFederalandDistrictrequirements,including,butnotlimitedto,thefollowing:
creating,storingandmaintainingallProjectrecordsinaccordancewithLender'srequirements;
permittingdeskmonitoring,sitevisits,andaudits;andpermittingallinspectionsoftheProject
recordsasLenderdeemsnecessarytoensuretheupkeepandoperationoftheProjectincompliance
withDistrictandFederallaws.
6.5.MaintenanceandRepair.KeepandmaintaintheProjectandeachpartthereofin
goodcondition,workingorderandrepair,makeallnecessaryorappropriaterepairs,replacements
andrenewalstheretosothateachpartthereofisatalltimesingoodcondition,fitandproperfor
therespectivepurposesforwhichitwasoriginallyintended,erected,orinstalled,andtoensure
thatthesecurityfortheLoanisnotimpaired,andmakeallnecessaryorappropriatedepositstoa
replacementreservefortheProject,asmayberequiredbySeniorLender.

6.6. Obstructions. Use itsreasonableeffortsto keep and maintain allpartsof the
Projectandthesidewalks,curbsandpassagewaysadjoiningitinacleanandorderlycondition,
freeofdirt,rubbish,snow,iceandunlawfulobstructions.
6.7.Permits,Licenses.Procureorcausetobeprocured,anyandallnecessarypermits,
certificates,licensesorotherauthorizationsrequiredforuseoftheProjectasrentalhousing,and
complywithallconditionsandrequirementsnecessarytopreserveandextendallrights,licenses,
permits,privileges,franchisesandconcessionsnoworhereafterapplicabletotheProject.
6.8. Structural Injury, Nuisance, Waste and Other Prohibited Uses. Not use or
occupytheProjectorpermitittobeusedoroccupiedinanymannerwhichwouldcausestructural
injurytotheProject,causethevalueortheusefulnessoftheProjectoranypartthereoftodiminish
(ordinarywearandtearexcepted),orconstituteapublicorprivatenuisance,orwaste.
6.9.CompliancewithLaws.NotuseoroccupytheProjectorknowinglypermititto
beusedoroccupiedcontrarytoanyuniformlyapplicablelawsaffectingtheProjectandthe
‘occupancy,operationorusethereof,whetherornotanysuchlawswhichmaybehereafterenacted
involveachangeofpolicybytheAuthorityenactingthem.
6.10. Reporting.
6.10.1. Audited Financial Statements. Within one-hundred twenty (120)days
afterthe end of each FiscalYear, the auditedbalance sheetof Borrower for such year,and the
relatedauditedstatementsofincome,retainedearningsandcashflowsforsuchyear,eachsetting
forthincomparativeformthefiguresforthepreviousFiscalYear,inreasonabledetailandall
preparedinaccordancewithgenerallyacceptedaccountingprinciples,consistentlyapplied,
applicableOfficeofManagementandBudgetguidelines,andanyotherapplicableFederalor
Districtauditrequirements,withoutqualification,byanindependentcertifiedpublicaccountant
acceptabletoLender.
6.10.2.SupplementalAnnualSubmission.Togetherwiththeauditedfinancial
statement,BorrowershallsubmitthefollowinginformationfortheProject:
LoanAgreement(RevisedJan.2023) 204927-2237-0106,v.3
(1) EvidenceofcommercialpropertyinsurancewithLenderlistedasan
additionalinsured;
(2) EvidenceofliabilitypropertyinsurancewithLenderlistedasanadditionalinsured;
(3) Copyofreserveaccountstatements,ifapplicable;
(4) Evidenceofpaymentofrealestatepropertytaxes:
(5) Copyofcurrentbusinesslicense;
(6) Projectoperatingstatements;
(7) Annual Owner Certification;and
(8) NetCashFlowCalculationWorksheet.
6.10.3.TaxReturns.Withinthirty(30)daysoftheapplicablerequiredannual
filingdate,includinganystandardextensionsforwhichBorrowermayhavevalidlyfiledand
copiesofwhichareprovidedtoLender,completecopiesofallFederalandstatetaxorinformation
returnsofBorrower(includingformK-1sandallschedules),certifiedastrueandcorrectbythe
principalfinancialoraccountingofficerofBorrower.
6.10.4.InternalFinancialStatements.Uponthirty(30)days’priorwritten
requestfromLender,Borrower’sinternalconsolidatedfinancialstatementsforthepreceding
financialquarterpreparedbyBorrowerandcertifiedbyBorrower'sprincipalfinancialor
accountingofficer,includingastatementofactivities,astatementoffinancialposition,astatement
ofcashflow,abreak-downofgrossleaserevenues,andduringconstruction,areconciliationof
expenditurespaidwithLoanproceeds.

6.10.5.AffordableHousing.Uponthirty(30)days’priorwrittenrequestfrom
Lender,(i)anyinformationabouttheleasingandoccupancyoftheAffordableUnits,includinga
rentrollfortheProject,summarizingthetermsofallresidentialleasesandtheHouseholdincomes
ofthetenants,asoftheendofDecemberoftheprioryearnolaterthanMarch1ofeachyear,or
morefrequentlyasreasonablydeterminedbyLender;and(ii)anyotherinformationthatmaybe
requiredtomeetDistrictand/orFederalreportingrequirements,includingbutnotlimitedto,
informationonhouseholdsize,age,income,sex,andraceorethnicityofalloccupantswhoresideinAffordableUnits.
6.10. Additional FinancialInformation. Upon thirty(30)days’priorwritten
requestfromLender,anyadditionalinformationnecessarytoevaluatethefinancialpositionofthe
Project,asreasonablydeterminedbyLender.
6.10.7.OngoingProjectUpdates.Uponfive(5)days’priorwrittenrequest
fromLender,provideLenderwithregularProjectupdates.

LoanAgreement(RevisedJan.2023) 21
4927-2237-0106,v.3
6.11,RecordsandRetention,Keepandmaintainatalltimescompleteandaccuratebooksofaccountandrecords(includingcopiesofsupportingbillsandinvoices)adequatetoreflectcorrectlytheoperationoftheProjectorthePropertyandtheuseoftheLoanproceedsandcopiesofallwrittencontracts,leases,andotherinstrumentswhichaffecttheProjectortheProperty.Keeprecordsfora periodoffive(5)yearsfromthedatethatsuchrecordsaregenerated.Ifany litigation,claimoraudithasbegunbeforetheexpirationofthe5-yearretentionperiod,therecordsshallberetainednolessthanfive(5)yearsafteralllitigation,claims,auditsormonitoringfindingsinvolvingtherecordshavebeenresolvedandfinalactiontaken.

6.12. Payment of Obligations.Pay and dischargeator before maturityallitsmaterial
obligationsandliabilities,includingtaxliabilities,theexpensesoftheProject,andclaimsforlabor,materials,andsuppliesthat,ifunpaid,mightbecomeliensonthepropertyofBorrower,exceptthosebeingcontestedingoodfaithbyappropriateproceedings.
6.13.Ne PromptlygiveNoticetoLenderof(i)alllitigationaffectingBorrower,theProperty,oranyportionoftheProject,and(ii)allcomplaintsandchargesmadebyanyAuthorityhavingjurisdictionovertheProjectwhichmaymateriallydelayorrequirematerialchangesintheconstructionoftheProjectorotherwiseimpairthesecurityofLender.

6.14.FurtherAssurances.OnrequestbyLender,doanyactorexecuteanyadditionaldocuments(includingsecurityagreementsandfinancingstatementsonanypersonaltyownedby
BorrowerandincludedortobeincludedintheProject)reasonablyrequiredbyLendertoconfirmthelienandsecurityinterestoftheDeedofTrust,oranyothercollateraldocument.
6.15. Fees of Lender’s Agents. Pay Attorneys’Fees and Costs and the reasonablefees
ofLender'sagents,ifany,inconnectionwiththeProjectortheLoan.
6.16.PerformanceofOtherAgreements.Jointlyandseverally,dulyandtimelyperformandobserveallcovenants,agreementsandconditionsonitsparttobeperformedorobservedinallmaterialrespects.

6.17.AcknowledgementofLenderFinancing,
(a) AllowLenderto,orasreasonablyapprovedbyLender,placesuitablesignage
indicatingthattheProjectisbeingdevelopedwithfinancialassistanceprovidedbyLenderinsuchmannerasLendermayelect.AnysuchsignshallbeprovidedattheexpenseofLender;provided,
however,thatifLenderprovidesasigntoBorrower,thenBorroweragreestoprovideaprominentandsuitablelocationofthedisplayofthesignandtomaintainthedisplayofsuchsignforthedurationofdevelopmentoruntiltheLoanhasbeenfullysatisfied,whichevereventshalloccurfirst.
(b)_ EnsurethatallwrittenorprintedmaterialsdistributedorpostedbyBorrower,whichpublicizetheProject,shallincludeinformationthattheProjectisbeingfunded,partiallyorfully,throughLender.Further,announcementofalleventsthatpublicizetheProjectshallacknowledgefundingby Lender.Thismay include,butisnotlimitedto,socialmedia,newspaperannouncementsoradvertisements,flyers,postings,anyradioandtelevisionannouncements.

LoanAgreement(RevisedJan,2023) 24927-2237-0106.4.3
6.18.PropertyManagement.AtalltimesduringthetermofthisAgreement,BorrowershallenterintoamanagementcontractwithaDistrictlicensedprofessionalmanagementcompanyfortheProject,cancelableonsixty(60)days’notice,andotherwiseinformandsubstancesatisfactorytoLenderinitsreasonablejudgment.BorrowershallnotifyLenderatleastsixty(60)daysinadvanceofanychangeinmanagementandshallprovideLenderwithacopyoftheproposedmanagementagreementforLender’sreviewandapprovalpriortoBorrower'sexecutionthereof.Suchapprovalshallnotbeunreasonablywithheld,conditionedordelayed.Theproposedsuccessormanagershallbea managementcompany,ingoodstandingwiththeDistrictofColumbia,andexperiencedinmanagingpropertiesofa similartypeandsizeastheProject.Theproposedsuccessormanagershalldeliverallorganizationaldocumentsandotherdocuments,upontherequestofLender,regardingthemanager’ssuitabilitytomanagetheProject.AnysuccessormanagementcontractenteredintobyBorrowershallbeapprovedbyLender,suchapprovalshallnotbeunreasonablywithheld,conditionedordelayedandshallprovidethatitshallbesubjecttotermination,withoutpenalty,uponwrittenrequestbyLender,addressedtoBorrowerifthepropertymanagerfails,afterbeingprovidedfundsthereforefromBorrower,totakeactiontocureanymaterialdefaultunderthepropertymanagementcontractwithinsixty(60)days’noticethereof’byLenderwithacopytoBorrower,Intheeventofanemergencysituation,thesixty(60)daynoticeperiodshallbeshortened,atLender'sreasonablediscretion.Uponreceiptofa requesttoterminatethemanager,Borrowershallterminatethemanagementcontractnolaterthansixty(60)daysfromthedateofthenotice,providedthat(i)Lenderhasapprovedofa newmanagerandmanagementcontract,(i)thechangewillnotresultintheProjectbeingwithoutamanagerforanyperiodoftime,and(iii)BorrowerhasreceivedthepriorwrittenconsentoftheSeniorLender.
6.19.AffordabilityCovenants.
(a) ComplyinallrespectswiththeAffordableHousingCovenantandrentandmaintaintheAffordableUnitsinaccordancewiththeAffordableHousingCovenant.

(b) Maintainaccuraterecordsofthetenanthouseholdincomesandrentlevelseachtime thatan AffordableUnit isrented,and rentrollsupdated on a monthly basis,and availablefor
inspectionbyLenderwithinten(10)daysofLender’srequesttherefore.
(©) RegisteranyavailableAffordableUnitwiththeHousingLocatorwebsiteestablishedpursuanttotheAffordableHousingClearinghouseDirectoryActof2008,D.C.Law17-215,D.C,OfficialCode§42-2131etseg.andshallactivelyseektomarketvacantunitstohouseholdsreferredbytheDistrictofColumbiaHousingAuthorityasrequiredintheProgramRequirements.As ofthedateofthisAgreement,theHousingLocatorwebsiteisDCHousi

6.20.HazardousMaterialsIndemnity.
(a)— ComplywithallgovernmentalrequirementsapplicabletoHazardousMaterials(includingleadpaint)andotherenvironmental,health,fireandsafetylawsorregulations,including,butnotlimitedto,theOccupationalHealthandSafetyActandAmericansWithDisabilitiesAct;
LoanAgreement(RevisedJan.2023) 234927-2237-0106,v.3
(b) NotifyLenderofanynoticereceivedbyBorrowerofany leak,spillorotherrelease
ofHazardousMaterialsorofanyviolationofanyenvironmental,health,fireorsafetylawsor
regulationswithrespecttotheProjectorthePropertyinwhicheventLendershallbealloweda
rightofentry(includingtherighttoconducttestsandtakesamplesfromtheProjectorthe
Property)andmay,butshallnotberequiredto,remediatetheproblemifBorrowerdoesnotpromptlyinitiateand diligentlypursuesuchremediation;

(©) IfunlawfulHazardousMaterialsaredeterminedtobelocatedattheProjectoron
thePropertyoranotherenvironmental,health,fireorsafetylaworregulationhasbeenviolated
andsuchviolationhasbeencausedbyBorroweroritsagents,provideLenderwithabondorletterof credit,or similarfinancialassurance,satisfactoryto Lender, inan amount sufficientto cover
thecostofanycleanuporofremediationoftheviolation,asthecasemaybe;and
(@)__IndemnifyandforeverholdLenderharmlessfromanyloss,claim,damageorliabilityarisingoutof,orinconnectionwith,theunlawfulpresenceattheProjectoronthePropertyof,orcontaminationby,anyHazardousMaterialsortheviolationofenvironmental,health,fireor
safetylawsorregulationsifsuchloss,claim,damageorliabilitywascausedbyBorrowerorits
agentsandhasoccurredsinceBorrowertooktitletotheProperty;provided,however,Borrower
shallhavenoliabilitytotheextentanylossarisesasaresultofthegrossnegligenceorwillful
misconductofLender.ThisindemnificationshallsurviverepaymentoftheLoan.

(©) Further,BorrowershallpayLender,upondemand,forallcostsreasonablyincurredbyLenderinconnectionwithinspectingtheProjectorthePropertywithrespecttoHazardousMaterials,whichLendermaydoatanytimeandfromtimetotime,and/orinconnectionwith
reviewinganyHazardousMaterial,environmental,health,fireorrelatedsafetyreports,including
Attorneys’FeesandCosts,engineeringfeesandotherfeesandexpensesifsuchcostsareincurred
asaresultofactionscausedbyBorroweroritsagentsafterthedateBorrowertakestitletothe
Property.
Section7. Default;Remedies.
7.1.Defaults.An “EventofDefault”shallbedeemedtohaveoccurredunderthis
Agreementontheoccurrenceofanyoneormoreofthefollowingevents,providedsuchdefault
remainsuncuredafterthenoticeandcureperiodsprovidedinSection7.1.3below:
7.1.1. Any representationor warrantymade hereinor anystatementor
representationmadeinanycertificate,reportoropinion(includinglegalopinions),financial
statementorotherinstrumentfurnishedinconnectionwiththisAgreement(includingrequests),
anyapplicationmaterialsfortheLoan,oranyoftheotherLoanDocuments,provestohavebeenincorrectinanymaterialrespectwhenmade;or

71.2. Borrower failsto pay, withinten (10)days afterthe dateon which itis
dueandpayable(a)theprincipalof,premium,ifany,orinterestoranyotherchargesorsumson
orundertheNote(whetheronmaturity,onanyinstallmentdate,afteracceleration,afternoticeof
prepayment,orotherwise),or(b)anyotherpaymentrequiredbythisAgreementoranyofthe
otherLoanDocumentstobepaidbyBorrower,including,butnotlimitedto,anypaymentsduetoLender inaccordance with the FinalLoan Reduction Calculation;or
LoanAgreement(RevisedJan.2023) 244927-2237-0108,v.3
7.1.3. Borrowerfailstodulyandpromptlyperform,complywithorobserve
anyoftheterms,covenants,conditionsoragreementscontainedhereinorintheProgramRequirements,otherthanpertainingtoinsurancerequirementshereinforwhichthereshallbenosuchcureperiod,whichdefaultremainsunremediedforthirty(30)days(orsuchothercureperiod
asmaybespecifiedherein)afterNoticetothenon-performingentitythereof,exceptthatifthedefaultissuchthatitcannotbecorrectedwithinthirty(30)days(oranyothercureperiodspecifiedherein),itshallnot be an Event of Defaultif,inthe opinion of Lender reasonablyexercised,the
non-performingentityistakingappropriatecorrectiveactiontocurethedefaultandthedefaultwillnot,inLender'ssolejudgment,impairthesecurityfortheLoan;or

7.1.4.AnActofBankrupteyoccurswithrespecttoBorroweroranyotherguarantoroftheLoan;orBorrowerbecomesgenerallyunabletopayitsdebtsastheybecomedue;
or
7.1.5. An EventofDefaultoccursunderanyotherLoanDocument;or
7.1.6.Anymechanic’slienisestablishedagainsttheProjectandnotdischarged
orbondedagainstbyBorrowerwithinthirty(30)daysafteritreceivesnoticeoftheestablishment
thereof:or
7.1.7.BorrowerfailstocomplywithanyrequirementofanyAuthorityhavingjurisdictionwithinthirty(30)daysaftertheAuthoritygivesitwrittennoticeofthe requirement;
orifanyproceedingisbegunoractiontakentoenforceanyremedyforaviolationofanyrequirementoftheAuthorityoranyrestrictivecovenantaffectingtheProperty.

7.2. Remedies of Lender on Eventof De! Whenever any Eventof Defaultreferred
to insubsection7.1has occurred,Lender may refusetodisburseany amounts hereunder,accelerate
thepaymentsdueontheNoteanddeclareallotherofBorrower'sobligationstobeimmediatelydueandpayable,bringsuitontheNote,andtakesuchotheractionsagainstBorrowerasLendermay deemtobeappropriate,aspermittedbylaw.Inaddition,Lender,initssolediscretion,may
takeanyoneormoreofthefollowingremedialsteps:
7.21. Acceleration,DeclaretheunpaidprincipaloftheNoteandallinterestaccruedthereon,togetherwithallothermoneyspayablehereunder,tobeimmediatelydueandpayable,bynoticeinwritingtothateffectdeliveredtoBorrower,andonsuchdeclaration,allsuchmoneysshallbecomeimmediatelydueandpayable,withoutprotest,presentment,furthernoticeordemand,allofwhichareexpresslywaivedbyBorrower,attheplaceofpaymentprovidedinsuchnotice,anythinginthisAgreementorintheNotetothecontrarynotwithstanding.
7.2.2,LegalAction,Bymandamusorothersuit,actionorproceedingatlaw
orinequity,enforceallrightsofLender,andrequireBorrowertocarryoutanyagreementwithorforthebenefitofLender,andtoperformitsdutiesunderthisAgreement,theDeedofTrust,and
theotherLoanDocuments;and/or
(1)_ Bringsuiton theNote;and/or
(2) ByactionorsuitinequityenjoinanyactsorthingswhichmaybeunlawfulorinviolationoftherightsofLender;and/or
LoanAgreement(RevisedJan.2023) 254927-2237-0106..3
(3) Takewhateveractionatlaworinequityappearsnecessaryordesirabletocollectthepaymentsandotheramountsthendueandthereaftertobecomedueortoenforceperformanceandobservanceofany obligation,agreement
orcovenantofBorroweroranyotherPersonunderthisAgreementoranyotherLoan Document.
7.2.3. Booksand Records.Haveaccesstoandinspect,examineandmake
copiesofthebooks and recordsand any and allaccountsand similardataof Borrower.
7.24, ProtectionofProperty.Withoutresorttojudicialprocess,takesuch
stepsasitdeemsappropriatetoprotecttheProjectorthePropertyfromdepredationorinjury,includingemploymentofwatchmenorotherprotectiveservices,andBorrowershallpayany
expensesincurredbyLenderintakingsuchsteps.
7.2.5.CompletionofProject.Lendershallhavenoobligationtodisburseany
portionoftheundisbursedproceedsoftheLoantoBorrower.LendermayentertheProjectorthe
PropertyforthepurposeofcausingBorrower'sobligationshereundertobefulfilled,andforsuch
purposesBorrowerherebyappointsLenderasitslawfulattorney-in-fact,withfullpowerof
delegationandsubstitution,toactforsuchpurposeinitsname,totakeanyorallofthefollowingactions:
(1) ContinuetheProject;and/or
(2) Availitselfand procureperformanceof allcontractstheretoforemade by
Borrower;and/or
(3) Modifysuchcontracts,ortoenterintonewcontractswiththesameorothercontractors,architects,suppliersoragents;and/or
(4) Pay,settleorcompromiseanybills,claimsorliensincurredinconnectionwiththecompletionoftheProject;and/or
(5) _Prosecuteordefendanyactionorproceedinginconnectiontherewith,toexecutesuchapplicationsandcertificatesasmay be requiredbygovernmentalauthorityoranyagreementbyBorrower;and/or
(6) Performanyotheractandexecuteanddeliveralldocumentsandinstrumentsasmaybeappropriateforsuchpurposes;and/or
(7) Useanyfundsnotyetdisbursedhereunderorotherwiseallocatedormadeavailabletherefortopaythecostthereof,itbeingspecificallyagreedthatthispowerofattorneyisapowercoupledwithaninterestwhichcannotbe
revoked.

Anydisbursementoffundsforsuchpurposesshallbedeemeddisbursementspursuanttothis‘AgreementandevidencedbytheNote.Inaddition,ifitisnecessaryforLendertodisburseanyamountsinordertoaccomplishsuchpurposes,BorrowershallreimburseLenderfortheamountofsuchexcess,withinterestthereonasprovidedinSection8,andauthorizeLendertoapplyfunds

LoanAgreement(RevisedJan.2023) 264927-2237-0106,v.3
receivedfromthesaleorrentalofanyportionsoftheProjecttotherepaymentofsuchexcess
beforethesameareappliedforanyotherpurpose.AnyactiontakenbyLenderhereundermay,in
thesolediscretionofLender,bethereafterterminatedorchanged,andthisAgreementorany
actiontakenhereundershallinnowaybeconstruedasimposinganyobligationonLendertoact
orcontinuetoactonthebehalfofBorrowerorotherwisetocompletetheProjectorfulfillany
obligationofBorrowerinconnectionwiththeProject.

7.2.6. Possession of Project.Take possessionof the Projectand have, hold,
manage,leaseandoperateitonsuchtermsandforsuchperiodoftimeasLenderdeemsproper;
andcollectandreceiveallrents,incomeandprofitsoftheProject,withorwithouttaking
possessionofthe Project,withfullpowertomakefromtimeto timeallalterations,renovations,
repairsorreplacementstheretoasseempropertoLender,andtoapplysuchrents,incomeand
profitstothepaymentof

(1) Thecostofsuchalterations,renovations,repairsandreplacementsand
expensesincidenttothetakingandretainingpossessionoftheProjectand
themanagementandoperationthereofandkeepingthesameproperlyinsured,and

(2) AlltaxesandanyotherencumbranceswhichmaybepriorinlienorpaymenttotheobligationsofBorrowerhereunder,and
(3) TheobligationsofBorrowerhereunder,togetherwithallcostsandAttorneys’FeesandCosts,insuchorderofpriorityastoanyofsuchitems
asLenderinitssolediscretionmaydetermine,anylaw,customoruseto
thecontrarynotwithstanding.

7.2.7, Repossession of Collateral.Proceed under the Districtof Columbia
UniformCommercialCodeastoallofanypartofthecollateral,andinconjunctiontherewith
exerciseallrights,remediesandpowersofasecuredpartyundertheDistrictofColumbiaUniform
CommercialCodeasthenineffectintheDistrictofColumbia(“UCC”),includingtaking
possessionofthecollateralpursuanttoSection9-503oftheUCCwithoutresorttojudicialprocess.
IfanEventofDefaultoccurs,Borrowershallassembleallofthecollateral,andmakeitavailable
attheProperty.AnynoticerequiredbySection9-504oftheUCCshallbedeemedreasonablyand
properlygivenifgiveninthemannerspecifiedforotherNoticesunderthisAgreement,atleast
fifteen(15)daysbeforeanysaleorotherdispositionofthecollateral.Dispositionofthecollateral
shallbedeemedcommerciallyreasonableifmadepursuanttoapublicofferingadvertisedatleast
twiceinanewspaperofgeneralcirculationinthecommunitywherethecollateralislocated,

7.2.8. Foreclosure.Declarea defaultundertheLoan Documents and exercise
itsrightsofforeclosureand otherremediesavailableundertheDeed ofTrust.
7.3. No Remedy Exclusive;Delays or Omissions; Waiverof Breach. No actiontaken
pursuanttothisSection7shallrelieveBorrowerfromitsobligationshereunderorunderanyother
LoanDocument,allofwhichshallsurviveanysuchaction,andLender(totheextentprovided
above)maytakewhateveractionatlaworinequityappearsnecessaryanddesirabletocollectthe
paymentsandotheramountsthendue,andthereaftertobecomedueand/ortoenforcethe
LoanAgreement(RevisedJan.2023) 274927-2237-0106,v.3
performanceandobservanceofanyobligation,agreementorcovenantofBorrowerhereunderorofanyotherPersonunderanyLoanDocument.
NoremedyhereinconferredonorreservedtoLenderisintendedtobeexclusiveof
anyotheravailableremedyorremedies,buteachsuchremedyshallbecumulativeandshalllbein
additiontoeachotherremedygivenunderthisAgreementortheotherLoanDocumentsornow
orhereafterexistingatlaworinequity.Ifanyrightorremedygrantedhereinisheldtobeunlawful,
LendershallbeentitledtoeachotherrightandremedyprovidedinthisAgreementandbylawor
inequity.Nodelayoromissioninexercisinganyrightorpoweraccruingonanydefault,omission
orfailureofperformancehereunderorundertheLoanDocumentsshallimpairanysuchrightor
powerorbeconstruedtobeawaiverthereof,butanysuchrightandpowermaybeexercisedfrom
timetotimeandasoftenasisdeemedexpedient.IfanytermofthisAgreementisbreachedbyBorrowerandisthereafterwaivedbyLender,thatwaivershallbelimitedtotheparticularbreachsowaived,andshallnotbedeemedtowaiveanyotherbreach,Nowaiver,amendment,releaseor
modificationofthisAgreementshallbeestablishedbyconduct,customorcourseofdealing,but
solelybyadocumentsignedbyLender.InordertoentitleLendertoexerciseanyremedyreserved
toitinthisSection,itshallnotbenecessarytogiveanynotice,otherthananynoticebeherein
expresslyrequired.
Section8. Additional_Local_andFederalRequirementsApplicabletoBorrower.In
additiontotheProgramRequirements,BorrowershallfullycomplywiththefollowingFederal
andDistrictrequirementsastheymaybeapplicabletoBorrower,theProjectortheProperty,
includingimplementationofsuchrequirementsthroughhandbooks,guidesandnotices,andall
futureupdates,changesandamendmentstheretoapplicabletoBorrower,theProjectorthe
Property,astheybecomeeffective:

(a) CompliancewithEqualOpportunityObligationsinContracts(AffirmativeAction
Plan)~Mayor'sOrder1985-85;
(b) CertifiedBusinessEnterpriseRequirements— D.C.OfficialCode§2-218.46er
seq.
(c) D.C,HumanRightsActof1977— D.C.OfficialCode§2-1401.1etseq.:
(@) FairCriminalRecordScreeningforHousingActof2016— D.C.OfficialCode
§42-3541.01efseq.;
(e)_ FirstSourceProgram— D.C.OfficialCode§2-219.01etseq.:
( Freedom of InformationAct — D.C. OfficialCode § 2-531etseq.;
(g)_ InclusionaryZoningImplementationActof2006~D.C.OfficialCode§6-1041.01
etseq.;
(h) RelocationAssistance- 10BDCMR Chapter22;
(i) RentalHousingAct of 1985—D.C. OfficialCode § 42-3501.01etseq.;
LoanAgreement(RevisedJan.2023) 28
4927-2237-0106,v.3
RentalHousingConversionandSaleActof1980— D.C.OfficialCode§42-
3401.01erseq.;
(k) Sections9a and 9b of HistoricLandmark and HistoricDistrictProtectionAct of
1978,asamended— D.C.OfficialCode§6-101efseq.;
(D) AgeDiscriminationActof1975—42U.S.C.§6101efseq.,including,butnot
limitedto,implementingregulationsat24CFRPart146;

(m)— AmericanswithDisabilitiesActof1990-42U.S.C.§ 12101efseq.;
(n) BroadbandInfrastructurein HUD-FundedNew Construction& Substantial
Rehabilitation— 24CFR §891.
(0) CivilRightsActof1964-42U.S.C.§2000derseq.
(p) ConflictofInterest—24CFR§570.611;
(q)___Davis-BaconandRelatedActs~40U.S.C.§3141efseg.and42U.S.C.§5310:40U.S.C.§3701etseq.;29CFRParts1,3,and5;
(i) TheFederalstatutoryandregulatoryrequirementsof theDavis-BaconAct
(40 U.S.C. § 3141 ef seg.)and the Contract Work Hours and Safety Standards Act (40
U.S.C. § 3701 etseq.)shallsurvivethe termof the Loan. The Davis-Bacon Act requires
thepaymentofprevailingwageratestoalllaborersandmechanicsonFederalgovernmentand Districtof Columbia constructioncontractsinexcessof $2,000.The Davis-Bacon Act
laborstandardsalsoapplytothe“RelatedActs,”underwhichconstructionprojectsareassistedthroughFederalfundedgrants,loans,loanguarantees,andinsurance.EachcontractsubjecttoDavis-Baconlaborstandardsrequirementsmustcontaininfullthelabor
standardsclausessetforthin29CFR§ 5.5(a)relatingtominimumwages,apprenticesandtrainees,withholding,payrollsandbasicrecords,andliabilitiesandpenaltiesforviolations.ThemandatoryDavis-Baconcontractprovisions,theFederalLaborStandardsContractAddendum (HUD Form 4010), are attachedheretoas Exhibit D and incorporatedherein.
The wage determinationapplicableto thisProjectisattachedhereto as Exhibit E and
incorporatedherein,ThemandatoryDavis-BaconlaborprovisionssetforthinExhibitDandthewagedecisionsetforthinExhibitE mustbeincorporatedintheConstructionContractandeachsubcontractatanytier.

(a) Eachweeklypayrollstatementrequiredunder29CER§ 3.3shallbedeliveredbythecontractororsubcontractor,withinseven(7)daysaftertheregularpaymentdateofthepayrollperiod,totheOfficeofProgramMonitoringatDistrictofColumbiaDepartmentofHousingandCommunityDevelopment,1800MartinLutherKing,Jr.,Ave.,SE,Washington,DC20020.(29CFR§3.4).
(b)_ Eachpayrollsubmittedshallbeaccompaniedbya“StatementofCompliance,”signedbythecontractororsubcontractororhisorheragentwhopaysorsupervisesthepaymentofthe personsemployedunderthecontract.(29
CER§5.5(a)(3)(ii)(B)).UpontherequestofLender,Borrowershallprovideor
LoanAgreement(RevisedJan.2023) 294927-2237-0106,v.3
shallcauseitscontractororsubcontractortoprovideforLender’sreview,anycontractorsubcontractuponwhichacertifiedpayrollisbased;
(©) EqualCreditOpportunityAct-15U.S.C.§1691efseq.;
(8) LeadSafeHousingRule(LeadBasedPaint)—24CFRPart35;
()— GovernmentwideRequirementsforDrug-FreeWorkplace~ 41U.S.C.§701efseq.,including,but not limitedto,Federalrulesand regulationsat24 CFR Part2429;
(u) FairHousingActof1968-42U.S.C.§3601efseq.,including,butnotlimitedto,
implementingregulationsat24CFRPart10
(v) Hatch Act—5 U.S.C.Chapter15;
(w) NationalEnvironmental PolicyAct of 1969 - 42 U.S.C. § 4331 efseq.,including,
butnotlimitedto,implementingregulationsat24CFRPart50or58,asapplicable;
(x) Nonprocurement,DebarmentandSuspension-2CFR Part2424;
(y)_ RestrictionsonLobbying—24CFR Part87;
(2) Section3of the Housing and Urban Development Act of 1968 - 12 U.S.C. § 1701u
etseq.,including,butnotlimitedto,implementingregulationsat24CFRPart75.InaccordancewithLender'spolicyforHPTFloans,duringconstructionoftheProject,Borrowershallcomplywith and cause itssuccessors,assigns,and agentsto comply with 24 CFR Part75. The Section3
requirement appliesto assistancethatexceeds $200,000.00 or where the contractor subcontract
exceeds$1,000,000.00.BorrowershallorshallcauseitscontractorstoincludetheSection3ContractAddendumattachedheretoasExhibitF andincorporatedhereininanycontractsorsubtractssubjecttheSection3requirements;

(aa)Section106oftheNationalHistoricPreservationActof1966—16U.S.C.§470etseq.,including,butnotlimitedto,implementingregulationsat36CFRPart800;

(bb)Section504ofRehabilitationActof197329U.S.C.§794etseq.,including,butnotlimitedto,implementingregulationsat24CFRPart8;
(cc) UniformAdministrativeRequirements,CostPrinciples,andAuditRequirements
forFederalAwards — 2 CFR Part200;
(dd)UniformRelocationAct~42U.S.C.Chapter61;and
(ee) Violence Against Women Act (“VAWA”) - 42 U.S.C. § § 13701-14040. TitleVI
of the Violence Against Women ReauthorizationAct of 2013, Safe Homes for Victims of
DomesticViolence,DatingViolence,SexualAssault,andStalking,expandedtheapplicabilityofthe Act to the Low Income Housing Tax Credit program. VAWA protectsboth childand adult
victimsofdomesticviolence,datingviolence,sexualassault,andstalking.AllownersandmanagersshallcomplywiththerequirementsofthisActandshallusetheapplicableVAWA
LoanAgreement(RevisedJan.2023) 304927-2237-0106,v.3
forms,including,butnotlimitedto,theHUD-5380NoticeofOccupancyRightsundertheViolence Against Women Act, HUD-5381 Model Emergency Transfer Plan for Victims of
Domestic Violence, Dating Violence, Sexual Assault,or Stalking,HUD-5382 Certificationof
Domestic Violence, Dating Violence or Stalking,and Alternate Documentation, HUD-5383
EmergencyTransferRequestforCertainVictimsofDomesticViolence,DatingViolence,Sexual
Assault,or Stalkingand HUD-91067 VAWA Lease Addendum.
8.1. Duty to Comply with Lender Compliance Certifications.The Borrower acknowledges
thatanymisrepresentationofinformationorfailuretocomplywithanyagreementcontainedinitscertificationstocomplywithfederalandDistrictlawsandregulationsgoverningfairhousing,equalopportunity,accessibilityandaffirmativemarketingrequirementsapplicabletotheProjectshallbedeemedanEventofn Default.
Section9. ConflictOfInterest/LimitofLiability
9.1.1.FederalandDistrictlawsstrictlyprohibitanypersonwhoexercisesorhasexercisedanyfunctionsorresponsibilitieswithrespecttoLender-assistedactivitiesorwhoisinapositiontoparticipateinadecisionmakingprocessorgaininsideinformationwithregardtosuchactivitiesfromobtainingafinancialinterestorbenefitfromaLender-assistedactivity,orhaveafinancialinterestinanycontract,subcontract,oragreementwithrespecttoaLender-assistedactivity.Further,asitrelatestotheprocurementofsupplies,equipment,constructionandservices,recipientsandsubrecipientsofloanfundsfromLenderareheldtotheconflictofinterestprovisionsoftheProgramRequirements.Inadditiontothegeneralconflictofinterestprohibition,thesesectionsrequirethatfundrecipientsmaintainwrittenstandardsofconductgoverningtheperformanceofitsemployeesengagedintheawardandadministrationofcontractstoaddresstheprohibitionagainstanyrealorapparentconflictofinterest.BorrowershallsubmitacopyofitsconflictofinterestpoliciesandprocedurestoLenderwithinfifteen(15)daysoftheClosingDate.

9.12. Nomember,official,oremployeeofLendershallbepersonallyliabletoBorrowerotanysuccessorininterestintheeventofanybreachofthisAgreementbyLenderorforanyamountwhichmaybecomeduetoBorroweroritssuccessorsorassignsonanyobligationsunderthetermsofthisAgreement.

Section10. n,InaccordancewiththeD.C.HumanRightsActof1977,as amended, D.C. OfficialCode § 2-1401.01 efseq.,(the“Human Rights Act”),theDistrict
of Columbiadoesnotdiscriminateonthebasisofactualorperceived:race,color,religion,national
origin,sex,age,maritalstatus,personalappearance,sexualorientation,genderidentityorexpression,familialstatus,familyresponsibilities,matriculation,politicalaffiliation,geneticinformation,disability,sourceofincome,statusasavictimofanintrafamilyoffense,placeof
residenceorbusiness,andstatusasavictimorfamilymemberofa victimofdomesticviolence,a
sexualoffense,orstalking,Sexualharassmentisaformofsexdiscrimination,whichisalsoprohibitedbytheHumanRightsActandisprohibitedbyMayor’sOrder2017-313(SexualHarassmentPolicy,GuidanceandProcedures).Inaddition,harassmentbasedonanyoftheaboveprotectedcategoriesisalsoprohibitedbytheHumanRightsAct..

Section11. Freedomof InformationAct.
LoanAgreement(RevisedJan,2023) 314927-2287-0106,v.3
11.1TheDistrictofColumbiaFreedomof InformationActof1976,Pub.L.90-614D.C,OfficialCode§§2-531-539(the“FOIA”)providesforthedisclosureofpublicinformSpecifically,thelawprovidesthat“anypersonhasarighttoinspect,andathisorherdiscretion,tocopyanypublicrecordexceptasexpresslyexemptedbytheFOIA.Further,a“publicrecord”hasbeendefinedbytheDistrictofColumbiaPublicRecordsManagementActof1985as“anydocument,book,photographicimage,electronicdatarecordingpaper,soundrecording,orothermaterialregardlessofformorcharacteristic,madeorreceivedpursuanttolaworinconnectionwiththetransactionofpublicbusinessbyanyofficeroremployeeoftheDistrict.”D.C.OfficialCode§2-1701(13)(2008).BorroweracknowledgesthatLenderissubjecttotheFOIA.

11.2.InformationordocumentationsubmittedtoLenderpursuanttothisLoan,orinconnectionwiththetransactionofthebusinessofLender,issubjecttopublicdisclosurein
responsetoa FOIArequest.Therefore,informationthatBorrowersubmitstoLender,ifnotspecificallyexemptedbyD.C.OfficialCode§2-534oftheFOIA,maybedisclosedtothepublic
uponaproperrequest.

Section12. AntideficieneyActLimitations.NotwithstandinganyotherprovisionofthisAgreementtothecontrary,anyandallprovisionswhich,may,couldorappeartoobligateLenderareandshallremainsubjecttothelimitationsoftheAntideficiencyAct,prescribedunder31U.S.C.§§1341,1342,1349and1351,asmadeapplicabletotheDistrictofColumbiaunderD.C.OfficialCode§47-105;§§47-355.01—355.08,astheforegoingstatutesmaybeamendedfromtimetotime(2001ed.).Ifsuchprovision(s)shallbeinviolationoftheAntideficiencyAct,thatparticularprovision,asapplicabletoLender,shallbevoidabinit

Section13. Miscellaneous.
13.1. Reimbursement of Disbursements Made or Other Costs Incurred by Lender.
IfBorrowerfailstomakeanypaymentortoperformanyotherofitsobligationshereunder,Lender,
afternoticetoanddemandonBorrower,withoutwaivinganydefaultorreleasingBorrowerfromanyofitsobligationshereunder,andwithoutbeingunderanyobligationtodoso,maymakesuchpaymentorperformanyoftheparty’sobligations.AllamountssopaidbyLender,andallfeesandothercostsincurredbyLender,whetherinconnectionwithsuchpaymentorsuchperformanceorotherwiseinconnectionwithitsdutiesandresponsibilitiesunderthisAgreementandtheotherLoanDocuments,shallbeimmediatelydueandpayablebyBorrowerondemandtherefor,asadditionalpayments hereunder,with interestthereon as provided in Section 13.2.In addition,
notwithstandinganythinginthisAgreementtothecontrary,ifBorrowerdefaultsunderanytermofthisAgreement,andLenderemploysattorneysorincursotherexpensesforcollectionof
amountsduehereunderorenforcementofperformanceorobservanceofanyobligationoragreementbyBorrowerherein,BorrowershallondemandthereforpaytoLenderallAttorneys”
FeesandCosts.
13.2.InterestonAdditionalPaymentsandReimbursements,Withoutlimitingany
othertermsforthepaymentofinterest,additionalinterest,latecharges,premiumsorlikecharges
undertheLoanDocuments,inanyinstanceinwhichanysumotherthanprincipal,premium(ifany),andinterestisduefromBorrowertoLenderasadirectpayment,reimbursementorotherwise,
andnospecificprovisionismadeastothepaymentofinterestthereonortherateofinterestthereon
LoanAgreement(RevisedJan.2023) 324927-2237-0106,v.3
isnototherwisespecified,thesum shallbearinterestfrom thedateon which itbecomes due until
paidinfullattheDefaultInterestRate (asdefinedintheNote).
13.3.Indemnificationof Lender.

13.3.1. Claims in Connection with the Project.Except where itisthe resultof
Lender’sgrossnegligenceorwillfulmisconduct,(a)Borrowershallprotect,indemnify,andsave
harmlessLender,itsemployees,agentsandrepresentativesagainstandfromallclaimsincurred
by,orassertedorimposedagainst,anyofthem,andanylossorexpense(includingallAttorneys”
FeesandCosts)inconnectiontherewith,duetoLender’sparticipationinthefinancingofthe
Project,anyaccident,injury(includingdeath)ordamagetoanyPersonorproperty,however
caused,resultingfrom,connectedwithorgrowingoutofanyactofcommissionoromissionof
Borrower,oranyagents,assignees,contractorsorsubcontractorsofBorrower,oranyuse,nonuse,possession,occupation,condition,operation,service,design,construction,acquisition,maintenanceormanagementof,oron,orinconnectionwith,theProject,untilthisAgreementis
terminated,regardlessofwhethertheclaimsareagainstoraresustainedbyLender,itemployees,
itsagentsoritsrepresentatives;(b)Lendershallnotbeliableforanydamageorinjuryoccurring
duringtheLoantermtoPersonsorpropertyofBorroweroranyofitsagentsoranyotherPerson
whoorwhichisontheProperty,andBorrowerherebyreleasesLenderfrom,andagreesthatLender shallnot be liablefor,and Borrower, jointlyand severally,shallhold Lender harmless
from,anysuchliability;and(c)Borrower,jointlyandseverally,may,andifsorequestedby
Lender,shallundertaketodefend,atitssoleexpense,allclaimsbroughtagainstLenderoranyof
Lender'semployees,agentsorrepresentativesinconnectionwithanyofthemattersmentionedin
thissubsection,providedthatLendergivesBorrowertimelyNoticeofandforwardstoBorrower
everydemand,notice,summonsorotherprocessreceivedconcerninganyclaimwithinthe
purviewhereof.

13.3.2.ApprovalsofProject,NoinspectionsorapprovalsoftheProjectbyLenderduringorafterconstructionshallconstituteawarrantyorrepresentationbyLenderoranyofitsagentsastothetechnicalsufficiency,adequacyorsafetyofanystructureoranyofits
componentparts,includinganyfixtures,equipmentorfurnishings,andsuchapprovalsor
inspectionsshallnotconstitutesuchawarrantyorrepresentationastothesubsoilconditionsor
anyotherphysicalconditionorfeaturepertainingtotheProject.Allacts,includinganyfailureto
act,relatingtotheProjectbyanyagent,representativeordesigneeofLenderareperformedsolely
forthebenefitofLendertoassurerepaymentoftheLoan,andarenotforthebenefitofBorrower
oranyotherPerson.

13.4.Nonassignability.NeithertheLoannoranydisbursementthereundermay be
assignedbyBorrowerwithoutLender’spriorwrittenconsent.NeithertheLoannorany
disbursementsthereundershallbesubjecttotheprocessofanycourtonlegalactionbyoragainst
Borrowerofitsprincipals,officers,directorsorshareholdersorbyoragainstanyoneclaiming
underorthroughBorroweroritsprincipals,officers,directorsorshareholders.Forpurposesof
thisAgreement,theLoanshallremaininthecustodyofLenderuntilBorrowercomplieswithall
provisionshereof,exceptthatnothinghereinshallbedeemedtomodify,affectorsubordinatethe
obligationsheretoforegivenortobegivenbyBorrowerassecurityfortheLoan,allofwhichshall
beandremaininfullforceandeffect,thisAgreementbeingintendedonlyasadditionalsecurity
andprotectionfortheLoanandtoassureitsuseforthepurposesintendedbyLender.
LoanAgreement(RevisedJan,2023) 334927-2237-0108,v.3

13.5.LiabilityofLender.AllconditionsoftheobligationsofLenderhereunder,
includinganyobligationfomakedisbursementsundertheLoan,areimposedsolelyand
exclusivelyforthebenefitofLenderanditssuccessorsandassigns,andnootherPersonshallhave
standingtorequiresatisfactionofsuchconditionsinaccordancewithitstermsorbeentitledto
assumethatLenderwillrefusetodisbursesumsundertheLoanintheabsenceofstrictcompliance
withanyandallthereof.No otherPersonshall,underanycircumstances,bedeemedtobea
beneficiaryofsuchconditions,anyandallof whichmaybefreelywaivedinwholeorinpartby
Lenderatanytimeifinitsdiscretionitdeemsitdesirabletodoso.
13.6.NoPartnership,JointVenture,Ageney,BorrowerandLenderacknowledgethat
therelationshipbetweenthemcreatedherebyandbytheotherLoanDocumentsisthatofdebtor
andcreditorandisnotintendedtobeandshallnotinanywaybeconstruedtobethatofa
partnership,jointventure,orprincipalandagent.
13.7.WaiverofJuryTrial/ServiceofProcess/CourtCosts.BorrowerandLender
agreethatanylawsuitbetweenLenderandBorrowershalllbedecidedbyajudge,withouta
jury.BorroweragreestopayallcourtcostsandAttorneys’FeesandCostsincurredbyLenderin
connectionwithsuccessfullyenforcinganyprovisionofthisAgreement.Borrowerhereby
irrevocablydesignatesRegisteredAgent,asthetrueandlawfulattorneyofBorrowerforthe
purposeofreceivingserviceofalllegalnoticesandprocessissuedbyanycourtintheDistrictof
Columbiaaswellasserviceofallpleadingsandotherdocumentsrelatedtoanylegalproceeding
oractionarisingoutofthisAgreement.Notwithstandingtheabove,Borrowershallhavetheright
tochangeitsRegisteredAgent,inwhicheventBorrowershallgivewrittennoticetoLenderofany
suchchange,includingacurrentaddress.
13.8.No'ThirdPartyBeneficiaries,ThetermsandprovisionsofthisAgreementarefor
thebenefitofthepartieshereto,andnootherpersonshallhaveanyrightorcauseofactionon
accounthereof,
13.9,Counterparts.ThisAgreementmaybe signedincounterparts,anyofwhich
togetherwithallexecutedsignaturepagesshallconstituteafullyexecutedandbindingagreement.

13.10.Notices.Allnotices,requestsanddemandsontherespectivepartieshereto(each,
a“Notice)shallbegiveninwriting,anddeemedtohavebeengiventhree(3)businessdaysafter
havingbeensenttoLenderorBorrower,asapplicable,atitsrespectiveaddresslistedbelow,by
regularand certifiedUS mail,or one (1) businessday afterhaving been deliveredby courieror
overnightdeliveryservicetotheappropriatepartyattheaddresslistedbelowandwithreceiptfor
deliveryorrefusalofdelivery.Copiesofnoticestotheentitieslistedbelowtoreceivecopiesshall
besentbyregularmailorelectronicmail.Anypartyorentitymaychangeitsaddresstoreceive
noticeorcopiesthereofbysendingawrittennoticeofthechangetoallotherpartiesorent
listedbelow.

IftoLender: D.C.DepartmentofHousingandCommunityDevelopment1909MartinLutherKingJr.Avenue,S.E.Washington,D.C.20020Attn:Director

LoanAgreement(RevisedJan.2023) 344927-2237-0106,v.3
withcopyto: D.C.DepartmentofHousingand
CommunityDevelopment1909MartinLutherKingJr,Avenue,S.E.
Washington,D.C.20020Attn:GeneralCounsel
IftoBorrower: HarvardCourtOwner,LLC
c/oTheNHP Foundation
1401H Street,NW, Suite1000
Washington,DC 20005
Attention:John Welsh
withcopyto: Reno& CavanaughPLLC
455MassachusettsAvenueNW,Suite400Washington,DC 20001
Attention:EfremLevy,Esq.
AndacopytotheInvestorMembers:
HudsonHousingCapitalLLC
630FifthAvenue,28thFloorNewYork,NewYork10111
Attention:JosephA.MacariFaxNo:(212)218-4467
Withcopyto: BocarslyEmdenCowanEsmail& AmdtLLP4800 Hampden Lane, Suite200
Bethesda,Maryland 20814
Attention:CraigA.Emden
FaxNo.:(213)559-0747
13.11.Amendment.ThisAgreementmaybeamended,andBorrowermaytakeanyactionhereinprohibited,oromittoperformanyactrequiredtobeperformedbyBorrower,onlyiBorrowerobtainsLender’spriorwrittenconsenttosuchamendment,actionoromissiontoact.

13.12. Survival_of Agreements. All agreements, covenants, representationsand
warrantiesofBorrowermadeinthisAgreementshallsurvivetheexecutionanddeliveryofthisAgreementandtheotherLoanDocuments,andthemakingofalldisbursementshereunder,regardlessofanyinvestigationmadebyoronbehalfofLender.
13.13. Entire Agreement; Successors and Assigns; Time of Essence. This Agreement
andtheotherLoanDocumentscontaintheentiretermsoftheagreementwithrespecttotheLoan,andnorepresentations,inducements,promisesoragreementsbetweenBorrowerandLendernotsetforthhereinorintheotherLoanDocumentsshallbeofanyforceoreffect.ThisAgreementshallbebindingonandshallinuretothebenefitofBorrower,jointlyandseverally,andLender
LoanAgreement(RevisedJan,2023) 354927-2237-0106,v.3
andtheirrespectivesuccessorsandLender’sassigns,whethersoexpressedornot.Timeisofthe
essenceunderthisAgreement.
13.14. Severability.If any one or more terms of thisAgreement or the other Loan
Documentsaredeemedtobeinvalid,illegalorunenforceableinanyrespect,thevalidity,legalityand enforceabilityof the remaining terms herein or thereinshallnot be affectedor impaired
thereby,andshallbeenforceabletothemaximumextentpermittedbylaw.
13.15. Descriptive Captions; Headings. The captions and headings of the sections,
subsectionsandparagraphsofthisAgreementarefortheconvenienceofreferenceonly,andarenotconsideredtobeaparthereofandshallnotlimitorotherwiseaffectanyofthetermshereof.
13.16.Construction,Asusedherein,allreferencesmade(i)inthe neuter,masculineorfemininegendershallbedeemedtohavebeenmadeinallsuchgenders,(ii)inthesingularor
pluralnumbershallbedeemedtohavebeenmade,respectively,inthepluralorsingularnumberaswell,and(iii)toanysection,subsection,paragraphorsubparagraphshallbedeemed,unless
otherwiseexpresslyindicated,tohavebeenmadetosuchsection,subsection,paragraphor
subparagraphofthisAgreement.

13.17.GoverningLaw.ThelawoftheDistrictofColumbia(ignoringitsconflictsoflawsprinciples)shailgoverntheinterpretation,performanceandenforcementofthisAgreement.Allcitationstolegislationhereinshallmeanforsuchlegislationasofthedatehereof,andasmaybeamendedfromtimetotimeinthefuture.
13.18. Conflict with Program Requirements. In the event of a conflictbetween this
AgreementandtheProgramRequirements,theProgramRequirementsshallcontrol.
13.19.Subordination.TherightsoftheLenderandanyholderoftheNoteunderanyof
theLoanDocuments(excepttheAffordableHousingCovenant)shallbesubordinateinallrespectstotherightsoftheSeniorLenderundertheSeniorLoanDocumentsandaresubjectinallrespects
tothetermsandprovisionsoftheSubordinationAgreement

[Remainderofpageintentionallyleftblank]

LoanAgreement(RevisedJan,2023) 364927-2237-0108,v.3
IN WITNESS WHEREOF, BorrowerandLenderhavecausedthisAgreementtobe
executedand deliveredasofthe datefirstabove written.
LENDER:
DISTRICTOFCOLUMBIA,amunicipalcorporation,actingbyandthroughtheDEPARTMENT OF HOUSING AND
COMMUNITY DEVELOPMENT
By: ColleenGreenDirector
ApprovedastoLegalSufficiency:

[Signaturescontinueonfollowingpage]
LoanAgreement(RevisedJan,2023) 374927-2237-0108,v.3
DocusignEnvelopeID:8701A800-ADDD-40E9-BE16-7049551E1868
LoanAgreement(RevisedJan,2023)4927-2237-0106.v.5
BORROWER:
HARVARDCOURT OWNER,LLC,aDistrictofColumbialimitedliabilitycompany
By: HarvardCourtManager,LLC,aDistrictofColumbialimitedliability
company,itsManagingMember
By: TheNHPFoundation,aDistrictofColumbianon-profit,
corporation,
itsManagingMembereessignesby
{7 Wl
38
EXHIBITASUMMARY OF LOAN TERMS.
[Attached]
DMFIRM#41903568v25 A-l4927-2237-0106,v.3
SUMMARY OF LOAN TERMS AND PROJECT DETAILS

ProjectName: HarvardCourtApartments
BorrowerName: HarvardCourtOwnerLLC
ProjectAddress: 1425HarvardStreetNW
DHCD ProjectManager:GuytonHarvey
FundingRound: 2021ConsolidatedREP
FundingDescription
GapFundingAmount: HPTFLoanAmountnottoexceed$24,290,185
‘TaxCreditAllocation:$32,080,693-4% LIHTCEquity $6,135,038-DCLIHTCEquity
FundingSource(s): ‘XHousingProductionTrustFund(HPT)
_HOMEInvestmentPartnershipsProgram(HOME)
_CommunityDevelopmentBlockGrantProgram(CDBG)
_NationalHousingTrustFund(NHTF)
_DepartmentofBehavioralHealth(DBH)
_CDBG-Section108LoanGuaranteeProgram
Other(Specify)
ProductType: _X_LoanrepayablefromNetCashFlow
Grant
EligiblePurposeandUses:

X Acquisition(includingrefinancinganacquisitionloan)
X SoftCosts,includingPredevelopmentandFinancingCosts,
X NewConstruction-HardCosts
Rehabilitation-HardCostsCashCollateralizationofTax-ExemptBonds
CriticalRepairs(onlyselectifacquisitionfinancingonly)
_ OtherHPTForfederally-eligiblecostsasdefinedintheDevelopmentProjectBudget(Form202){Specifi]

* FundsmaybeusedtoreimbursepredeyelopmentandacqucostsatDFD'sdiscretion,regardlessofwhenthecostswere
incurred.* EligibleusesmustbeidentifiedandapprovedintheForm202,* DrawschedulewillbeestablishedpriortotheClosingDate.
LoanTerm: 42yearsfromtheClosingDate
InterestRate: 3%simpleinterestAccrualstartsontheClosingDateonamountsdrawndown
Construction/Stabilization
Peri

24monthsforconstructionplustwelve(12)monthsforstabilization,includinglease-upandconversion
RetainageAmount:
$2,429,018[Thelesseroftenpercent(10%)oftheconstruction
contractortenpercent(10%)oftheLoanamount)

RepaymentStart: ‘CommencesonMay1ofcalendaryearaftertheprojectedPlacedin
Servicedate(orcomparabledocumentationisprojectedtobereceived),
subjecttoNetCashFlowwaterfallinDeedofTrustNote
RepaymentSource: ‘TheLoanistoberepaidfromNetCashFlowandproceedsresultingfromanyCapitalTransaction,assetforthintheLoanDocumentsandBorrower'sorganizationaldocuments.
Recourse: Non-recourse
CollateralPosition: SecondprioritydeedoftrustonthePropertyandProject,includingallofBorrower'sright,titleandinterestintheland,improvements,rentsandleases,fixtures,personaltyandallcollaterallocatedonorusedinconnectionwiththeProject.
‘Tax-Exempt/TaxableBonds/StateandFederalLIHTC:
X__4%LowIncomeHousingTaxCredits(LIHTC)-Amount:[$32,080,693inequity]_9% LowIncomeHousingTaxCredits(LIHTC)-Amount:[SX]
~X_StateLowIncomeHousingTaxCredits(DCLIHTC)-
Amount:[86,135,038inequity]_X_Short-termBonds-EstimatedAmountfromDCHFA;[$46,170,000]~Long-termBonds-EstimatedAmount:[SX]None
OtherSubsidiesAwarded‘ThroughRFP:
~X_LocalRentSupplementProgram(LRSP)~AnnualContributionsContract(ACC)(PublicHousingOperating
Subsidy)_X_DepartmentofHumanServices(DHS)PermanentSupportiveHousing(PSH)CaseManagementSupportiveServices
_Other:[Specifi]
OtherNon-RFPorExistingSubsidies:
~Section8Project-BasedSubsidy(i,PBVorPBRAHAPcontract)~RentalAssistanceDemonstration(RAD)conversiono transferof
assistance_AnnualContributionsContract(ACC)(PublicHousingOperating
Subsidy)_DepartmentofBehavioralHealthoperatingsubsidy=NonprofitAffordableHousingDeveloperTaxRelief
Other:(Specify)
DistrictLand: PADD__ DMPED_Di:

ictofColumbiaAcquisition
ProjectDescription/ApplicationCommitments
ProjectType: X Production_Preservation_PreservationandProduction
‘NetNewUnitsTotaling108
_X_Rental_Homeownership_LimitedEquityCooperative

TotalUnitsinProject:| 108units
TotalAffordableUnitsin| 108units
Project:
LIHTCSet-Aside _X_40%ofUnitsat60%MFI
Election: _ 20%ofunitsat50%MFI
___AverageIncome(SeeAverageMFIinTable2)

AffordabilityPeriodRestriction(HPTF):

Perpetualaffordability

Leverage: $1,716,486_MinimumDeferredDeveloperFeeCommitment

UnitAffordabilityMixandApplicable
Program(s):
108units22unitsatorbelow30%MFI86unitsatorbelow50%MFI

Total LSRP.
Studio]
TBR) 30 2
2BR 8
3BR 9
4B
‘Total 108 2

IncomeLevelsServe 30%,and50%MFIServed
Mixed-Income: Inclusionof20% MarketRateUnits:Yes X No.
Minimumof10%ofunitsinthreeofthefollowingincomecategories:
_Yes_X_No=D percentto30percentMFI:20%31percentto50percentMFI:80%51percentto80percentMFI:© Market-rate(unrestricted,unsubsidized):0%

PermanentSupportiveHousing(PSH):

_X_20%. 10%. 5% 22PSHunits
“None_Other:[Specifi]_X_DBH Units
ScatteredSite_xLimitedSite-BasedOfficeSpaceRequired?_X_Y_N Site-Based

Family-OrientedUni 22%2+Bedroomunits8% 3+Bedroomunits
ProgramstoAddressAdditionalBarrierstoHousing:

_Returningcitizens_Householdsofunknownimmigrationstatus
_Residentswithdevelopmentalorintellectualdisabilities,
_Residentswithdiverselanguageneeds_Youthagingoutoffoster
care__HousingforPersonsWithAIDS
HousingforSeniorsandPeoplewithDisabilities:

“_AssistedLivingthataccommodateseniorsandpeoplewith
disabilities__IndependentLivingthataccommodateseniorsandpeoplewithdisabilities_Agerestrictedhousing55+~Provisionoftwicethenumberofaccessibleandaudio/visualunitsasFequiredbySection504

ProvisionofWealth-BuildingOpportunities:

Immediatehomeownershipopportuni“DesignationasDBE,ROB,orledorcontrolledbyindividualsdesignatedassociallydisadvantagedperSBA__ Structuredtotransfertotenantownershipafterthecomplianceperiod

ial15-year

Vacanciesfilledfrom _x_Yes__NoSection8andPublicHousingWaitingList:
QualifiedNon-Profit XYes.NoMajorityOwnerwith
ROFR: _N/A fornon-LIHTCprojects

RighttoseekaQualifiedContractwaived:
_x_Yes(Noisnotanoption)
_N/A fornon-LIHTCprojects
GreenDesignandBuildingThresholdRequirements

MinimumGreenBuildingCertificationRequired:
_X_2020EnterpriseGreenCommunitiesCriteria(EGC)(rehabilitationprojectsofanysizeandnewconstructionbuildingslessthan50,000sf)
2020EnterpriseGreenCommunitiesCriteriaPlus(EGC+)(new
‘constructionbuildingswithatleast50,000sf)
___LevelIAcceleratedSavingsRecognitionAlternativeCompliancePathway(ACP)OptionforcompliancewithDOEE’sBEPS(rehabilitationprojectsofatleast50,000sfifnotwaivedbyDOEEduetocurrentcompliance)
Other(withDHCDapproval):

MSvecif
SolarReady:_Yes(Noisnotanoption)SolarIncluded:YesNo

ResilientBuildingsandInnovativeDesign: ‘AdvancedCertification(s)orInnovativeDesignFeaturesPursued:
— 2020EnterpriseGreenCommunitiesCriterion5.4AchievingZero
Energy2020EnterpriseGreenCommunitiesPlus(EGCPlus)(Fehabilitationprojectsofanysizeandnewconstructionbuildingslessthan50,000sf)TRUEZeroWasteCeltificationWholeBuildingLife-CycleAssessment(LCA)SupportedLow-
EmbodiedCarbonDesign
EnterpriseGreenCommunitiesCriterion5.10ResilientEnergy
Systems:CriticalLoads
Mass-TimberConstruction;and/orModularConstruction
BuildingElectrification(noon-sitecombustion)
ichstormwaterretention
UniversalDesignStandard

PerResidentServicesPlan
BudgetSource(checkallthatapply): DeveloperFee_FundraisingOperatingBudget_XOther

‘ServicesOffered(checkallthatapply):Training& EducationalProgramming-AcademicandEconomicEmpowerment__ Training& EducationalProgramming-Environment,HealthandWellness_x_ResidentInvolvementandOrganizationalCapacity-BuildingOnsiteDaycareServices
CommunityAmenities(checkallthatapply)HighSpeedInternet(atleast5yearsatnocharge;entirebuilding)Playground_____Daycare/Preschoo!“x_ Community/Multi-purposeRoom___FitnessCenter
OnsiteGrocer/FarmersMarket/FoodProvision/GardenHealthFacilityOnsite

~__A localapprenticeshipprogramexceedingminimumapprenticeshiphoursworkedbyDCresidentsby10%ormoreExceedingtheDistrictsFirstSourceHiringrequirementby10%ormoreCertifiedBusinessEnterprise(CBE)participationof50%ormore

OtherProjectFeatures: ‘CommercialSpace(s):SFResident/CommunityAmenitySpaces: SFParkingSpaces____#ofspacesOther:[Describe]= _ UtilizationofCondoorTaxLotRegimeforIneligibleUses‘AdditionalExplanation:

DevelopmentTeamMembers

Developer/Sponsor:Developer/SponsorI:TheNHPFoundationDeveloper/Sponsor2:CHVTenantAssociation,Inc.;ChangeAllSoulsHousingCorporation.
General ‘Non-ProfitMember(s)
Partner/Managing (100%):
Member: For-ProfitMember(0%)
GeneralContractor ‘SouthwayBuilders,Ine.
Architect: QuinnEvansArchitects
ManagementAgent: ‘WinnManagementCompany,LLC
DevelopmentConsultant:
ConstructionManager:
‘SupportiveServicesProvider(PSH)

BEE

ResidentServicesProvider(Property-wide):
‘TBD(willbeconfirmedpriortoconstructioncompletion)

Other:
6

Unit Affordability Mix and Applicable Program{s)
Table 1

Average Income
Table 2

DMFIRM #41903568 v25 B-1
4927-2237-0106, v. 3
EXHIBIT B
PROJECT BUDGET
[Attached]
RESIDENTIAL INCOME
Unit Description Median Number of % of Unit Size Accessibility Supportive Rent Subsidy HPTF LIHTC Other Federal or Tenant Paid Tenant Paid Rent Limit Effective Rent Income per Monthly Annual
Bedrooms Baths Income Units Units (Net leasable SF) Housing Program District Source Utilities* Rent + Subsidy (No Rent Subsidy) Affordability Unit Income Income
1 Bedroom 1.0 30% 20 19% 677 PSH LRSP HPTF 4% LIHTC 2,341$ 847$ 83% 2,341$ 46,820$ 561,840$
1 Bedroom 1.0 30% 2 2% 677 UFAS PSH LRSP HPTF 4% LIHTC 2,341$ 847$ 83% 2,341$ 4,682$ 56,184$
1 Bedroom 1.0 50% 8 7% 677 HPTF 4% LIHTC 66$ 1,312$ 1,413$ 49% 1,312$ 10,492$ 125,904$
2 Bedroom 1.0 50% 3 3% 887 UFAS HPTF 4% LIHTC 82$ 1,572$ 1,696$ 49% 1,572$ 4,716$ 56,590$
2 Bedroom 1.0 50% 66 61% 887 HPTF 4% LIHTC 82$ 1,572$ 1,696$ 49% 1,572$ 103,749$ 1,244,984$
3 Bedroom 1.0 50% 8 7% 1,082 HPTF 4% LIHTC 97$ 1,813$ 1,959$ 49% 1,813$ 14,508$ 174,091$
3 Bedroom 2.0 50% 1 1% 1,082 UFAS HPTF 4% LIHTC 97$ 1,813$ 1,959$ 49% 1,813$ 1,813$ 21,761$
Total 108 100% 91,251 186,780$ 2,241,355$
Vacancy + Collection Loss Allowance (Total Annual Income x Vacancy Rate) 10.00% (224,136)$
Effective Gross Income/Units (Total Annual Income - Vacancy Allowance) 2,017,220$
SUMMARY - MEDIAN FAMILY INCOME OF AFFORDABLE UNITS SUMMARY - LRSP UNITS & INCOME; UNIT TYPES BY NUMBER OF BEDROOMS * TENANT PAID UTILITIES (proposed utility allowance; check all utilities to be paid by tenants)
# of Units Max MFI% % of Units % of Total SF % of Affordable SF LRSP Units 22 Total LRSP Air Conditioning (describe) Electric
22 30% 20% 16% 16% LRSP Annual Income 618,024 Studio Household Electric (describe) Electric
86 50% 80% 84% 84% V acancy (61,802) 1BR 30 22 Cooking (describe) Electric
60% - - LRSP EGI 556,222 2BR 69 Hot Water (describe) Electric
80% - - 28% 3BR 9 Heat (describe) Electric
46% 100% 100% LRSP Units/Total Units 20% 4BR Other (describe)
108 22
Total Gross Square Feet of Project: 153,957 Efficiency Ratio: 59%
NON-RESIDENTIAL INCOME
Sq. Ft. Monthly Income Annual Income
Solar SREC Income $
Laundry Income 1,800 21,600$
Misc. Income $
$
$
Total Non-residential 1,800$ 21,600$
Vacancy Allowance (Total Annual Income x Vacancy Rate) $
Effective Gross Income/Non-residential Space (Total Annual Income - Vacancy Allowance) 21,600
Effective Gross Income (sum Eligible Residential and Non-residential totals) 2,038,820$
PROJECT INCOME AND DEVELOPMENT PROGRAM SUMMARY
Description of Type and Size
LRSP EGI/Total EGI
Average MFI of Units:
Harvard Court Form 202 (2023 v3)_2.13.25_LRSP Update
108 153,957
ADMINISTRATIVE EXPENSES
Total Cost Cost per sq. ft. Cost per Unit
Advertising and Marketing $17,920 $0.12 $166
Office Salaries $117,600 $0.76 $1,089
Office Supplies $12,320 $0.08 $114
Office or Model Apartment Rent $0 $0.00 $0
Management Fee: EGI x rate of 4.50% $91,747 $0.60 $850
Manager or Superintendent Rent Free Unit $0 $0.00 $0
Legal Expenses (project only) $10,080 $0.07 $93
Auditing Expenses (project only) $15,000 $0.10 $139
Bookkeeping Fees and Accounting Services $12,320 $0.08 $114
Telephone and Answering Services $15,680 $0.10 $145
Bad Debts $0 $0.00 $0
Miscellaneous Administrative Expenses (describe): $0 $0.00 $0
Annual Tax Credit Monitoring Fee ($45 to $55/tax credit unit) $4,860 $0.03 $45
Other Administrative Expenses 1 - Software Subscriptions/Licenses, Telephone $25,760 $0.17 $239
Other Administrative Expenses 2 - Credit Checks, $2,600 $0.02 $24
Other Administrative Expenses 3 - Computer Tech Support $2,500 $0.02 $23
Other Administrative Expenses 4 - Resident Services (supplement to reserve) $15,000 $0.10 $139
Other Administrative Expenses 5 - Office Bonuses and Commissions (10%) $11,760 $0.08 $109
Total Administrative Expenses $355,147 $2.31 $3,288
UTILITY EXPENSES (paid by owner)
Fuel Oil $0 $0.00 $0
Electricity $27,382 $0.18 $254
Gas $0 $0.00 $0
Water/Sewer $64,800 $0.42 $600
Other Utility Expenses 1 - Solar Credit to house meter (included in Electricity) $0 $0.00 $0
Other Utility Expenses 2 - Utility Bill Processing $3,360 $0.02 $31
Other Utility Expenses 3 - LRSP Unit Utilities $17,424 $0.11 $161
Other Utility Expenses 4 $0 $0.00 $0
Other Utility Expenses 5 $0 $0.00 $0
Total Utility Expenses $112,966 $0.73 $1,046
OPERATING AND MAINTENANCE EXPENSES
Janitor and Cleaning Payroll $0 $0.00 $0
Janitor and Cleaning Supplies $5,376 $0.03 $50
Janitor and Cleaning Contract $67,200 $0.44 $622
Exterminating Payroll or Contract $5,040 $0.03 $47
Exterminating Supplies $0 $0.00 $0
Garbage and Trash Removal $27,000 $0.18 $250
Security Payroll or Contract $159,336 $1.03 $1,475
Grounds Payroll $0 $0.00 $0
Grounds Supplies $0 $0.00 $0
Grounds Contract $10,080 $0.07 $93
Repairs Payroll $87,897 $0.57 $814
Repairs Material $16,800 $0.11 $156
Repairs Contract $12,320 $0.08 $114
Elevator Maintenance or Contract $22,400 $0.15 $207
HVAC Maintenance or Contract $0 $0.00 $0
Swimming Pool Maintenance or Contract $0 $0.00 $0
Snow Removal $3,200 $0.02 $30
Misc. Operating and Maintenance Expenses (describe): $0 $0.00 $0
Other Operating and Maintenance Expense 1 - Fire System/ Life Safety $3,920 $0.03 $36
Other Operating and Maintenance Expense 2 - Decorator and Supplies $16,128 $0.10 $149
Other Operating and Maintenance Expense 3 $0 $0.00 $0
Other Operating and Maintenance Expense 4 $0 $0.00 $0
Other Operating and Maintenance Expense 5 $0 $0.00 $0
Total Operating and Maintenance Expenses $436,697 $2.84 $4,043
TAXES AND INSURANCE
Real Estate Taxes $0 $0.00 $0
Payment in Lieu of Taxes $0 $0.00 $0
Payroll Taxes (FICA) $22,690 $0.15 $210
Miscellaneous Taxes, Licenses and Permits $0 $0.00 $0
Property and Liability Insurance (hazard) $104,037 $0.68 $963
Fidelity Bond Insurance $0 $0.00 $0
Workmen's Compensation $8,439 $0.05 $78
Health Insurance and Other Employee Benefits $53,470 $0.35 $495
Other Taxes and Insurance 1 $0 $0.00 $0
Other Taxes and Insurance 2 $0 $0.00 $0
Other Taxes and Insurance 3 $0 $0.00 $0
Other Taxes and Insurance 4 $0 $0.00 $0
Other Taxes and Insurance 5 $0 $0.00 $0
Total Taxes and Insurance $188,636 $1.23 $1,747
RESERVES
Operating Reserve $0.00 $0
Reserve for Replacement $37,800 $0.25 $350
Total Operating Expenses $1,131,245 $7.35 $10,474
Net Operating Income (Effective Gross Income - Total Operating Expenses) $907,574 $5.89 $8,403
Per Unit Per Annum (PUPA) Operating Expense for DHCD Operating Expense Limit (Operating Expenses Less Replacement Reserves) $10,124
Total amount of utilities (if any) attributed to in-unit utilities paid by the owner: $17,424 $0.11 $161
Adjusted PUPA Operating Expense for DHCD Operating Expense limit $9,963
PROJECT EXPENSES
Total Gross Square Footage:Total Residential Units:
Expenses
DHCD Form 202 (2023v3) 1
DHCD- DEVELOPMENT BUDGET
TOTAL DEVELOPMENT COSTS Total Residential Units 108 T otal Gross Square Footage 153,957
Source: Source: Source: Source: Source: Source:
100.0% LIHTC HPTF Sponsor Note DDF Sol ar +45L Perm
ACQUISITION $86,760,804 $38,215,731 $24,290,185 $10,250,000 $1,716,486 $559,211 $11,729,190
Building Acquisition
Land Acquisition $12,500,000 97% $81 $115,741 $12,500,000 $2,250,000 $10,250,000
Other Acquisition Costs 1 - A/P Resolution $350,000 3% $2 $3,241 $350,000 $350,000
Other Acq. Costs 2 - Adv. Possession Legal $23,343 0% $0 $216 $23,343 $23,343
Other Acq. Costs 3 - Adv. Possession Other
Other Acquisition Costs 4
Other Acquisition Costs 5
Total Acquisition Costs$12,873,343 15% $84 $119,198 $12,873,343 $2,623,343 $10,250,000
CONSTRUCTION
Construction Costs $40,878,566 79% $266 $378,505 $40,878,566 $38,215,731 $2,662,835
Site work (Incl. Public Work) $676,895 1% $4 $6,268 $676,895 $676,895
Environmental Remediation and Demo $35,000 0% $0 $324 $35,000 $35,000
Profit $1,027,503 2% $7 $9,514 $1,027,503 $1,027,503
Overhead $1,027,503 2% $7 $9,514 $1,027,503 $1,027,503
General Conditions/Requirements $3,575,000 7% $23 $33,102 $3,575,000 $3,575,000
Builders Risk Insurance $128,133 0% $1 $1,186 $128,133 $128,133
Bond Premium $334,228 1% $2 $3,095 $334,228 $334,228
Contingency $2,492,842 5% $16 $23,082 $2,492,842 $2,492,842
Security Hardware (Cameras and Unit Access Hardware) $350,000 1% $2 $3,241 $350,000 $350,000
Other Const Cost - Cost Cert $10,500 0% $0 $97 $10,500 $10,500
Insurance $313,338 1% $2 $2,901 $313,338 $313,338
Design Esc Contingency $480,067 1% $3 $4,445 $480,067 $480,067
Off-Site Improvements - Shared Playground $300,000 1% $2 $2,778 $300,000 $300,000
Total Construction Costs $51,629,574 60% $335 $478,052 $51,629,574 $38,215,731 $13,413,843
Max 448
SOFT COSTS $113
Architect & Engineer $1,697,235 34% $11 $15,715 $1,697,235 $1,697,235
Architect & Engineer Supervision $416,150 8% $3 $3,853 $416,150 $416,150
A&E Reimbursables (Cost Review, LEED)
Owner's Rep (Construction Monitoring)
Borrower Legal$250,000 5% $2 $2,315 $250,000 $250,000
Appraisal $33,000 1% $0 $306 $33,000 $33,000
Permits and Tap Fees (Incl Expediter) $541,995 11% $4 $5,018 $541,995 $541,995
Market Study $22,250 0% $0 $206 $22,250 $22,250
Environmental & Soil Reports $83,750 2% $1 $775 $83,750 $83,750
Testing and Inspection $85,000 2% $1 $787 $85,000 $85,000
Title, Transfer and Recordation $350,000 7% $2 $3,241 $350,000 $350,000
Interim Insurance $183,355 4% $1 $1,698 $183,355 $183,355
Interim Taxes
Accounting Fees & Cost Certification $30,000 1% $0 $278 $30,000 $30,000
Marketing $100,000 2% $1 $926 $100,000 $100,000
Survey $17,500 0% $0 $162 $17,500 $17,500
FFE $500,000 10% $3 $4,630 $500,000 $500,000
Tenant Improvements
Utility Connection Fees $170,000 3% $1 $1,574 $170,000 $170,000
Soft Cost Contingency $238,981 5% $2 $2,213 $238,981 $238,981
Other Soft Cost 1 - Construction Period Parking $219,199 4% $1 $2,030 $219,199 $219,199
Other Soft Cost 2 - 45L Energy Audit $50,000 1% $0 $463 $50,000 $50,000
Organizational Cost and Legal $15,000 0% $0 $139 $15,000 $15,000
Zoning Legal $21,635 0% $0 $200 $21,635 $21,635
Printing $473 0% $0 $4 $473 $473
Total Soft Costs $5,025,523 6% $33 $46,533 $5,025,523 $5,025,523
36,315
DCHFA FINANCING COSTS
DCHFA Bond Application Fee $20,000 0% $0 $185 $20,000 $20,000
DCHFA McKinney Application Fee
DCHFA McKinney Financing Fee
DCHFA Financing Fee $864,500 15% $6 $8,005 $864,500 $864,500
DCHFA Construction Monitoring Fee $350,000 6% $2 $3,241 $350,000 $350,000
DCHFA QPP Fee
DCHFA Issuer's Counsel Fee $45,000 1% $0 $417 $45,000 $45,000
DCHFA Issuer Fee (ST Bonds)
DCHFA Issuer Fee (LT Bonds) $189,109 3% $1 $1,751 $189,109 $189,109
DCHFA LIHTC Allocation Fee $210,383 4% $1 $1,948 $210,383 $210,383
McKinney Interest
Total DCHFA Financing Costs $1,678,992 2% $11 $15,546 $1,678,992 $1,678,992
OTHER FINANCING COSTS
DHCD LIHTC Allocation Fee $140,255 2% $1 $1,299 $140,255 $140,255
DC LIHTC Fee $8,765 0% $0 $81 $8,765 $8,765
Bond Counsel $85,000 1% $1 $787 $85,000 $85,000
Bond Purchaser's Counsel $45,000 1% $0 $417 $45,000 $45,000
Underwriter Fee $216,125 4% $1 $2,001 $216,125 $216,125
Underwriter's Counsel $60,000 1% $0 $556 $60,000 $60,000
Trustee Setup Fee/Legal $10,000 0% $0 $93 $10,000 $10,000
Rating Agency/Printing Fee $3,500 0% $0 $32 $3,500 $3,500
Negative Arbitrage $486,312 8% $3 $4,503 $486,312 $486,312
Tax Credit Fees/Legal $50,000 1% $0 $463 $50,000 $16,660 $33,340
Construction Period Intererst Capitalized $3,207,034 56% $21 $29,695 $3,207,034 $559,211 $2,647,823
Construction LoC Fee
Construction LoC Annual Fee
Construction Lender's Fee $268,219 5% $2 $2,484 $268,219 $268,219
Construction Lender's Counsel $50,000 1% $0 $463 $50,000 $50,000
Construction Lender's Inspection Fee $38,000 1% $0 $352 $38,000 $38,000
Conversion Fee $20,000 0% $0 $185 $20,000 $20,000
Permanent Lender Financing Fee $131,050 2% $1 $1,213 $131,050 $131,050
Permanent Lender Inspection Fee $25,000 0% $0 $231 $25,000 $25,000
Permanent Lender Counsel Fee $35,000 1% $0 $324 $35,000 $35,000
Financial Advisor $15,000 0% $0 $139 $15,000 $15,000
Cash Flow Verification Analyst $3,000 0% $0 $28 $3,000 $3,000
GIC Brokerage Fee
Predevelopment Lender Fees/Interest $200,000 3% $1 $1,852 $200,000 $200,000
Financing Contingency $261,541 5% $2 $2,422 $261,541 $261,541
Other Financing Cost 1 - DCHFA COI Est. Contingency $300,000 5% $2 $2,778 $300,000 $300,000
Other Financing Cost 2 - First Year MIP and Public Notice Fee $33,323 1% $0 $309 $33,323 $33,323
Other Financing Cost 3 - Cashflow Lag $72,563 1% $0 $672 $72,563 $72,563
Other Financing Cost 4
Other Financing Cost 5
Total Other Financing Costs$5,764,687 7% $37 $53,377 $5,764,687 $1,071,617 $559,211 $4,133,858
DEVELOPER'S FEE
Fee on Non-Acquisition Costs $8,088,491 9% $53 $74,893 $8,088,491 $1,716,486 $6,372,005
Fee on Acquisition Costs
Total Developer's Fee $8,088,491 9% $74,893 $8,088,491 $1,716,486 $6,372,005
RESERVES AND ESCROWS (funded amounts only)
Operating Reserve $573,921 34% $4 $5,314 $573,921 $573,921
Lease Up Reserve $100,000 6% $1 $926 $100,000 $100,000
Replacement Reserve Deposit (Initial Payment) $32,400 2% $0 $300 $32,400 $32,400
Debt Service Reserve $432,553 25% $3 $4,005 $432,553 $250,269 $182,284
Supportive Service Reserve $450,000 26% $3 $4,167 $450,000 $319,707 $130,293
Other Reserve - Ins Escrow $111,320 7% $1 $1,031 $111,320 $108,212 $3,108
Other Reserve 3
Other Reserve 4
Other Reserve 5
Total Reserves and Escrows $1,700,193 2% $11 $15,743 $1,700,193 $810,588 $889,605
TOTAL USES OF FUNDS $86,760,804 100% 511.00$ 803,340.78$ $86,760,804 $38,215,731 $24,623,907 $10,250,000 $1,716,486 $559,211 $11,395,468
333,722 (333,722)
MAXIMUM DEVELOPER'S FEE
Fee on Non-acquisition Costs
Less Acquisition Costs
Less Construction Contingency
Less Soft Cost + Financing Contingency
Non Acquisition Fee Basis
Cost/ sq ft Cost per unit
Fee on Non-acquisition Costs $74,893
Fee on Acquisition Costs
Acquisition Costs
Cost/ sq ft Cost per unit
Fee on Acquisition Costs
Total Developer's Fee $44 $74,893
Type of Uses Total Budgeted
Cost
$76,972,120
% of Cost Cost per sq ft
Total Development Costs before Developer's Fee and Guarantees and Reserves
Residential
PercentageCost per unit
Sources for DHCD Eligible Units/Uses
RESIDENTIAL Non-
Residential
Percentage
$8,088,491
-$500,522
$53,923,275
15%
$8,088,491
$12,873,343
-$7,182,139Less LIHTC Syndication and Bond Financing-Related Costs
Maximum Developer Fee Calculation
Fee on Development Costs Fee on Acquisition Costs
Eligible development costs for calculating the
maximum fee do not include the following: hard or
soft cost contingencies, syndication/bond-financing
related costs; funded guarantee and reserve accounts
t
hat are required by lenders or investors; and
developers' fees.
If there is an identity of interest between the seller
and the purchaser, no fee shall be calculated on
the acquisition price.
15% 5%
Any fee in excess of $2 million shall be deferred up to the amount that can be recovered from cash flow
over 12 years of operations. Amounts that cannot be repaid during this period will be added to the initial
$2 million paid fee.
-$12,873,343
-$2,492,842
DHCD Form 202 (2023v3) 1
Source of Funds/Lender Restricted LTV 56%
Loan Product Type Unrestricted LTV 25%
Senior Lender Min DSCR 1.15 Base/Index Rate 5.65%
Underwritten DSCR 1.15 Senior Lender Spread
Max Annual Debt Service P&I 789,195$ MIP/Issuer Fee/Other 0.00%
S
enior Lender Max LTV 90% Buffer 0.50%
Senior Loan Amortization (Years) 40 Senior All In Rate 6.15%
Senior Loan Term (Years) 17 Debt Service Payment 789,195$
Appraised Value (As Complete Restricted) 20,800,000$ DSCR Year 1 1.15
Appraised Value (As Complete Unrestricted) 46,600,000$ Senior Loan Amount (1st DOT) $11,729,190
Source
Mezz/Supp. Lender Minimum Combined DSCR Underwritten Interest Rate
Max Annual Debt Service P&I -$ Debt Service Payment -$
Loan Amortization (Years) Combined Amort DSCR Yr 1 1.15
Loan Term (Years) Mezz/Supp. Loan Amount $0
Eligible Units Rate Loan Term Credit %/Amount System Cost Pricing Amount
30% 237,200 0.92$ 65,111$
108 5,000 0.92$ 494,100$
0.00% -$
0.00% -$
0.00% -$
0.00% 55.00$ -$
Subtotal 559,211$
Source of Funds Source Type Public/Private Type Financing Rate Loan Term Amort Repayment Source Debt Service Amount
Deferred Developer Fee DDF Private Loan Soft Cash Flow 1,716,486$
Sponsor Note Sponsor Loan Private Loan Soft 4.56% 240 40 C ash Flow 10,250,000$
Subtotal 11,966,486$
Amount
32,080,693$
6,135,038$
-$
Subtotal 38,215,731$
Total Uses of Funds (from previous section) 86,760,804$
First Mortgage (11,729,190)$
Supplemental Must Pay Debt -$
Deferred Developer Fee (1,716,486)$
Solar ITC Equity/Green Building Sources (559,211)$
O
ther Subordinate Residential Debt/Grants (10,250,000)$
Federal LIHTC Equity (32,080,693)$
DC LIHTC Equity (6,135,038)$
Other Equity Sources -$
Less Total Non-DHCD Sources (62,470,619)$
Source(s) Interest Rate Loan Term Amount
HPTF 3% 42 75% 24,290,185$
45L
DCSEU
DC Green Bank
Other
Other
-$
Interim Income
of Cash FlowMaximum DHCD Gap Loan Amount
Investment Term/Other Assumptions
DC LIHTC
Historic
Affordability Commitment
In Perpetuity
Permanent Financing - 1st Deed of Trust
Mezzanine/Supplemental Must Pay Debt
Other Subordinate Residential Debt/Grants (Including Existing DHCD Loans)
DCHFA
RiskShare
Sources of Funds
Solar ITC Equity and other Green Building Sources
Green Building Source Type
Solar ITC
PERMANENT SOURCES OF FUNDS
Other Equity Sources
Source of Funds/Equity Provider Pricing/CreditEquity Type
4% LIHTC 0.92$
0.70$
Repayment
Loan sizing formula is for
demonstration purposes and is
subject to lender discretion. For
specific sizing related to tax-exempt
bonds confer with DCHFA.
DHCD Form 202 (2023v3)
Source Amount $/Unit $/SF % Use Amount $/Unit $/SF %
Senior Construction Loan Amount 26,821,872.97$ 248,351$ 174.22$ 35.96% Total Acquisition Costs 12,873,343$ 119,198$ 83.62$ 17.10%
DHCD 24,290,185$ 224,909$ 157.77$ 32.57% Total Construction Costs 46,599,737$ 431,479$ 302.68$ 61.88%
Other District Sources -$ -$ 0.00% Total Soft Costs 4,787,283$ 44,327$ 31.09$ 6.36%
Other Const Debt Sources -$ -$ 0.00% Total Financing Costs 5,280,920$ 48,897$ 34.30$ 7.01%
Federal LIHTC Equity 11,228,242.57$ 103,965$ 72.93$ 15.05% 1 Total Developer's Fee 5,661,944$ 52,425$ 36.78$ 7.52%
DC LIHTC Equity 2,147,263.34$ 19,882$ 13.95$ 2.88% Total Reserves and Escrows 100,000$ 926$ 0.65$ 0.13%
Solar ITC Equity
Sponsor Note 10,096,469.00$ 93,486$ 65.58$ 13.54%
Total Construction Sources 74,584,033$ 690,593$ 484.45$ 100.00% Total Construction Uses 75,303,226$ 697,252$ 489.12$ 100%
719,193
Source Amount $/Unit $/SF % Use Amount $/Unit $/SF %
Senior Loan Amount (1st DOT) 11,729,190$ 108,604$ 76.18$ 13.52% Total Acquisition Costs 12,873,343$ 119,198$ 83.62$ 14.84%
Mezz/Supplemental Debt (Must Pay) -$ -$ -$ 0.00% Total Construction Costs 51,629,574$ 478,052$ 335.35$ 59.51%
Deferred Developer Fee 1,716,486$ 15,893$ 11.15$ 1.98% Total Soft Costs 5,025,523$ 46,533$ 32.64$ 5.79%
Solar ITC Equity/Green Building Sources 559,211$ 5,178$ 3.63$ 0.64% Total Financing Costs 7,443,680$ 68,923$ 48.35$ 8.58%
Other Residential Debt/Grants 10,250,000$ 94,907$ 66.58$ 11.81% Total Developer's Fee 8,088,491$ 74,893$ 52.54$ 9.32%
Federal LIHTC Equity 32,080,693$ 297,043$ 208.37$ 36.98% Total Reserves and Escrows 1,700,193$ 15,743$ 11.04$ 1.96%
DC LIHTC Equity 6,135,038$ 56,806$ 39.85$ 7.07%
Sponsor Note -$ -$ -$ 0.00%
Maximum DHCD Loan 24,290,185$ 224,909$ 157.77$ 28.00%
Total Permanent Sources 86,760,804$ 803,340.78$ 563.54$ 100.00% Total Permanent Uses 86,760,804$ 803,341$ 563.54$ 100.00%
1
CONSTRUCTION SOURCES AND USES
PERMANENT SOURCES AND USES
SUMMARY SOURCES AND USES OF FUNDS
DHCD Form 202 (2023v3)
First full year of operations 2028
Annual Income Trending - Non-LRSP 2.00%
LRSP Income Trending Each Year 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Annual Expense Trending 3.00%
Years Until Sustaining Occupancy 3
Stabilized
Income Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Low Income Units (Non LRSP) 1,623,331$ 1,722,692$ 1,757,146$ 1,792,289$ 1,828,135$ 1,864,697$ 1,901,991$ 1,940,031$ 1,978,832$ 2,018,408$ 2,058,776$
Market Rate Units $ $ $ $ $ $ $ $ $ $ $
LRSP Units 618,024$ 655,852$ 668,969$ 682,348$ 695,995$ 709,915$ 724,114$ 738,596$ 753,368$ 768,435$ 783,804$
Nonresidential 21,600$ 22,922$ 23,381$ 23,848$ 24,325$ 24,812$ 25,308$ 25,814$ 26,330$ 26,857$ 27,394$
Gross Project Income 2,262,955$ 2,401,466$ 2,449,495$ 2,498,485$ 2,548,455$ 2,599,424$ 2,651,413$ 2,704,441$ 2,758,530$ 2,813,700$ 2,869,974$
Vacancy Allowance (224,136)$ (237,854)$ (242,611)$ (247,464)$ (252,413)$ (257,461)$ (262,610)$ (267,863)$ (273,220)$ (278,684)$ (284,258)$
Effective Gross Income 2,038,820$ 2,163,612$ 2,206,884$ 2,251,022$ 2,296,042$ 2,341,963$ 2,388,802$ 2,436,578$ 2,485,310$ 2,535,016$ 2,585,716$
Expenses
Administrative 263,400$ 287,824$ 296,459$ 305,353$ 314,513$ 323,949$ 333,667$ 343,677$ 353,988$ 364,607$ 375,545$
Management Fee 91,747$ 97,363$ 99,310$ 101,296$ 103,322$ 105,388$ 107,496$ 109,646$ 111,839$ 114,076$ 116,357$
Utilities 112,966$ 123,441$ 127,144$ 130,958$ 134,887$ 138,934$ 143,102$ 147,395$ 151,817$ 156,371$ 161,062$
Maintenance 436,697$ 477,190$ 491,506$ 506,251$ 521,439$ 537,082$ 553,194$ 569,790$ 586,884$ 604,490$ 622,625$
Taxes and Insurance 188,636$ 206,128$ 212,312$ 218,681$ 225,241$ 231,999$ 238,959$ 246,127$ 253,511$ 261,117$ 268,950$
Reserves (includes operating) 37,800$ 41,305$ 42,544$ 43,821$ 45,135$ 46,489$ 47,884$ 49,320$ 50,800$ 52,324$ 53,894$
Total Expenses 1,131,245$ 1,233,251$ 1,269,275$ 1,306,360$ 1,344,538$ 1,383,840$ 1,424,302$ 1,465,956$ 1,508,838$ 1,552,985$ 1,598,434$
Net Operating Income 907,574$ 930,361$ 937,609$ 944,662$ 951,505$ 958,122$ 964,500$ 970,622$ 976,472$ 982,031$ 987,283$
Primary Debt Service Financing
1st Mortgage 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$
1st Mortgage MIP (if applicable and not included above)
Mezzanine/Subordinate Supplemental Debt -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Total Primary Debt Service 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$
Cash Flow 118,379$ 141,166$ 148,414$ 155,467$ 162,310$ 168,928$ 175,305$ 181,427$ 187,277$ 192,836$ 198,088$
Debt Coverage Ratio 1.15 1.18 1.19 1.20 1.21 1.21 1.22 1.23 1.24 1.24 1.25
Subordinate Payments
Investor Asset Management Fee 7,500$ 7,650$ 7,803$ 7,959$ 8,118$ 8,281$ 8,446$ 8,615$ 8,787$ 8,963$
SREC Income from Solar Panels (show as credit) (25,467)$ (24,309)$ (23,152)$ (21,994)$ (20,836)$ (19,679)$ (18,521)$ (17,364)$ (17,364)$ (17,364)$
Partnership/Company Management Fee (GP/MM) 25,000$ 25,750$ 26,523$ 27,318$ 28,138$ 28,982$ 29,851$ 30,747$ 31,669$ 32,619$
Available Cash Flow 118,379$ 134,133$ 139,324$ 144,293$ 149,026$ 153,508$ 157,722$ 161,651$ 165,278$ 169,743$ 173,869$
Deferred Developer Fee 106,541$ 120,720$ 125,391$ 129,864$ 134,124$ 138,157$ 141,950$ 145,486$ 148,751$ 152,769$ 156,482$
DHCD Repayment 11,838$ 13,413$ 13,932$ 14,429$ 14,903$ 15,351$ 15,772$ 16,165$ 16,528$ 16,974$ 17,387$
Other Subordinate Payment
Other Subordinate Payment
Total Cash Flow Debt 118,379$ 134,133$ 139,324$ 144,293$ 149,026$ 153,508$ 157,722$ 161,651$ 165,278$ 169,743$ 173,869$
Remaining Cash Flow $ $ $ $ $ $ $ $ $ $
Accrued DHCD Interest 716,868$ 1,432,160$ 2,146,933$ 2,861,209$ 3,575,012$ 4,288,367$ 5,001,300$ 5,713,841$ 6,426,019$ 7,137,750$ 7,849,068$
DHCD Loan Balance 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$
20-YR OPERATING PRO FORMA
DHCD Form 202 (2023 v2) 1
First full year of operations 2028
Annual Income Trending - Non-LRSP 2.00%
LRSP Income Trending Each Year 2.00%
Annual Expense Trending 3.00%
Years Until Sustaining Occupancy 3
Stabilized
Income Year 0 Year 1
Low Income Units (Non LRSP) 1,623,331$ 1,722,692$
Market Rate Units $ $
LRSP Units 618,024$ 655,852$
Nonresidential 21,600$ 22,922$
Gross Project Income 2,262,955$ 2,401,466$
Vacancy Allowance (224,136)$ (237,854)$
Effective Gross Income 2,038,820$ 2,163,612$
Expenses
Administrative 263,400$ 287,824$
Management Fee 91,747$ 97,363$
Utilities 112,966$ 123,441$
Maintenance 436,697$ 477,190$
Taxes and Insurance 188,636$ 206,128$
Reserves (includes operating) 37,800$ 41,305$
Total Expenses 1,131,245$ 1,233,251$
Net Operating Income 907,574$ 930,361$
Primary Debt Service Financing
1st Mortgage 789,195$ 789,195$
1st Mortgage MIP (if applicable and not included above)
Mezzanine/Subordinate Supplemental Debt -$ -$
Total Primary Debt Service 789,195$ 789,195$
Cash Flow 118,379$ 141,166$
Debt Coverage Ratio 1.15 1.18
Subordinate Payments
Investor Asset Management Fee 7,500$
SREC Income from Solar Panels (show as credit) (25,467)$
Partnership/Company Management Fee (GP/MM) 25,000$
Available Cash Flow 118,379$ 134,133$
Deferred Developer Fee 106,541$ 120,720$
DHCD Repayment 11,838$ 13,413$
Other Subordinate Payment
Other Subordinate Payment
Total Cash Flow Debt 118,379$ 134,133$
Remaining Cash Flow $
Accrued DHCD Interest 716,868$ 1,432,160$
DHCD Loan Balance 24,290,185$ 24,290,185$

2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20
2,099,952$ 2,141,951$ 2,184,790$ 2,228,486$ 2,273,056$ 2,318,517$ 2,364,887$ 2,412,185$ 2,460,428$ 2,509,637$
$ $ $ $ $ $ $ $ $ $
799,480$ 815,470$ 831,779$ 848,415$ 865,383$ 882,690$ 900,344$ 918,351$ 936,718$ 955,453$
27,942$ 28,501$ 29,071$ 29,652$ 30,245$ 30,850$ 31,467$ 32,096$ 32,738$ 33,393$
2,927,374$ 2,985,921$ 3,045,640$ 3,106,553$ 3,168,684$ 3,232,057$ 3,296,698$ 3,362,632$ 3,429,885$ 3,498,483$
(289,943)$ (295,742)$ (301,657)$ (307,690)$ (313,844)$ (320,121)$ (326,523)$ (333,054)$ (339,715)$ (346,509)$
2,637,431$ 2,690,179$ 2,743,983$ 2,798,863$ 2,854,840$ 2,911,937$ 2,970,175$ 3,029,579$ 3,090,170$ 3,151,974$
386,812$ 398,416$ 410,369$ 422,680$ 435,360$ 448,421$ 461,873$ 475,730$ 490,002$ 504,702$
118,684$ 121,058$ 123,479$ 125,949$ 128,468$ 131,037$ 133,658$ 136,331$ 139,058$ 141,839$
165,894$ 170,871$ 175,997$ 181,277$ 186,715$ 192,317$ 198,086$ 204,029$ 210,150$ 216,454$
641,304$ 660,543$ 680,359$ 700,770$ 721,793$ 743,447$ 765,750$ 788,723$ 812,384$ 836,756$
277,019$ 285,329$ 293,889$ 302,706$ 311,787$ 321,141$ 330,775$ 340,698$ 350,919$ 361,446$
55,511$ 57,176$ 58,891$ 60,658$ 62,478$ 64,352$ 66,283$ 68,271$ 70,319$ 72,429$
1,645,223$ 1,693,393$ 1,742,984$ 1,794,039$ 1,846,601$ 1,900,714$ 1,956,425$ 2,013,781$ 2,072,831$ 2,133,626$
992,208$ 996,786$ 1,000,999$ 1,004,824$ 1,008,239$ 1,011,223$ 1,013,750$ 1,015,798$ 1,017,339$ 1,018,348$
789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$
789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$ 789,195$
203,013$ 207,591$ 211,804$ 215,629$ 219,044$ 222,028$ 224,555$ 226,603$ 228,144$ 229,153$
1.26 1.26 1.27 1.27 1.28 1.28 1.28 1.29 1.29 1.29
9,142$ 9,325$ 9,512$ 9,702$ 9,896$ 10,094$ 10,296$ 10,502$ 10,712$ 10,926$
(17,364)$ (17,364)$ (17,364)$ (17,364)$ (17,364)$ (17,364)$ (5,064)$ (5,064)$ (5,064)$ (5,064)$
33,598$ 34,606$ 35,644$ 36,713$ 37,815$ 38,949$ 40,118$ 41,321$ 42,561$ 43,838$
177,636$ 181,024$ 184,012$ 186,577$ 188,697$ 190,348$ 179,206$ 179,844$ 179,936$ 179,454$
159,872$ 56,380$ $ $ $ $ $ $ $ $
17,764$ 93,483$ 138,009$ 139,933$ 141,523$ 142,761$ 134,405$ 134,883$ 134,952$ 134,590$
177,636$ 149,863$ 138,009$ 139,933$ 141,523$ 142,761$ 134,405$ 134,883$ 134,952$ 134,590$
$ 31,161$ 46,003$ 46,644$ 47,174$ 47,587$ 44,802$ 44,961$ 44,984$ 44,863$
8,560,010$ 9,195,233$ 9,785,930$ 10,374,703$ 10,961,886$ 11,547,830$ 12,142,131$ 12,735,953$ 13,329,707$ 13,923,822$
24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$ 24,290,185$
Stabilized
DHCD Form 202 (2023 v2) 2
CALCULATION OF ELIGIBLE BASIS
Residential Total % in LIHTC
Basis Acquisition Basis New Construction/
Rehab Basis
Total Eligible Basis for
LIHTC Not in LIHTC Basis % in Bond Basis Bond Basis Assumptions/Notes
ACQUISITION
Building Acquisition $0 100% $0 $0 $0 100% $0 0
Land Acquisition $12,500,000 0% $0 $0 $12,500,000 100% $12,500,000 0
Other Acquisition Costs 1 - A/P Resolution $350,000 0% $0 $0 $350,000 0% $0 0
Other Acq. Costs 2 - Adv. Possession Legal $23,343 0% $0 $0 $23,343 0% $0 0
Other Acq. Costs 3 - Adv. Possession Other $0 0% $0 $0 $0 0% $0 0
Other Acquisition Costs 4 $0 0% $0 $0 $0 0% $0 0
Other Acquisition Costs 5 $0 0% $0 $0 $0 0% $0 0
Total Acquisition Costs $12,873,343 0% $0 $0 $0 $12,873,343 97% $12,500,000 0
CONSTRUCTION
Construction Costs $40,878,566 100% $40,878,566 $40,878,566 $0 100% $40,878,566 0
Site work (Incl. Public Work) $676,895 100% $676,895 $676,895 $0 100% $676,895 0
Environmental Remediation and Demo $35,000 0% $0 $0 $35,000 0% $0 0
Profit $1,027,503 100% $1,027,503 $1,027,503 $0 100% $1,027,503 0
Overhead $1,027,503 100% $1,027,503 $1,027,503 $0 100% $1,027,503 0
General Conditions/Requirements $3,575,000 100% $3,575,000 $3,575,000 $0 100% $3,575,000 0
Builders Risk Insurance $128,133 100% $128,133 $128,133 $0 100% $128,133 0
Bond Premium $334,228 100% $334,228 $334,228 $0 100% $334,228 0
Contingency $2,492,842 100% $2,492,842 $2,492,842 $0 100% $2,492,842 0
Security Hardware (Cameras and Unit Access Hard $350,000 100% $350,000 $350,000 $0 100% $350,000 0
Other Const Cost - Cost Cert $10,500 100% $10,500 $10,500 $0 100% $10,500 0
Insurance $313,338 100% $313,338 $313,338 $0 100% $313,338 0
Design Esc Contingency $480,067 100% $480,067 $480,067 $0 100% $480,067 0
Off-Site Improvements - Shared Playground $300,000 0% $0 $0 $300,000 0% $0 0
Total Construction Costs $51,629,574 99% $0 $51,294,574 $51,294,574 $335,000 99% $51,294,574 0
SOFT COSTS
Architect & Engineer $1,697,235 100% $1,697,235 $1,697,235 $0 100% $1,697,235 0
Architect & Engineer Supervision $416,150 100% $416,150 $416,150 $0 100% $416,150 0
A&E Reimbursables (Cost Review, LEED) $0 100% $0 $0 $0 100% $0 0
Owner's Rep (Construction Monitoring) $0 100% $0 $0 $0 100% $0 0
Borrower Legal $250,000 100% $250,000 $250,000 $0 100% $250,000 0
Appraisal $33,000 100% $33,000 $33,000 $0 100% $33,000 0
Permits and Tap Fees (Incl Expediter) $541,995 100% $541,995 $541,995 $0 100% $541,995 0
Market Study $22,250 100% $22,250 $22,250 $0 100% $22,250 0
Environmental & Soil Reports $83,750 100% $83,750 $83,750 $0 100% $83,750 0
Testing and Inspection $85,000 100% $85,000 $85,000 $0 100% $85,000 0
Title, Transfer and Recordation $350,000 100% $350,000 $350,000 $0 100% $350,000 0
Interim Insurance $183,355 100% $183,355 $183,355 $0 100% $183,355 0
Interim Taxes $0 100% $0 $0 $0 100% $0 0
Accounting Fees & Cost Certification $30,000 100% $30,000 $30,000 $0 100% $30,000 0
Marketing $100,000 100% $100,000 $100,000 $0 100% $100,000 0
Survey $17,500 100% $17,500 $17,500 $0 100% $17,500 0
FFE $500,000 100% $500,000 $500,000 $0 100% $500,000 0
Tenant Improvements $0 100% $0 $0 $0 100% $0 0
Utility Connection Fees $170,000 100% $170,000 $170,000 $0 100% $170,000 0
Soft Cost Contingency $238,981 50% $119,491 $119,491 $119,491 100% $238,981 0
Other Soft Cost 1 - Co Construction Period Parking $219,199 100% $219,199 $219,199 $0 100% $219,199 0
Other Soft Cost 2 - 45L 45L Energy Audit $50,000 100% $50,000 $50,000 $0 100% $50,000 0
Organizational Cost and Legal $15,000 100% $15,000 $15,000 $0 100% $15,000 0
Zoning Legal $21,635 100% $21,635 $21,635 $0 100% $21,635 0
Printing $473 100% $473 $473 $0 100% $473 0
Total Soft Costs $5,025,523 98% $0 $4,906,033 $4,906,033 $119,491 100% $5,025,523 0
DCHFA FINANCING COSTS
DCHFA Bond Application Fee $20,000 0% $0 $0 $20,000 0% $0 0
DCHFA McKinney Application Fee $0 0% $0 $0 $0 0% $0 0
DCHFA McKinney Financing Fee $0 0% $0 $0 $0 0% $0 0
DCHFA Financing Fee $864,500 0% $0 $0 $864,500 0% $0 0
DCHFA Construction Monitoring Fee $350,000 0% $0 $0 $350,000 0% $0 0
DCHFA QPP Fee $0 0% $0 $0 $0 0% $0 0
DCHFA Issuer's Counsel Fee $45,000 0% $0 $0 $45,000 0% $0 0
DCHFA Issuer Fee (ST Bonds) $0 0% $0 $0 $0 0% $0 0
DCHFA Issuer Fee (LT Bonds) $189,109 0% $0 $0 $189,109 0% $0 0
DCHFA LIHTC Allocation Fee $210,383 0% $0 $0 $210,383 0% $0 0
McKinney Interest $0 0% $0 $0 $0 0% $0 0
Total DCHFA Financing Costs $1,678,992 0% $0 $0 $0 $1,678,992 0% $0 0
OTHER FINANCING COSTS
DHCD LIHTC Allocation Fee $140,255 0% $0 $0 $140,255 0% $0 0
DC LIHTC Fee $8,765 0% $0 $0 $8,765 0% $0 0
Bond Counsel $85,000 0% $0 $0 $85,000 0% $0 0
Bond Purchaser's Counsel $45,000 100% $45,000 $45,000 $0 100% $45,000 0
Underwriter Fee $216,125 100% $216,125 $216,125 $0 100% $216,125 0
Underwriter's Counsel $60,000 100% $60,000 $60,000 $0 100% $60,000 0
Trustee Setup Fee/Legal $10,000 0% $0 $0 $10,000 0% $0 0
Rating Agency/Printing Fee $3,500 100% $3,500 $3,500 $0 100% $3,500 0
Negative Arbitrage $486,312 100% $486,312 $486,312 $0 100% $486,312 0
Tax Credit Fees/Legal $50,000 0% $0 $0 $50,000 0% $0 0
Construction Period Intererst Capitalized $3,207,034 50% $1,603,517 $1,603,517 $1,603,517 50% $1,603,517 0
Construction LoC Fee $0 100% $0 $0 $0 100% $0 0
Construction LoC Annual Fee $0 100% $0 $0 $0 100% $0 0
Construction Lender's Fee $268,219 100% $268,219 $268,219 $0 100% $268,219 0
Construction Lender's Counsel $50,000 100% $50,000 $50,000 $0 100% $50,000 0
Construction Lender's Inspection Fee $38,000 100% $38,000 $38,000 $0 100% $38,000 0
Conversion Fee $20,000 100% $20,000 $20,000 $0 100% $20,000 0
Permanent Lender Financing Fee $131,050 0% $0 $0 $131,050 0% $0 0
Permanent Lender Inspection Fee $25,000 0% $0 $0 $25,000 0% $0 0
Permanent Lender Counsel Fee $35,000 0% $0 $0 $35,000 0% $0 0
Financial Advisor $15,000 0% $0 $0 $15,000 0% $0 0
Cash Flow Verification Analyst $3,000 100% $3,000 $3,000 $0 100% $3,000 0
GIC Brokerage Fee $0 100% $0 $0 $0 100% $0 0
Predevelopment Lender Fees/Interest $200,000 100% $200,000 $200,000 $0 100% $200,000 0
Financing Contingency $261,541 25% $65,385 $65,385 $196,156 25% $65,385 0
Other Financing Cost 1 - DCHFA COI Est. Conting $300,000 25% $75,000 $75,000 $225,000 25% $75,000 0
Other Financing Cost 2 - First Year MIP and Public $33,323 25% $8,331 $8,331 $24,992 25% $8,331 0
Other Financing Cost 3 - Cashflow Lag $72,563 0% $0 $0 $72,563 0% $0 0
Other Financing Cost 4 $0 0% $0 $0 $0 0% $0 0
Other Financing Cost 5 $0 0% $0 $0 $0 0% $0 0
Total Other Financing Costs $5,764,687 55% $0 $3,142,389 $3,142,389 $2,622,299 55% $3,142,389 0
DEVELOPER FEE
Fee on Non-Acquisition Costs $8,088,491 100% $8,088,491 $8,088,491 $0 100% $8,088,491 0
Fee on Acquisition Costs $0 100% $0 $0 $0 100% $0 0
Total Developer Fee $8,088,491 100% $0 $8,088,491 $8,088,491 $0 100% $8,088,491 0
RESERVES AND ESCROWS
Operating Reserve $573,921 0% $0 $0 $573,921 0% $0 0
Lease Up Reserve $100,000 0% $0 $0 $100,000 0% $0 0
Replacement Reserve Deposit (Initial Payment) $32,400 0% $0 $0 $32,400 0% $0 0
Debt Service Reserve $432,553 0% $0 $0 $432,553 0% $0 0
Supportive Service Reserve $450,000 0% $0 $0 $450,000 0% $0 0
Other Reserve - Ins Escrow $111,320 0% $0 $0 $111,320 0% $0 0
Other Reserve 3 $0 0% $0 $0 $0 0% $0 0
Other Reserve 4 $0 0% $0 $0 $0 0% $0 0
Other Reserve 5 $0 0% $0 $0 $0 0% $0 0
Total Reserves and Escrows $1,700,193 0% $0 $0 $0 $1,700,193 0% $0 0
Total Development Costs $86,760,804 % in Basis Acquisition Construction Total Eligible Basis Not In Basis % in Basis Bond Basis Notes
78% $0 $67,431,487 $67,431,487 $19,329,318 0% $80,050,977
Aggregate Basis Requested Bonds 50% Test Notes
$80,050,977 $43,227,528 54.00%
Type of Uses
LOW-INCOME HOUSING TAX CREDIT ELIGIBLE BASIS
50% TEST
ELIGIBLE BASIS SUMMARY
DHCD Form 202 (2023v3) 3
1
Yes
1
Minimum Set Aside? Avg. Income
CALCULATION OF TAX CREDIT AMOUNT
Maximum Low-Income Housing Tax Credit Based on Eligible Costs
Description Acquisition New Construction/ Rehab
Eligible Basis (from LIHTC Eligible Basis tab) $0 $67,431,487
Less Federal Grants and/or below-market Federal Loans $0
Less non-qualified, non-recourse financing
Less costs of non-qualifying Units of higher quality or excess costs of non-qualiftying units
Less Historic Rehabilitation Tax Credit (Residential portion only)
Adjusted Eligible Basis$0 $67,431,487
Difficult to Developer Area, QCT, or DHCD approved Basis Boost 100% 130%
Applicable Fraction (calculate below) 100% 100%
Qualified Basis $0 $87,660,933
Applicable Percentage (construction basis qualified for 4% or 9%?) 4.00% 4.00%
Low Income Housing Tax Credit Eligible $0 $3,506,437
Estimated Low-Income Housing Tax Credit Syndication Proceeds
Combined Low Income Housing Tax Credit Eligible (result from previous table) $3,506,437
Tax Credit Period (10 years) x 10
Total Tax Credit Received Over Period $35,060,867
Raise Ratio from Syndicator's Proposal $0.92
Gross Proceeds from Low Income Housing Tax Credit $32,080,693
Gross Proceeds from Historic Tax Credit $0
Maximum Equity from Syndication Proceeds $32,080,693
Maximum Low-Income Housing Tax Credit Based on Proceeds Needed
Requested Annual 9% LIHTC (if applicable) $1,100,000
Proceeds Needed (enter lesser of maximum equity from syndication proceeds, amount based on 9% LIHTC allocation, or financing gap) $32,080,693
Gross Proceeds from Historic Tax Credit $0
Low Income Housing Tax Credit Syndication Proceeds $32,080,693
Raise Ratio from Syndicator's Proposal $0.92
Total Tax Credit Received Over Period $35,060,867
Tax Credit Period (10 years) ÷ 10
Maximum Low-Income Housing Tax Credit $3,506,087
Applicable Fraction - The applicable fraction is the lesser of the following formulas (mark one box only)
Percent of Units Percent of Sq. Ft.
Low Income Units 108 Low Income Sq. Ft. 91,251
Total Units 108 Total Sq. Ft. 91,251
Unit Percentage 100% Sq. Ft. Percentage 100%
LOW-INCOME HOUSING TAX CREDIT EQUITY
(Total Historic Rehabilitation Tax Credit x Syndicator Raise Rate)
How many buildings are in the project?
Are any buildings in the project in a difficult to develop area, a qualfied census tract, or been granted a basis boost by DHCD?
If Yes, how many buildings will be in a difficult to develop area, a qualfied census tract, or been granted a basis bost by DHCD?
DHCD Form 202 (2023 v3) 1
35,060,867$
8,765,217$
0.92$
0.70$
YES
6,135,038$
87,652$
Authorized Official Signature:
Date:
DC LIHTC Fee due to DHCD
DC LOW-INCOME HOUSING TAX CREDIT EQUITY
All project's receiving Federal LIHTCs, both 4% and 9%, are eligible to receive DC LIHTCs. This worksheet will calculate the amount of DC
LIHTCs the project is eligible for and confirm that the project meets the eligibility test for claiming the credits.
Federal LIHTCs Generated by the project
DC LIHTCs Generated by the project
Equity Pricing Test
DC LIHTC equity pricing must be at least 80% of the Federal LIHTC equity pricing for the project to claim the DC LIHTC.
Federal LIHTC Equity Pricing
DC LIHTC Equity Pricing
Total Equity Raised
Equity Raised from DC LIHTC
PRICING TEST: Is DC LIHTC Pricing Equal To the Lower of $0.70/$1.00 or 80%?
The Owner certifies under penalty of perjury that the information contained in this Form 202 is true, correct and complete. The Owner
further certifies under penalty of perjury that the value of the credits received for the project is used to ensure the financial feasibility of
the project.
DHCD Form 202 (2023 v3)

DMFIRM #41903568 v25 C-1
4927-2237-0106, v. 3
EXHIBIT C
CONSTRUCTION DRAW SCHEDULE
[Attached]
Initial
Closing
Current 1 2 3 4 5 6
Budget Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25
SOURCES -$
LIHTC Equity 41,842,568$ 836,851 $
45L and ITC Equity 577,827$
DHCD HPTF Loan 24,290,185$ 11,596,444 $ 394,549 $ 548,227 $ 734,791 $ 948,675 $ 1,178,891$
Sponsor Note 7,750,000$ 7,750,000 $
2,500,000$ 2,500,000 $
Construction Loan 0.00 $ 33,961,525$ 394,549 $ 548,227 $ 734,791 $ 948,675 $ 1,178,891$
Payback Construction Loan (33,961,525) $
Bond Reinvestment Proceeds -$
Deferred Developer Fee 1,437,034$
1st Mortgage Loan 11,956,173$
Accrued Interest Offset 3,341,735$ - $ 58,829$ 59,815 $ 61,186 $ 63,023 $ 65,394 $
Bond Reinvestment Income 5,865,339 $ - $ 177,737.55$ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $
Sources Total 99,560,860 $ 22,683,295 $ 1,025,665 $ 1,334,006 $ 1,708,506 $ 2,138,111 $ 2,600,914 $
USES
ACQUISITION
Land Acquisition 12,500,000$ 12,500,000 $
Building Acquisition -$ - $
Other Acq. Costs 1 - Adverse Possession 350,000 $ 350,000 $
Other Acq. Costs 2 - Adv. Possession Legal 23,343 $ 23,343 $
Other Acq. Costs 3 - Adv. Possession Other - $ - $
Other Acq. Costs 4 -$ - $
TOTAL ACQUISITION COSTS 12,873,343 $ 12,873,343 $ - $ - $ - $ - $ - $
HARD COSTS
Construction Costs 43,915,547$ - $ 626,412$ 879,082 $ 1,185,454$ 1,536,123 $ 1,912,727 $
Site work 717,895$ - $ 10,240$ 14,371 $ 19,379 $ 25,111 $ 31,268 $
Environmental Remediation and Demo 16,850 $ - $ 240 $ 337 $ 455 $ 589 $ 734 $
Profit 1,075,942$ - $ 15,347$ 21,538 $ 29,044 $ 37,635 $ 46,862 $
Overhead 1,075,942$ - $ 15,347$ 21,538 $ 29,044 $ 37,635 $ 46,862 $
General Conditions/Requirements 3,600,000 $ - $ 51,350$ 72,063$ 97,178$ 125,924$ 156,797$
Builders Risk Insurance 90,067$ 90,067$
Payment and Performance Bond Premium 351,124$ 351,124$
Security Hardware (Cameras and Unit Access Hardware) 350,000$
Other Const Cost - Cost Cert 10,500$
Other Construction - Insurance 329,178$ 329,178$
Construction Pricing Contingency -$ - $ - $ - $ - $ - $ - $
Off-Site Improvements - Share Playground 275,000 $ 275,000 $
Construction Contingency 2,576,652$ - $ 36,753$ 51,578 $ 69,554 $ 90,129 $ 112,225 $
TOTAL CONSTRUCTION COSTS 54,384,696 $ 1,045,369 $ 755,691 $ 1,060,507$ 1,430,108 $ 1,853,147 $ 2,307,475 $
SOFT COSTS
Architect & Engineer 1,697,235$ 1,697,235 $
Architect & Engineer Supervision 416,150$ -$ 19,817$ 19,817$ 19,817$ 19,817$ 19,817$
A&E Reimbursables (Cost Review, LEED) -$ -$
Owner's Rep (Construction Monitoring) -$ -$
Borrower Legal 250,000$ 200,000$
Appraisal 33,000$ 33,000 $
Permits and Tap Fees (Incl Expediter) 541,995 $ 541,995 $
Market Study 22,250$ 22,250 $
Environmental & Soil Reports 83,750 $ 83,750 $
Testing and Inspection 85,000$ 3,864 $ 3,864 $ 3,864 $ 3,864 $ 3,864 $
Title, Transfer and Recordation 350,000 $ 350,000 $
Interim Insurance 183,355$ 183,355 $
Interim Taxes -$
Accounting Fees & Cost Certification 30,000$ 30,000$
Marketing 100,000$ 100,000$
Survey 17,500$ 17,500 $
FFE 500,000$
Tenant Improvements -$ - $
Utility Connection Fees 170,000$
Other Soft Cost 1 - Construction Period Parking 223,735 $ 9,728 $ 9,728 $ 9,728 $ 9,728 $ 9,728 $ 9,728 $
Other Soft Cost 2 - 45L Energy Audit 50,000 $
Organizational Cost and Legal 15,000 $ 15,000 $
Zoning Legal 21,635$ 21,635 $
Printing 473$ 473 $
Soft Cost Contingency 238,981$ 59,745 $
TOTAL SOFT COSTS 5,030,059 $ 3,365,666 $ 33,408 $ 33,408 $ 33,408 $ 33,408 $ 33,408 $
FINANCING COSTS
DCHFA Bond Application Fee 20,000 $ 20,000 $
DCHFA McKinney Application Fee - $ - $
DCHFA McKinney Financing Fee - $
DCHFA Financing Fee (Origination) 958,800 $ 958,800 $
DCHFA Construction Monitoring Fee 350,000 $ 350,000 $
DCHFA QPP Fee -$ - $
DCHFA Issuer's Counsel Fee 45,000 $ 45,000 $
DCHFA Issuer Fee (ST Bonds) -$ - $
DCHFA Issuer Fee (ALL Bonds) 209,738 $ 209,738 $
DCHFA LIHTC Allocation Fee 233,567 $ 233,567 $
McKinney Interest -$ - $
DHCD LIHTC Allocation Fee 155,711 $ 155,711 $
DC LIHTC Fee 9,731$ 9,731 $
Bond Counsel (incl. in Cost of Issuance) 85,000 $ 85,000 $
Bond Purchaser's Counsel 45,000$ 45,000 $
Underwriter Fee 239,700$ 239,700 $
Underwriter's Counsel 60,000$ 60,000 $
Trustee Setup Fee/Legal 10,000$ 10,000 $
Rating Agency/Printing Fee 3,500$ 3,500 $
Negative Arbitrage -$ - $ - $ - $ - $ - $ - $
Tax Credit Fees/Legal 50,000$ 50,000 $
Construction Period Interest Capitalized 3,456,654 $ - $ - $ 2,539$ 6,067 $ 10,795 $ 16,900 $
Accrued Interest - HPTF and Sponsor Loans 3,341,735$ -$ 58,829$ 59,815$ 61,186$ 63,023$ 65,394$
Accrued Interest Offset
Construction Lender's Fee 339,615$ 339,615 $
Construction Lender's Counsel 80,000 $ 80,000 $
Construction Lender's Inspection Fee 38,000 $ 38,000 $
Conversion Fee 20,000$ 20,000 $
Permanent Lender Origination Fee (DCHFA) 131,050 $ 131,050 $
Permanent Lender 3rd Party Report Deposit 25,000 $ 25,000 $
Permanent Lender Counsel Fee 35,000 $ 35,000 $
Financial Advisor 15,000$ 15,000 $
Cash Flow Verification Analyst 3,000 $ 3,000 $
GIC Brokerage Fee -$ - $
Predevelopment Lender Fees/Interest 275,000 $ 275,000 $
Other Financing Cost 1 - DCHFA COI Est. Contingency 300,000$ 300,000 $
Other Financing Cost 2 - First Year MIP and Public Notice Fee 33,890 $ 33,890 $
Other Financing Cost 3 - Cash Flow Lag 72,563 $ 72,563 $
Other Financing Cost 4 - Bond Interest (ST) 5,865,339 $ - $ 177,738$ 177,738 $ 177,738 $ 177,738 $ 177,738 $
Other Financing Cost 5 -$
Financing Contingency 261,541$ 65,385 $
TOTAL FINANCING COSTS 16,769,134 $ 3,909,251 $ 236,566 $ 240,091 $ 244,990 $ 251,555 $ 260,032 $
RESERVES
Operating Reserve 594,654$
Lease Up Reserve 100,000$
Replacement Reserve Deposit (Initial Payment) 37,800 $ 37,800 $
Debt Service Reserve (incl. above) 394,707 $ - $
Other Reserve - Resident Services 450,000 $
Other Reserve - Ins Escrow 111,320 $
Other Reserve 3 - Programming Reserve 118,782 $
Other Reserve 4 -$
Other Reserve 5 -$
TOTAL RESERVES 1,807,262 $ 37,800 $ - $ - $ - $ - $ - $
DEVELOPER FEE 20%
Cash Developer Fee 7,259,332$ 1,451,866 $ - $ - $ - $ - $ - $
Deferred Developer Fee 1,437,034$ - $ - $ - $ - $ - $ - $
TOTAL DEVELOPER FEE 8,696,366 $ 1,451,866 $ - $ - $ - $ - $ - $
TOTAL DEVELOPMENT COSTS 99,560,860 $ 22,683,295 $ 1,025,665 $ 1,334,006 $ 1,708,506 $ 2,138,111 $ 2,600,914 $
25% 50% 75%
Completion Completion Completion
78 9 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8
Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26
-$ -$ - $
3,584,375$ 599,882 $ 3,692,260 $ 1,328,849 $ 2,464,345 $ 2,360,018 $ 615,171 $
1,409,394$ 1,620,635 $ 1,600,305 $ 1,829,255 $
1,409,394$ 1,620,635 $ 1,600,305 $ 2,056,493 $ 3,824,023 $ 1,970,988 $ 2,899,109 $ 971,807 $
68,341$ 71,865 $ 75,917 $ 75,917 $ 79,917 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $
177,737.55$ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $
3,064,868$ 3,490,872 $ 3,838,029 $ 4,054,145 $ 4,143,403 $ 4,086,251 $ 3,954,488 $ 3,562,065 $ 3,161,337 $ 2,726,573 $ 2,622,246 $ 1,849,206 $
-$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $
2,288,579$ 2,631,266 $ 2,907,031 $ 3,086,175 $ 3,148,310 $ 3,086,175 $ 2,907,031 $ 2,631,266 $ 2,288,579 $ 1,912,727 $ 1,536,123 $ 1,185,454 $
37,412$ 43,014 $ 47,522 $ 50,450$ 51,466$ 50,450$ 47,522$ 43,014$ 37,412$ 31,268$ 25,111$ 19,379$
878$ 1,010$ 1,115$ 1,184$ 1,208$ 1,184$ 1,115$ 1,010$ 878$ 734$ 589$ 455$
56,071$ 64,467$ 71,223$ 75,612$ 77,134$ 75,612$ 71,223$ 64,467$ 56,071$ 46,862$ 37,635$ 29,044$
56,071$ 64,467$ 71,223$ 75,612$ 77,134$ 75,612$ 71,223$ 64,467$ 56,071$ 46,862$ 37,635$ 29,044$
187,607$ 215,699$ 238,305$ 252,991$ 258,084$ 252,991$ 238,305$ 215,699$ 187,607$ 156,797$ 125,924$ 97,178$
350,000$
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
134,278$ 154,384$ 170,564$ 181,075$ 184,720$ 181,075$ 170,564$ 154,384$ 134,278$ 112,225$ 90,129$ 69,554$
2,760,895$ 3,174,306$ 3,506,983$ 3,723,099$ 3,798,058$ 3,723,099$ 3,506,983$ 3,174,306$ 2,760,895$ 2,307,475$ 2,203,147$ 1,430,108$
19,817$
19,817$ 19,817$ 19,817$ 19,817$ 19,817$ 19,817$ 19,817$ 19,817$ 19,817$ 19,817$ 19,817$
3,864$ 3,864$ 3,864$ 3,864$ 3,864$ 3,864$ 3,864$ 3,864$ 3,864$ 3,864$ 3,864$ 3,864$
9,728$ 9,728$ 9,728$ 9,728$ 9,728$ 9,728$ 9,728$ 9,728$ 9,728$ 9,728$ 9,728$ 9,728$
59,745$
33,408$ 33,408$ 33,408$ 33,408$ 33,408$ 33,408$ 93,153$ 33,408$ 33,408$ 33,408$ 33,408$ 33,408$
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
24,486$ 33,555$ 43,984$ 43,984$ 54,282$ 67,516$ 92,123$ 92,123$ 104,807$ 123,462$ 123,462$ 123,462$
68,341$ 71,865$ 75,917$ 75,917$ 79,917$ 84,490$ 84,490$ 84,490$ 84,490$ 84,490$ 84,490$ 84,490$
177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$
270,565$ 283,158$ 297,638$ 297,638$ 311,937$ 329,744$ 354,351$ 354,351$ 367,035$ 385,690$ 385,690$ 385,690$
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
3,064,868$ 3,490,872$ 3,838,029$ 4,054,145$ 4,143,403$ 4,086,251$ 3,954,488$ 3,562,065$ 3,161,337$ 2,726,573$ 2,622,246$ 1,849,206$
100% Lease Up Lease Up Lease Up Lease Up Lease Up Lease Up Lease Up Lease Up
Completion 12 34 5678
19 20 21 22 23 24 25 26 27 28 29 30 31
Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27 Aug-27 Sep-27 Oct-27 Nov-27 Dec-27
210,901.11$
11,137,590$ 147,757 $ 147,757 $ 147,757 $ 147,757 $ 272,888 $ 147,757 $ 147,757 $
1,223,631$ 1,094,189 $ 1,087,243 $ 2,329,481 $ 8,069,093 $
(11,000,000)$
84,490$ 84,490 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $ 84,490 $
177,737.55$ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $ 177,737.55 $
1,485,859$ 1,356,417 $ 1,349,471 $ 2,591,709 $ 8,331,321 $ 399,818 $ 409,985 $ 409,985 $ 409,985 $ 409,985 $ 535,116 $ 409,985 $ 409,985 $
-$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $
879,082$ 626,412 $ 614,818 $ 1,655,169$ 4,391,555 $ - $
14,371$ 10,240 $ 10,051 $ 27,057 $ 71,790 $ - $
337$ 240 $ 236 $ 635 $ 1,685$ - $
21,538$
15,347$ 15,063$ 40,552$ 107,594$ -$
21,538$ 15,347$ 15,063$ 40,552$ 107,594$ -$
72,063$ 51,350$ 50,400$ 135,683$ 360,000$ -$
10,500$
-$ -$ -$ -$ -$
51,578$ 36,753$ 36,073$ 97,114$ 257,665$ -$
1,060,507$ 755,691$ 741,704$ 1,996,762$ 5,308,383$ -$ -$ -$ -$ -$ -$
19,817$ 19,817$ 19,817$ -$ 19,817$ -$ -$ -$ -$ -$ -$ -$ -$
3,864$ 3,864$ 3,864$ 3,864$ 3,864$
125,000$ 125,000$ 125,000$ 125,000$
42,500$ 42,500$ 42,500$ 42,500$
9,728$ 9,728$ 9,728$ 9,728$ 9,728$
50,000$
-$ 59,745$
33,408$ 200,908$ 200,908$ 181,091$ 250,908$ -$ -$ -$ -$ -$ 59,745$
-$
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
129,716$ 137,590$ 144,631$ 151,628$ 166,618$ 137,590$ 147,757$ 147,757$ 147,757$ 147,757$ 147,757$ 147,757$ 147,757$
84,490$ 84,490$ 84,490$ 84,490$ 84,490$ 84,490$ 84,490$ 84,490$ 84,490$ 84,490$ 84,490$ 84,490$ 84,490$
177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$ 177,738$
65,385$ 65,385$
391,944$ 399,818$ 406,859$ 413,856$ 494,231$ 399,818$ 409,985$ 409,985$ 409,985$ 409,985$ 475,371$ 409,985$ 409,985$
100,000$
-$ -$ -$ -$ 100,000$ -$ -$ -$ -$ -$ -$ -$ -$
30%
-$ -$ -$ -$ 2,177,800$ -$ -$ -$ -$ -$ -$ -$ -$
-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
-$ -$ -$ -$ 2,177,800$ -$ -$ -$ -$ -$ -$ -$ -$
1,485,859$ 1,356,417$ 1,349,471$ 2,591,709$ 8,331,321$ 399,818$ 409,985$ 409,985$ 409,985$ 409,985$ 535,116$ 409,985$ 409,985$
Occupancy Occupancy Occupancy Stabilization/ 8609
123 Conversion
32 33 34 35 36 37 38 39 40 41 42
Jan-28 Nov-27 Dec-27 Jan-28 Feb-28 Mar-28 Apr-28 May-28 Jun-28 Jul-28 Aug-28 TOTAL
(210,901.11)$
147,757$ 157,757 $ 157,757 $ 12,763,671$ 836,851$ 41,842,568$
577,827$ 577,827$
2,411,155.00$ 17,864$ 24,290,185$
7,750,000$
2,500,000$
33,961,525$
(22,961,525.47)$ (33,961,525)$
-$
1,437,034$ 1,437,034$
11,956,173$ 11,956,173$
84,490$ 84,490 $ 84,490 $ 84,490 $ 90,518 $ 90,518 $ 90,518 $ 90,518 $ 90,563 $ 90,563 $ 90,563 $ 3,341,735$
177,737.55$ 177,737.55 $ 177,737.55 $ 5,865,339$
409,985$ 419,985 $ 419,985 $ 4,831,791$ 90,518.30 $ 90,518 $ 90,518 $ 2,382,267$ 90,563 $ 90,563 $ 90,563 $ 99,560,860$
12,500,000$
-$
350,000$
23,343$
-$
-$
-$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 12,873,343$
43,915,547$
717,895$
16,850$
1,075,942$
1,075,942$
3,600,000$
90,067$
351,124$
350,000$
10,500$
329,178$
-$
275,000$
2,576,652$
-$
-$ -$ -$ -$ -$ -$ -$ -$ -$ 54,384,696$
1,697,235$
-$ -$ -$ -$ -$ -$ -$ -$ 416,150$
-$
-$
10,000$ 10,000$ 20,000$ 10,000$ 250,000$
33,000$
541,995$
22,250$
83,750$
85,000$
350,000$
183,355$
-$
30,000$
100,000$
17,500$
500,000$
-$
170,000$
223,735$
50,000$
15,000$
21,635$
473$
59,745$ 238,981$
10,000$
10,000$ 79,745$ -$ -$ -$ 10,000$ -$ -$ -$ 5,030,059$
20,000$
-$
-$
958,800$
350,000$
-$
45,000$
-$
209,738$
233,567$
-$
155,711$
9,731$
85,000$
45,000$
239,700$
60,000$
10,000$
3,500$
-$ -$ -$ -$
50,000$
147,757$ 147,757$ 147,757$ 147,757$ 3,456,654$
84,490$ 84,490$ 84,490$ 84,490$ 90,518$ 90,518$ 90,518$ 90,518$ 90,563$ 90,563$ 90,563$ 3,341,735$
-$
339,615$
80,000$
38,000$
20,000$
131,050$
25,000$
35,000$
15,000$
3,000$
-$
275,000$
300,000$
33,890$
72,563$
177,738$
177,738$ 177,738$ -$ -$ 5,865,339$
-$
65,385$ 261,541$
409,985$ 409,985$ 409,985$ 297,633$ 90,518$ 90,518$ 90,518$ 90,518$ 90,563$ 90,563$ 90,563$ 16,769,134$
594,654$ 594,654$
100,000$
37,800$
394,707$ 394,707$
450,000$ 450,000$
111,320$ 111,320$
118,782$ 118,782$
-$
-$
-$ -$ -$ 1,550,680$ -$ -$ -$ 118,782$ -$ -$ -$ 1,807,262$
40% 10%
-$ -$ -$ 2,903,733$ -$ -$ 725,933$ 7,259,332$
-$ -$ -$ -$ -$ -$ -$ 1,437,034$ -$ -$ 1,437,034$
-$ -$ -$ 2,903,733$ -$ -$ -$ 2,162,967$ -$ -$ -$ 8,696,366$
409,985$ 419,985$ 419,985$ 4,831,791$ 90,518$ 90,518$ 90,518$ 2,382,267$ 90,563$ 90,563$ 90,563$ 99,560,860$
HPTF Loan Amt: 24,290,185
Initial 25%
Closing Completion
1 23456789
Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26
HPTF Loan Draw 11,596,444$ 394,549$ 548,227$ 734,791$ 948,675$ 1,178,891$ 1,409,394$ 1,620,635$ -$
Total HPTF Loan Used 11,596,444$ 11,990,993$ 12,539,220$ 13,274,011$ 14,222,687$ 15,401,578$ 16,810,972$ 18,431,607$ 18,431,607$
% of HPTF Used 48% 49% 52% 55% 59% 63% 69% 76% 76%
Total Sources 22,683,295$ 1,025,665$ 1,334,006$ 1,708,506$ 2,138,111$ 2,600,914$ 3,064,868$ 3,490,872$ 3,838,029$
Total Uses 22,683,295 1,025,665 1,334,006 1,708,506 2,138,111 2,600,914 3,064,868 3,490,872 3,838,029
50% 75%
Completion Completion
10 11 12 13 14 15 16 17 18 19
Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26
1,600,305$ 1,829,255$ -$ -$ -$ -$ -$ -$ -$ -$
20,031,912$ 21,861,167$ 21,861,167$ 21,861,167$ 21,861,167$ 21,861,167$ 21,861,167$ 21,861,167$ 21,861,167$ 21,861,167$
82% 90% 90% 90% 90% 90% 90% 90% 90% 90%
4,054,145$ 4,143,403$ 4,086,251$ 3,954,488$ 3,562,065$ 3,161,337$ 2,726,573$ 2,622,246$ 1,849,206$ 1,485,859$
4,054,145 4,143,403 4,086,251 3,954,488 3,562,065 3,161,337 2,726,573 2,622,246 1,849,206 1,485,859
100% Lease Up Lease Up Lease Up Lease Up Lease Up Lease Up Lease Up
Completion 1234567
20 21 22 23 24 25 26 27 28 29 30
Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27 Aug-27 Sep-27 Oct-27 Nov-27
-$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $
21,861,167$ 21,861,167 $ 21,861,167 $ 21,861,167 $ 21,861,167 $ 21,861,167 $ 21,861,167 $ 21,861,167 $ 21,861,167 $ 21,861,167 $ 21,861,167 $
90% 90% 90% 90% 90% 90% 90% 90% 90% 90% 90%
1,356,417$ 1,349,471 $ 2,591,709 $ 8,331,321 $ 399,818 $ 409,985 $ 409,985 $ 409,985 $ 409,985 $ 535,116 $ 409,985 $
1,356,417 1,349,471 2,591,709 8,331,321 399,818 409,985 409,985 409,985 409,985 535,116 409,985
Lease Up Occupanc y Occupancy Occupancy Stabilization/ 8609
8123 Conversion
31 32 33 34 35 36 37 38 39
Dec-27 Jan-28 Nov-27 Dec-27 Jan-28 Feb-28 Mar-28 Apr-28 May-28 TOTA L
-$ - $ - $ - $ 2,411,155$ - $ - $ - $ 17,864$ 24,290,185$
21,861,167$ 21,861,167$ 21,861,167$ 21,861,167$ 24,272,322$ 24,272,322$ 24,272,322$ 24,272,322$ 24,290,185$ 798,778,498$
90% 90% 90% 90% 99.93% 99.93% 99.93% 99.93% 100.00%
409,985$ 409,985$ 419,985$ 419,985$ 4,831,791$ 90,518$ 90,518$ 90,518$ 2,382,267$ 99,289,171$
409,985 409,985 419,985 419,985 4,831,791 90,518 90,518 90,518 2,382,267 $ 99,289,171
EXHIBITD
FEDERAL LABOR STANDARDS CONTRACT ADDENDUM.
[Attached]
DMFIRM#41903568v25 D-I4927-2237-0108,v.3
HuD-4010 U.S,DepartmentofHousingandUrbanDevelopmentFederalLaborStandardsProvisions OfficeofDavis-BaconandLaborStandards

a ‘APPLICABILITY
‘TheProjectorProgramtowhichtheconstructionworkcoveredbythisContractpertainsisbeing
assistedbytheUnitedStatesofAmerica,andthefollowingFederalLaborStandardsProvisionsareincludedinthisContractpursuanttotheprovisionsapplicabletosuchFederalassistance.
Minimumwagesandfringebenefits

tii,
Alllaborersandmechanicsemployedorworkinguponthesiteofthework(orotherwiseworkinginconstructionordevelopmentoftheprojectunderadevelopmentstatute},willbepaid‘unconditionallyandnotlessoftenthanonceaweek,andwithoutsubsequentdeductionorrebate‘onanyaccount(exceptsuchpayrolldeductionsasarepermittedbyregulationsissuedbythe
SecretaryofLaborundertheCopelandAct(29CFRpart3)),thefullamountofbasichourlywagesandbonafidefringebenefits(orcashequivalentsthereof)dueattimeofpaymentcomputedatratesnotlessthanthosecontainedinthewagedeterminationoftheSecretaryofLaborwhichisattachedheretoandmadeaparthereof,regardlessofanycontractualrelationshipwhichmaybeallegedtoexistbetweenthecontractorandsuchlaborersandmechanics.Asprovidedin29CFR'.5(d)and(e},theappropriatewagedeterminationsareeffectivebyoperationoflaweveniftheyhavenotbeenattachedtothecontract.ContributionsmadeorcostsreasonablyanticipatedforbonafidefringebenefitsundertheDavis-BaconAct(40U.S.C.3141(2)(B))onbehalfoflaborersor‘mechanicsareconsideredwagespaidtosuchlaborersormechanics,subjecttotheprovisionsofparagraph(a)(2)(v)ofthesecontractclauses;also,regularcontributionsmadeorcostsincurredformorethanaweeklyperiod(butnotlessoftenthanquarterly)underplans,funds,orprogramswhichcovertheparticularweeklyperiod,aredeemedtobeconstructivelymadeorincurredduringsuchweeklyperiod.Suchlaborersandmechanicsmustbepaidtheappropriatewagerateandfringebenefitsonthewagedeterminationfortheclassification(s)ofworkactuallyperformed,withoutregardtoskill,exceptasprovidedin29CFR5.5{a)(4).Laborersormechanicsperformingworkin‘morethanoneclassificationmaybecompensatedattheratespecifiedforeachclassificationforthetimeactuallyworkedtherein:Provided,Thattheemployer'spayrollrecordsaccuratelysetforththetimespentineachclassificationinwhichworkisperformed.Thewagedetermination(includinganyadditionalclassificationsandwageratesconformedunder29CFR5.5(a)(1){i))andtheDavis-Baconposter(WH-1321)mustbepostedatalltimesbythecontractoranditssubcontractorsatthesiteof‘theworkinaprominentandaccessibleplacewhereitcanbeeasilyseenbytheworkers.Frequentlyrecurringclassifications‘A,Inadditiontowageandfringebenefitratesthathavebeendeterminedtobeprevailingunder
theproceduressetforthin29CFRpart1,awagedeterminationmaycontain,pursuantto§1.3(0),wageandfringebenefitratesforclassificationsoflaborersandmechanicsforwhichconformancerequestsareregularlysubmittedpursuantto29CFRS.5(a)(1)lil),providedthat:1.Theworkperformedbytheclassificationisnotperformedbyaclassificationinthewagedeterminationforwhichaprevailingwageratehasbeendetermined;2.Theclassificationisusedintheareabytheconstructionindustry;and.3,Thewageratefortheclassificationbearsareasonablerelationshiptotheprevailingwageratescontainedinthewagedetermination.B,TheAdministratorwillestablishwageratesforsuchclassificationsinaccordancewith29CFR5.5{@)(1)(i)(A)(3).Workperformedinsuchaclassificationmustbepaidatnolessthanthewageandfringebenefitratelistedonthewagedeterminationforsuchclassification.Conformance‘A.Thecontractingofficermustrequirethatanyclassoflaborersormechanics,includinghelpers,‘whichisnotlistedinthewagedeterminationandwhichistobeemployedunderthecontractbe

Previouseditionsobsolete 1 FormHUD-4010,(10/2023)
ref.Handbook1344.1
classifiedinconformancewiththewagedetermination.Conformanceofanadditionalclassificationandwagerateandfringebenefitsisappropriateonlywhenthefollowingcriteriahavebeenmet:1.Theworktobeperformedbytheclassificationrequestedisnotperformedbyaclassificationinthewagedetermination;and2.Theclassificationisusedintheareabytheconstructionindustry;and
3.Theproposedwagerate,includinganybonafidefringebenefits,bearsareasonablerelationshiptothewageratescontainedinthewagedetermination.B.Theconformanceprocessmaynotbeusedtosplit,subdivide,orotherwiseavoldapplicationofclassificationslistedinthewagedetermination.Ifthecontractorandthelaborersandmechanicstobeemployedintheclassification(ifknown},‘ortheirrepresentatives,andthecontractingofficeragreeontheclassificationandwagerate(includingtheamountdesignatedforfringebenefitswhereappropriate),areportoftheactiontakenwillbesentbythecontractingofficerbyemailtoDBAconformance@dol.zov.The
Administrator,oranauthorizedrepresentative,willapprove,modify,ordisapproveeveryadditionalclassificationactionwithin30daysofreceiptandsoadvisethecontractingofficerorwillnotifythecontractingofficerwithinthe30-dayperiodthatadditionaltimeisnecessary.D.Intheeventthecontractor,thelaborersormechanicstobeemployedintheclassificationortheirrepresentatives,andthecontractingofficerdonotagreeontheproposedclassification‘andwagerate(includingtheamountdesignatedforfringebenefits,whereappropriate),thecontractingofficerwill,byemailtoDBAconformance@dalgov,referthequestions,includingtheviewsofalinterestedpartiesandtherecommendationofthecontractingofficer,totheAdministratorfordetermination.TheAdministrator,oranauthorizedrepresentative,willissue2adeterminationwithin30daysofreceiptandsoadvisethecontractingofficerorwillnotifythecontractingofficerwithinthe30-dayperiodthatadditionaltimeisnecessary.E,ThecontractingofficermustpromptlynotifythecontractoroftheactiontakenbytheWage‘andHourDivisionunder29CFR5.5(a)(1)(iii(C)and(0).Thecontractormustfurnishawritten
copyofsuchdeterminationtoeachaffectedworkeroritmustbepostedasapartofthewagedetermination,Thewagerate(includingfringebenefitswhereappropriate)determinedpursuantto29CER5.5(a)(2)(li)(C)or(0)mustbepaidtoallworkersperformingworkintheclassificationunderthiscontractfromthefirstdayonwhichworkisperformedintheclassification.iv.FringebenefitsnotexpressedasanhourlyrateWhenevertheminimumwagerateprescribedinthecontractforaclassoflaborersormechanicsincludesafringebenefitwhichisnotexpressedasanhourlyrate,thecontractormayeitherpaythebenefitasstatedinthewagedeterminationormaypayanotherbonafidefringebenefitoranhourlycashequivalentthereof,v. UnfundedplansIfthecontractordoesnotmakepaymentstoatrusteeorotherthirdperson,thecontractormayconsideraspartofthewagesofanylaborerormechanictheamountofanycostsreasonablyanticipatedinprovidingbonafidefringebenefitsunderaplanorprogram,Provided,ThattheSecretaryofLaborhasfound,uponthewrittenrequestofthecontractor,inaccordancewiththecriteriasetforthin29CFR5.28,thattheapplicablestandardsoftheDavis-BaconActhavebeenmet.TheSecretaryofLabormayrequirethecontractortosetasideinaseparateaccountassetsforthemeetingofobligationsundertheplanorprogram.vi.InterestIntheeventofafailuretopayallorpartofthewagesrequiredbythecontract,thecontractorwillberequiredtopayinterestonanyunderpaymentofwages.

Previouseditionsobsolete 2 FormHUD-4010,(10/2023)ref.Handbook1344.1
2.Withholdingi.WithholdingrequirementsTheU.S,DepartmentofHousingandUrbanDevelopmentmay,uponitsownaction,ormust,uponwrittenrequestofanauthorizedrepresentativeoftheDepartmentofLabor,withholdorcausetobewithheldfromthecontractorsomuchoftheaccruedpaymentsoradvancesasmaybeconsiderednecessarytosatisfytheliabilitiesoftheprimecontractororanysubcontractorforthefullamountofwagesandmonetaryrelief,includinginterest,requiredbytheclausessetforthin29CFRS.5(a){orviolationsofthiscontract,ortosatisfyanysuchliabilitiesrequiredbyanyotherFederalcontract,orfederallyassistedcontractsubjecttoDavis-Baconlaborstandards,thatisheldbythesameprimecontractor(asdefinedin29CFR5.2).Thenecessaryfundsmaybewithheldfromthe‘contractorunderthiscontract,anyotherFederalcontractwiththesameprimecontractor,oranyotherfederallyassistedcontractthatissubjecttoDavis-Baconlaborstandardsrequirementsandisheldbythesameprimecontractor,regardlessofwhethertheothercontractwasawardedor
assistedbythesameagency,andsuchfundsmaybeusedtosatisfythecontractorliabilityforwhich
thefundswerewithheld.intheeventofacontractor'sfailuretopayanylaborerormechanic,
includinganyapprenticeorhelperworkingonthesiteofthework(orotherwiseworkinginconstructionordevelopmentoftheprojectunderadevelopmentstatute)alorpartofthewagesrequiredbythecontract,oruponthecontractor'sfailuretosubmittherequiredrecordsasdiscussedin29CFR5.5(a)(3)(iv},HUDmayonitsowninitiativeandafterwrittennoticetothecontractor,sponsor,applicant,owner,orotherentity,asthecasemaybe,takesuchactionasmaybbenecessarytocausethesuspensionofanyfurtherpayment,advance,orguaranteeoffundsuntilsuchviolationshaveceased.ii,Prioritytowithheldfunds‘TheDepartmenthasprioritytofundswithheldortobewithheldinaccordancewith29CFR5.5a)(2)(i)or(b){3)(i),orboth,overclaimstothosefundsby:contractor'ssuretylies),includingwithoutlimitationperformancebondsuretiesand
paymentbondsureties;B.Acontractingagencyforitsreprocurementcosts;C.Atrustee(s)(eitheracourt-appointedtrusteeoraU.S.trustee,orboth)inbankruptcyofa
contractor,oracontractor'sbankruptcyestate;D.Acontractor’sassignee(s);E.Acontractor’ssuccessor(s);oFF.AclaimassertedunderthePromptPaymentAct,31U.S.C.3901-3907.Recordsandcertifiedpayrolls
i.Basicrecordrequirements‘A.Lengthofrecordretention.Allregularpayrollsandotherbasicrecordsmustbemaintainedby
thecontractorandanysubcontractorduringthecourseoftheworkandpreservedforalllaborersandmechanicsworkingatthesiteofthework(orotherwiseworkinginconstructionordevelopmentoftheprojectunderadevelopmentstatute)foraperiodofatleast3yearsafteralitheworkontheprimecontractiscompleted.
8.InformationrequiredSuchrecordsmustcontainthename;SocialSecuritynumber;lastknown
address,telephonenumber,andemailaddressofeachsuchworker;eachworker'scorrectclassification(s)ofworkactuallyperformed;hourlyratesofwagespaid(includingratesofcontributionsorcostsanticipatedforbonafidefringebenefitsorcashequivalentsthereofofthetypesdescribedin40U.S.C.3141(2)(8)oftheDavis-BaconAct};dailyandweeklynumberofhoursactuallyworkedintotalandoneachcoveredcontract;deductionsmade;andactual
wagespaid.Additionalrecordsrelatingtofringebenefits.WhenevertheSecretaryofLaborhasfoundunder29CFR5.5(a){1)(v)thatthewagesofanylaborerormechanicincludetheamountofany
Previouseditionsobsolete 3 FormHUD-4010,(10/2023)ref,Handbook1344.2

c.
HUD-4010 U.S.DepartmentofHousingandUrbanDevelopment
FederalLaborStandardsProvisions OfficeofDavis-BaconandLaborStandards

‘A.APPLICABILITYTheProjectorProgramtowhichtheconstructionworkcoveredbythisContractpertainsisbeingassistedbytheUnitedStatesofAmerica,andthefollowingFederalLaborStandardsProvisionsareincludedinthisContractpursuanttotheprovisionsapplicabletosuchFederalassistance.Minimurnwagesandfringebenefits1
ti,
Alllaborersandmechanicsemployedorworkinguponthesiteofthework(orotherwiseworkinginconstructionordevelopmentoftheprojectunderadevelopmentstatute],willbepaidunconditionallyandnotessoftenthanonceaweek,andwithoutsubsequentdeductionorrebate‘onanyaccount(exceptsuchpayrolldeductionsasarepermittedbyregulationsissuedbytheSecretaryofLaborundertheCopelandAct(29CFRpart3)),thefullamountofbasichourlywagesandbonafidefringebenefits(orcashequivalentsthereof)dueattimeofpaymentcomputedatratesnotlessthanthosecontainedinthewagedeterminationoftheSecretaryofLaborwhichisattachedheretoandmadeaparthereof,regardlessofanycontractualrelationshipwhichmaybeallegedtoexistbetweenthecontractorandsuchlaborersandmechanics.Asprovidedin29CFR5.5(d)and(e},theappropriatewagedeterminationsareeffectivebyoperationoflaweveniftheyhravenotbeenattachedtothecontract.ContributionsmadeorcostsreasonablyanticipatedforbonafidefringebenefitsundertheDavis-BaconAct(40U.S.C.3141(2)(8))onbehalfoflaborersor‘mechanicsareconsideredwagespaidtosuchlaborersormechanics,subjecttotheprovisionsofparagraph(a)(1)(v)ofthesecontractclauses;also,regularcontributionsmadeorcostsincurredfor‘morethanaweeklyperiod(butnotlessoftenthanquarterly)underplans,funds,orprogramswhichcovertheparticularweeklyperiod,aredeemedtobeconstructivelymadeorincurredduringsuchweeklyperiod.Suchlaborersandmechanicsmustbepaidtheappropriatewagerateandfringebenefitsonthewagedeterminationfortheclassfication(s)ofworkactuallyperformed,withoutregardtoskill,exceptasprovidedin29CFR5.5(a)(4).Laborersormechanicsperformingworkinmorethanoneclassificationmaybecompensatedattheratespecifiedforeachclassificationforthetimeactuallyworkedtherein:Provided,Thattheemployer'spayrollrecordsaccuratelysetforththetimespentineachclassificationinwhichworkisperformed.Thewagedetermination(includinganyadditionalclassificationsandwageratesconformedunder29CFR5.5(a){1){ii)andtheDavis-Bacon
poster(WH-1321)mustbepostedatalltimesbythecontractoranditssubcontractorsatthesiteoftheworkina prominentandaccessibleplacewhereitcanbeeasilyseenbytheworkers.Frequentlyrecurringclassifications‘A.Invadditiontowageandfringebenefitratesthathavebeendeterminedtobeprevailingundertheproceduressetforthin29CFRpart1,awagedeterminationmaycontain,pursuantto§ 1.31),wageandfringebenefitratesforclassificationsoflaborersandmechanicsforwhichconformancerequestsareregularlysubmittedpursuantto29CFR5.5(a)(1){iil,providedthat1,Theworkperformedbytheclassificationisnotperformedbyaclassificationinthewagedeterminationforwhichaprevailingwageratehasbeendetermined;2.Theclassificationisusedintheareabytheconstructionindustry;and3.Thewageratefortheclassificationbearsareasonablerelationshiptotheprevailingwagerates
containedinthewagedetermination.8.TheAdministratorwillestablishwageratesforsuchclassificationsinaccordancewith29CFR5.5(a)(1)(i)(A)(3).Workperformedinsuchaclassificationmustbepaidatnolessthanthewage‘andfringebenefitratelistedonthewagedeterminationforsuchclassification,Conformance‘A.Thecontractingofficermustrequirethatanyclassoflaborersormechanics,includinghelpers,‘whichisnotlistedinthewagedeterminationandwhichistobeemployedunderthecontractbe

Previouseditionsobsolete 1 FormHUD-4010,(10/2023)ref.Handbook1344.1
classifiedinconformancewiththewagedetermination.Conformanceofanadditionalclassificationandwagerateandfringebenefitsisappropriateonlywhenthefollowingcriteriahavebeenmet1.Theworktobeperformedbytheclassificationrequestedisnotperformedbya classificationinthewagedetermination;and2.Theclassificationisusedintheareabytheconstructionindustry;and3.Theproposedwagerate,includinganybonafidefringebenefits,bearsareasonablerelationshiptothewageratescontainedinthewagedetermination.8.Theconformanceprocessmaynotbeusedtosplit,subdivide,orotherwiseavoidapplicationofclassificationslistedinthewagedeterminatior©.Ifthecontractorandthelaborersandmechanicstobeemployedintheclassification(ifknown),ortheirrepresentatives,andthecontractingofficeragreeontheclassificationandwagerate(includingtheamountdesignatedforfringebenefitswhereappropriate),areportoftheactiontakenwillbesentbythecontractingofficerbyemailtoDBAconformance@dol.gov.The‘Administrator,oranauthorizedrepresentative,willapprove,modify,ordisapproveeveryadditionalclassificationactionwithin30daysofreceiptandsoadvisethecontractingofficerorwillnotifythecontractingofficerwithinthe30-dayperiodthatadditionaltimeisnecessary.D.Intheeventthecontractor,thelaborersormechanicstobeemployedintheclassificationortheirrepresentatives,andthecontractingofficerdonotagreeontheproposedclassification.andwagerateincludingtheamountdesignatedforfringebenefits,whereappropriate),thecontractingofficerwill,ByemailtoOBAconformance@dol,gov,referthequestions,including‘theviewsofallinterestedpartiesandtherecommendationofthecontractingofficer,totheAdministratorfordetermination.TheAdministrator,oranauthorizedrepresentative,willissueadeterminationwithin30daysofreceiptandsoadvisethecontractingofficerorwillnotify‘thecontractingofficerwithinthe30-dayperiodthatadditionaltimeisnecessary.E,ThecontractingofficermustpromptlynotifythecontractoroftheactiontakenbytheWage‘andHourDivisionunder29CFR5.5(a)(2)(ii)(C)and(0).Thecontractormustfurnishawrittencopyofsuchdeterminationtoeachaffectedworkeroritmustbepostedasapartofthewagedetermination.Thewagerate(includingfringebenefitswhereappropriate)determinedpursuantto29CFR5.5{a)(2)(li)(C)or(D)mustbepaidtoallworkersperformingwarkintheclassificationunderthiscontractfromthefirstdayonwhichworkisperformedintheclassification.iv.Fringebenefitsnotexpressedasanhourlyrate‘WhenevertheminimumwagerateprescribedinthecontractforaclassoflaborersormechanicsIncludesafringebenefitwhichisnotexpressedasanhourlyrate,thecontractormayeitherpaythebenefitasstatedinthewagedeterminationormaypayanotherbonafidefringebenefitoranhourly‘cashequivalentthereof,v. UnfundedplansIfthecontractordoesnotmakepaymentstoatrusteeorotherthirdperson,thecontractormayconsideraspartofthewagesofanylaborerormechanictheamountofanycostsreasonablyanticipatedinprovidingbonafidefringebenefitsunderaplanorprogram,Provided,ThattheSecretaryofLaborhasfound,uponthewrittenrequestofthecontractor,inaccordancewiththecriteriasetforthin29CFR5.28,thattheapplicablestandardsoftheDavis-BaconActhavebeenmet,‘TheSecretaryofLabormayrequirethecontractortosetasideinaseparateaccountassetsforthemeetingofobligationsundertheplanorprogram.vi,InterestIntheeventofafailuretopayallorpartofthewagesrequiredbythecontract,thecontractorwillberequiredtopayinterestonanyunderpaymentofwages.

Previouseditionsobsolete 2 FormHUD-4010,(10/2023)ref,Handbook1344.1
2.WithholdingJ.Withholdingrequirements‘TheU.S.DepartmentofHousingandUrbanDevelopmentmay,uponitsownaction,ormust,uponwrittenrequestofanauthorizedrepresentativeoftheDepartmentofLabor,withholdorcausetobewithheldfromthecontractorsomuchoftheaccruedpaymentsoradvancesasmaybeconsiderednecessarytosatisfytheliabilitiesoftheprimecontractororanysubcontractorforthefullamountofwagesandmonetaryrelief,includinginterest,requiredbytheclausessetforthin29CFR5.5(a)forviolationsofthiscontract,ortosatisfyanysuchliabilitiesrequiredbyanyotherFederalcontract,orfederallyassistedcontractsubjecttoDavis-Baconlaborstandards,thatisheldbythesameprimecontractor(asdefinedin29CFR5.2}.Thenecessaryfundsmaybewithheldfromthecontractorunderthiscontract,anyotherFederalcontractwiththesameprimecontractor,oranyotherfederallyassistedcontractthatissubjecttoDavis-Baconlaborstandardsrequirementsandisheldbythesameprimecontractor,regardlessofwhethertheothercontractwasawardedorassistedbythesameagency,andsuchfundsmaybeusedtosatisfythecontractorliabilityforwhichthefundswerewithheld.intheeventofacontractor'sfailuretopayanylaborerormechanic,includinganyapprenticeorhelperworkingonthesiteofthework(orotherwiseworkinginconstructionordevelopmentoftheprojectunderadevelopmentstatute)allorpartofthewagesrequiredbythecontract,oruponthecontractor'sfailuretosubmittherequiredrecordsasdiscussedin29CFRS.5(a)(3)(iv),HUDmayonitsowninitiativeandafterwrittennoticetothe
contractor,sponsor,applicant,owner,orotherentity,asthecasemaybe,takesuchactionasmaybenecessarytocausethesuspensionofanyfurtherpayment,advance,orguaranteeoffundsuntilsuchviolationshaveceased.ii,PrioritytowithheldfundsTheDepartmenthaspriorityto fundswithheldortobewithheldinaccordancewith29CFR5.5(a)(2)(i)or(b)(3}(),orboth,overclaimstothosefundsby:‘A,Acontractor’ssurety(ies),includingwithoutlimitationperformancebondsuretiesand
paymentbondsureties;8.Acontractingagencyforitsreprocurementcosts;C.Atrustee(s)(either@court-appointedtrusteeoraU.S.trustee,orboth)inbankruptcyofa
contractor,oracontractor'sbankruptcyestate;D.Acontractor’sassignee(s);E.Acontractor’ssuccessor(s};orF.AclaimassertedunderthePromptPaymentAct,31U.S.C.3901-3907,Recordsandcertifiedpayrollsi.Baslerecordrequirements‘A,Lengthofrecordretention.Allregularpayrollsandotherbasicrecordsmustbemaintainedbythecontractorandanysubcontractorduringthecourseoftheworkandpreservedforalllaborersandmechanicsworkingatthesiteofthework(orotherwiseworkinginconstructionordevelopmentoftheprojectunderadevelopmentstatute)fora periodofatleast3yearsafteralltheworkontheprimecontractiscompleted.B.InformationrequiredSuchrecordsmustcontainthename;SocialSecuritynumber;lastknown
address,telephonenumber,andemailaddressofeachsuchworker;eachworker'scorrectclassification(s)ofworkactuallyperformed;hourlyratesofwagespaid(includingratesofcontributionsorcostsanticipatedforbonafidefringebenefitsorcashequivalentsthereofofthetypesdescribedin40U.S.C.3141(2](8)oftheDavis-BaconAct);dailyandweeklynumberofhoursactuallyworkedintotalandoneachcoveredcantract;deductionsmade;andactualwagespaid.. Additionalrecordsrelatingtofringebenefits.WhenevertheSecretaryofLaborhasfoundunder29CFR5.5(a}(1)(v)thatthewagesofanylaborerormechanicincludetheamountofany
Previouseditionsobsolete 3 FormHUD-4010,(10/2023)ref.Handbook1344.1

costsreasonablyanticipatedinprovidingbenefitsunderaplanorprogramdescribedin40U.S.C.3141(2)(8)oftheDavis-BaconAct,thecontractormustmaintainrecordswhichshowthatthecommitmenttoprovidesuchbenefitsisenforceable,thattheplanorprogramisfinanciallyresponsible,andthattheplanorprogramhasbeencommunicatedinwritingtothelaborersor‘mechanicsaffected,andrecordswhichshowthecostsanticipatedortheactualcostincurredinprovidingsuchbenefits.D.AdditionalrecordsrelatingtoapprenticeshipContractorswithapprenticesworkingunderapprovedprogramsmustmaintainwrittenevidenceoftheregistrationofapprenticeshipprograms,theregistrationoftheapprentices,andtheratiosandwageratesprescribedinthe
applicableprogramsCertifiedpayrollrequirementsA.FrequencyandmethodofsubmissionThecontractororsubcontractormustsubmitweekly,foreachweekinwhichanyDBA-orRelatedActs-coveredworkisperformed,certifiedpayrollstoHUDiftheagencyisapartytothecontract,butiftheagencyisnotsuchaparty,thecontractorwillsubmitthecertifiedpayrollstotheapplicant,sponsor,owner,orother‘entity,asthecasemaybe,thatmaintainssuchrecords,fortransmissiontoHUD.Theprimecontractorisresponsibleforthesubmissionofallcertifiedpayrollsbyallsubcontractors.Acontractingagencyorprimecontractormaypermitorrequirecontractorstosubmitcertifiedpayrollsthroughanelectronicsystem,aslongastheelectronicsystemrequiresalegallyvalidelectronicsignature;thesystemallowsthecontractor,thecontractingagency,andtheDepartmentofLabortoaccessthecertifiedpayrollsuponrequestforatleast3yearsaftertheworkontheprimecontracthasbeencompleted;andthecontractingagencyorprimecontractorpermitsothermethodsofsubmissioninsituationswherethecontractorisunableorlimitedinitsabilitytouseoraccesstheelectronicsystemB,InformationrequiredThecertifiedpayrollssubmittedmustsetoutaccuratelyandcompletelyalloftheinformationrequiredtobemaintainedunder29CFR5.5(a)(3)i)(8),exceptthatfullSocialSecuritynumbersandlastknownaddresses,telephonenumbers,andemailaddressesmustnotbeincludedonweeklytransmittals.Instead,thecertifiedpayrollsneedonlyincludeanindividuallyidentifyingnumberforeachworker(e.g.,thelastfourdigitsoftheworker's,SocialSecuritynumber).TherequiredweeklycertifiedpayrollinformationmaybesubmittedusingOptionalFormWH-347orinanyotherformatdesired.OptionalFormWH-347isavailableforthispurposefromtheWageandHourDivisionWebsiteat.httas://Avww.dol.qou/sites/dolaov/files/WHD/leqacy/files/wh347.ndforitssuccessorwebsite.Itisnota violationofthissectionforaprimecontractortorequireasubcontractortoprovidefullSocialSecuritynumbersandlastknownaddresses,telephonenumbers,andemailaddressestotheprimecontractorforitsownrecords,withoutweeklysubmissionbythesubcontractortothesponsoringgovernmentagency(ortheapplicant,sponsor,owner,orotherentity,asthecasemaybe,thatmaintainssuchrecords).StatementofComplianceEachcertifiedpayrollsubmittedmustbeaccompaniedbya“StatementofCompliance,”signedbythecontractororsubcontractor,oFthecontractor'sorsubcontractor’sagentwhopaysorsupervisesthepaymentofthepersonsworkingonthecontract,andmustcertifythefollowing:1, Thatthecertifiedpayrollforthepayrollperiodcontainstheinformationrequiredtobeprovidedunder29CFR5.5(a)(3)(i),theappropriateinformationandbasicrecordsarebeing‘maintainedunder29CFR5.5(a}(3)(i),andsuchinformationandrecordsarecorrectandcomplete;Thateachlaborerormechanic(includingeachhelperandapprentice)workingonthecontractduringthepayrollperiodhasbeenpaidthefullweeklywagesearned,withoutrebate,eitherdirectlyorindirectly,andthatnodeductionshavebeenmadeeitherdirectlyorindirectly
Previouseditionsobsolete 4 FormHUD-4010,(10/2023)
ref,Handbook1344.1

c.

D.
fromthefullwagesearned,otherthanpermissibledeductionsassetforthin29CFRpart3;
and‘Thateachlaborerormechanichasbeenpaidnotlessthantheapplicablewageratesand
fringebenefitsorcashequivalentsfortheclassification(s)ofworkactuallyperformed,as
specifiedintheapplicablewagedeterminationincorporatedintothecontract.
UseofOptionalFormWH-347TheweeklysubmissionofaproperlyexecutedcertificationsetforthonthereversesideofOptionalFormWH-347willsatisfytherequirementfor
submissionofthe“StatementofCompliance”requiredby29CFR5.5(a}(3)(i)(C)-SignatureThesignaturebythecontractor,subcontractor,orthecontractor'sor
subcontractor’sagentmustbeanoriginalhandwrittensignatureoralegallyvalidelectronic
signature.FalsificationThefalsificationofanyoftheabovecertificationsmaysubjectthecontractororsubcontractortocivilorcriminalprosecutionunder18U.S.C.1001and31U.S.C.3729.
LengthofcertifiedpayrollretentionThecontractororsubcontractormustpreserveall
certifiedpayrollsduringthecourseoftheworkandforaperiodof3yearsafterallthework
ontheprimecontractiscompleted.i.Contracts,subcontracts,andrelateddocumentsThecontractororsubcontractormustmaintainthiscontractorsubcontractandrelateddocumentsincluding,withoutlimitation,bids,proposals,amendments,modifications,andextensions.Thecontractororsubcontractormustpreservethesecontracts,subcontracts,andrelateddocumentsduringthecourseoftheworkandforaperiodof3yearsafteralltheworkontheprimecontractiscompleted.ivRequireddisclosuresandaccessA

RequiredrecorddisclosuresandaccesstoworkersThecontractororsubcontractormust‘maketherecordsrequiredunder29CFR5.5(a)(3){)-lii),andanyotherdocumentsthatHUDortheDepartmentofLabordeemsnecessarytodeterminecompliancewiththelaborstandardsprovisionsofanyoftheapplicablestatutesreferencedby29CFR5.1,availableforinspection,copying,ortranscriptionbyauthorizedrepresentativesofHUDortheDepartmentofLabor,andmustpermitsuchrepresentativestointerviewworkersduring
workinghoursonthejob.Sanctionsfornon-compliancewithrecordsandworkeraccessrequirementsifthecontractororsubcontractorfallstosubmittherequiredrecordsortomakethemavailable,Orrefusestopermitworkerinterviewsduringworkinghoursonthejob,theFederalagency‘may,afterwrittennoticetothecontractor,sponsor,applicant,owner,orotherentity,asthecasemaybe,thatmaintainssuchrecordsorthatemployssuchworkers,takesuchactionasmaybenecessarytocausethesuspensionofanyfurtherpayment,advance,orguaranteeoffunds.Furthermore,failuretosubmittherequiredrecordsuponrequestortomakesuchrecordsavailable,oftopermitworkerinterviewsduringworkinghoursonthejob,maybe‘groundsfordebarmentactionpursuantto29CFR5.12.Inaddition,anycontractororother
personthatfallstosubmittherequiredrecordsormakethoserecordsavailabletoWHDwithinthetimeWHOrequeststhattherecordsbeproducedwillbeprecludedfromintroducingasevidenceinanadministrativeproceedingunder29CFRpart6anyoftherequiredrecordsthatwerenotprovidedormadeavailabletoWHD.WHDwilltakeintoconsiderationareasonablerequestfromthecontractororpersonforanextensionofthetimeforsubmissionofrecords.WHDwilldeterminethereasonablenessoftherequestandmayconsider,amongotherthings,thelocationoftherecordsandthevolumeof
production.RequiredinformationdisclosuresContractorsandsubcontractorsmustmaintainthefullSocialSecuritynumberandlastknownaddress,telephonenumber,andemailaddressofeachcoveredworker,andmustprovidethemuponrequesttoHUDiftheagencyisapartyto
Previouseditionsobsolete 5 FormHUD-4030,(10/2023)ref.Handbook1344.1

thecontract,ortotheWageandHourDivisionoftheDepartmentofLabor.IftheFederalagencyisnotsuchapartytothecontract,thecontractor,subcontractor,orboth,must,‘uponrequest,providethefullSocialSecuritynumberandlastknownaddress,telephone‘number,andemailaddressofeachcoveredworkertotheapplicant,sponsor,owner,oFotherentity,asthecasemaybe,thatmaintainssuchrecords,fortransmissiontoHUD,thecontractor,ortheWageandHourDivisionoftheDepartmentofLaborforpurposesofaninvestigationorothercomplianceaction.4. Apprenticesandequalemploymentopportunityi.Apprentices
A
ey
RateofpayApprenticeswillbepermittedtoworkatlessthanthepredeterminedratefortheworktheyperformwhentheyareemployedpursuanttoandindividuallyregisteredinabonafideapprenticeshipprogramregisteredwiththeU.S.DepartmentofLabor,EmploymentandTrainingAdministration,OfficeofApprenticeship(OA),orwitha StateApprenticeshipAgencyrecognizedbytheOA.Apersonwhoisnotindividuallyregisteredintheprogram,butwhohasbeencertifiedbytheOAoraStateApprenticeshipAgency(whereappropriate)tobeeligibleforprobationaryemploymentasanapprentice,willbepermittedtoworkatlessthanthepredeterminedratefortheworktheyperforminthefirst90daysofprobationaryemploymentasanapprenticeinsuchaprogram.IntheeventtheOAoraStateApprenticeshipAgencyrecognizedbytheOAwithdrawsapprovalofanapprenticeshipprogram,thecontractorwillnolongerbepermittedtouseapprenticesatlessthantheapplicablepredeterminedratefortheworkperformeduntilanacceptable
programisapproved,FringebenefitsApprenticesmustbepaidfringebenefitsinaccordancewiththeprovisionsoftheapprenticeshipprogram.Iftheapprenticeshipprogramdoesnotspecifyfringebenefits,apprenticesmustbepaidthefullamountoffringebenefitslistedonthewagedeterminationfortheapplicableclassification.IftheAdministratordeterminesthat3differentpracticeprevailsfortheapplicableapprenticeclassification,fringebenefitsmustbepaidinaccordancewiththatdetermination.ApprenticeshipratioTheallowableratioofapprenticestojourneyworkersonthejobsiteanycraftclassificationmustnotbegreaterthantheratiopermittedtothecontractora5totheentireworkforceundertheregisteredprogramortheratioapplicabletothelocalityoftheprojectpursuantto29CFRS.5{a)(4)(i(0).Anyworkerlistedonapayrollatanapprenticewagerate,whoisnotregisteredorotherwiseemployedasstatedin29CFR'5.5(a)(4)()(A},mustbepaidnotlessthantheapplicablewagerateonthewagedeterminationfortheclassificationofworkactuallyperformed.Inaddition,anyapprenticeperformingworkonthejobsiteinexcessoftheratiopermittedunderthissectionmustbepaidnotlessthantheapplicablewagerateonthewagedeterminationfortheworkactuallyperformed.ReciprocityofratiosandwageratesWhereacontractorisperformingconstructiononaprojectinalocalityotherthanthelocalityinwhichitsprogramisregistered,theratiosand‘wagerates(expressedinpercentagesofthejourneyworker’shourlyrate)applicablewithinthelocalityinwhichtheconstructionisbeingperformedmustbeobserved.ifthereisnoapplicableratioorwagerateforthelocalityoftheproject,theratioandwageratespecifiedinthecontractor'sregisteredprogrammustbeobserved.

iiEqualemploymentopportunityTheuseofapprenticesandjourneyworkersunderthispartmustbeinconformitywiththeequalemploymentopportunityrequirementsofExecutiveOrder11246,
as amended,and29CFRpart30.5 CompliancewithCopelandActrequirements.Thecontractorshallcomplywiththerequirementsof29CFRpart3,whichareincorporatedbyreferenceinthiscontract.
Previouseditionsobsolete 6 FormHUD-4010,(10/2023)ref.Handbook1344.1
6 Subcontraets.Thecontractororsubcontractormustinsertinanysubcontractstheclausescontainedin29CFR5.5(a)(1)through(11),alongwiththeapplicablewagedetermination(s)andsuchotherclausesorcontractmodificationsastheU.S.DepartmentofHousingand
UrbanDevelopmentmaybyappropriateinstructionsrequire,andaclauserequiringthesubcontractors
to includetheseclausesandwagedetermination(s)inanylowertiersubcontracts.TheprimecontractorIsresponsibleforthecompliancebyanysubcontractororlowertiersubcontractorwithallthecontractclausesinthissection.Intheeventofanyviolationsoftheseclauses,theprimecontractorandanysubcontractor(s)responsiblewillbeliableforanyunpaidwagesandmonetaryrelief,includinginterestfromthedateoftheunderpaymentorloss,duetoanyworkersoflower-tiersubcontractors,andmaybesubjecttodebarment,asappropriate.7 Contracttermination:debarment.A breachofthecontractclausesin29CFR5.5maybegroundsforterminationofthecontract,andfordebarmentasacontractorandasubcontractorasprovidedin29,
CFRS.12,& CompliancewithDavis-BaconandRelatedActrequirements.AllrulingsandinterpretationsoftheDavis-BaconandRelatedActscontainedin29CFRparts1,3,and5arehereinincorporatedbyreferenceinthiscontract.9Disputesconcerninglaborstandards.Disputesarisingoutofthelaborstandardsprovisionsofthiscontractshallnotbesubjecttothegeneraldisputesclauseofthiscontract.SuchdisputesshallberesolvedinaccordancewiththeproceduresoftheDepartmentofLaborsetforthin29CFRparts5,6,and7.Disputeswithinthemeaningofthisclauseincludedisputesbetweenthecontractor(oranyofitssubcontractors)andthecontractingagency,theU.S.DepartmentofLabor,ortheemployeesortheirrepresentatives.10.Certificationofeligibility.J.Byenteringintothiscontract,thecontractorcertifiesthatneitheritnoranypersonorfirmwhohasaninterestinthecontractor'sfirmisapersonorfirm ineligibletobeawardedGovernmentcontractsbyvirtueof40U.S.C.3144(b)or29CFR5.12(a).ii,NopartofthiscontractshallbesubcontractedtoanypersonorfirmineligibleforawardofaGovernmentcontractbyvirtueof40U.S.C.3144(b)or29CFR5.12(a).
ill,ThepenaltyformakingfalsestatementsisprescribedintheU.S.Code,Title18CrimesandCriminalProcedure,18U.S.C.1001,21 Anticretaliationitisunlawfulforanypersontodischarge,demote,intimidate,threaten,restrain,coerce,blacklist,harass,orinanyothermannerdiscriminateagainst,ortocauseanypersontodischarge,demote,intimidate,threaten,restrain,coerce,blacklist,harass,orinanyothermannerdiscriminateagainst,anyworkerorjobapplicantfor:i.NotifyinganycontractorofanyconductwhichtheworkerreasonablybelievesconstitutesaviolationoftheDBA,RelatedActs,or29CFRparts1,3,or5;1,Filinganycomplaint,initiatingorcausingtobeinitiatedanyproceeding,orotherwiseassertingorseekingtoassertonbehalfofthemselvesorothersanyrightorprotectionundertheDBA,RelatedActs,or29CFRparts1,3,or5;lil,Cooperatinginanyinvestigationorothercomplianceaction,ortestifyinginanyproceedingundertheDBA,RelatedActs,or29CFRparts2,3,o 5;oFIv.InforminganyotherpersonabouttheirrightsundertheDBA,RelatedActs,or29CFRparts1,3,
ors.ContractWorkHoursandSafetyStandardsAct(CWHSSA)‘TheAgencyHeadmustcauseorrequirethecontractingofficertoinsertthefollowingclausessetforthin25CFR5.5(b)(2),(2),(3),(4),and(5)inful,or(forcontractscoveredbytheFederal‘AcquisitionRegulation)byreference,inanycontractinanamountinexcessof$100,000andsubjecttotheovertimeprovisionsoftheContractWorkHoursandSafetyStandardsAct.Theseclausesmust

Previouseditionsobsolete 7 FormHUD-4010,(10/2023)ref.Handbook1344.1
4
beinsertedinadditiontotheclausesrequiredby29CFR5.5{a)or4.6,Asusedinthisparagraph,theterms“laborersandmechanics”includewatchpersonsandguards.1,Overtimerequirements.Nocontractororsubcontractorcontractingforanypartofthecontractworkwhichmayrequireorinvolvetheemploymentoflaborersormechanicsshallrequireor
permitanysuchlaborerormechanicinanyworkweekinwhichheorsheisemployedonsuchworktoworkinexcessoffortyhoursinsuchworkweekunlesssuchlaborerormechanicreceivescompensationata ratenotlessthanoneandone-halftimesthebasicrateofpayforallhoursworkedinexcessoffortyhoursinsuchworkweek,2.Violation;liabilityforunpaidwages;liquidateddamages.Intheeventofanyviolationoftheclausesetforthin29CFR5.5(b)(1)thecontractorandanysubcontractorresponsiblethereforshallbeliablefortheunpaidwagesandinterestfromthedateoftheunderpayment.inaddition,suchcontractorandsubcontractorshallbeliabletotheUnitedStates(inthecaseofworkdoneundercontractfortheDistrictofColumbiaoraterritory,tosuchDistrictortosuchterritory),forliquidateddamages.Suchliquidateddamagesshallbecomputedwithrespecttoeachindividuallaborerormechanic,includingwatchpersonsandguards,employedinviolationoftheclausesetforthin29CER5.5(b)(2),inthesumof$31foreachcalendardayonwhichsuchindividualwasrequiredorpermittedtoworkinexcessofthestandardworkweekoffortyhourswithoutpaymentoftheovertimewagesrequiredbytheclausesetforthin29CFR5.5(b)(2).3,Withholdingforunpaidwagesandliquidateddamagesi.WithholdingprocessTheU.SDepartmentofHousingandUrbanDevelopmentortherecipientofFederalassistancemay,uponitsownaction,ormust,uponwrittenrequestofanauthorizedrepresentativeoftheDepartmentofLabor,withholdorcausetobewithheldfromthecontractor0 muchoftheaccruedpaymentsoradvancesasmaybeconsiderednecessarytosatisfytheliabilitiesoftheprimecontractororanysubcontractorforanyunpaidwages;monetaryrelief,terest;andliquidateddamagesrequiredbytheclausessetforthin29CFR5.5(b)onthiscontract,anyotherFederalcontractwiththesameprimecontractor,oranyotherfederallyassistedcontractsubjecttotheContractWorkHoursandSafetyStandardsActthatisheldbythesameprimecontractor(asdefinedin29CFR5.2).Thenecessaryfundsmaybewithheldfromthecontractorunderthiscontract,anyotherFederalcontractwiththesameprimecontractor,orany‘otherfederallyassistedcontractthatissubjecttotheContractWorkHoursandSafetyStandards‘Actandisheldbythesameprimecontractor,regardlessofwhethertheothercontractwasawardedorassistedbythesameagency,andsuchfundsmaybeusedtosatisfythecontractorliabilityforwhichthefundswerewithheldliPrioritytowithheldfundsTheDepartmenthasprioritytofundswithheldortobewithheldinaccordancewith29CFR5.5(a){2){i)or(b){3){i),orboth,overclaimstothosefunds
‘A.Acontractor’ssurety(les),includingwithoutlimitationperformancebondsuretiesand,paymentbondsureties;B,Acontractingagencyforitsreprocurementcosts;©. Atrustee(s)(eitheracourt-appointedtrusteeoraUS.trustee,orboth)inbankruptcyofacontractor,oracontractor'sbankrupteyestate;©.Acontractor'sassignee(s);E, Acontractor’ssuccessor(s);oFF. AclaimassertedunderthePromptPaymentAct,31U.S.C.3901-3907.Subcontracts.Thecontractororsubcontractormustinsertinanysubcontractstheclausessetforthin29CFR5,5(b){1)through(5)andaclauserequiringthesubcontractorstoincludetheseclausesinanylowertiersubcontracts.Theprimecontractorisresponsibleforcompliancebyanysubcontractororlowertiersubcontractorwiththeclausessetforthin29CFR5.5(b}(1)through(5).Intheeventofany
violationsoftheseclauses,theprimecontractorandanysubcontractor(s)responsiblewillbeliableforanyunpaidwagesandmonetaryrelief,includinginterestfromthedateoftheunderpaymentorloss,

Previouseditionsobsolete 8 FormHUD-4010,(10/2023)ref,Handbook1344.1
duetoanyworkersoflower-tiersubcontractors,andassociatedliquidateddamagesandmaybesubjecttodebarment,asappropriate.5 Anti-retaliationItisunlawfulforanypersontodischarge,demote,intimidate,threaten,restrain,coerce,blacklist,harass,orinanyothermannerdiscriminateagainst,ortocauseanypersontodischarge,demote,intimidate,threaten,restrain,coerce,blacklist,harass,orinanyothermannerdiscriminateagainst,anyworkerorjobapplicantfor:4.NotifyinganycontractorofanyconductwhichtheworkerreasonablybelievesconstitutesaviolationoftheContractWorkHoursandSafetyStandardsAct(CWHSSA)oritsimplementing
regulationsin29CFRpart5;ii,Filinganycomplaint,initiatingorcausingtobeinitiatedanyproceeding,orotherwiseassertingorseekingtoassertonbehalfofthemselvesorothersanyrightorprotectionunderCWHSSAor
29CFRpart5;fil,Cooperatinginanyinvestigationorothercomplianceaction,ortestifyinginanyproceedingunderCWHSSAor29CFRpartS;orlv,InforminganyotherpersonabouttheirrightsunderCWHSSAor29CFRpart5., CWHSSArequiredrecordsclauseInadditiontotheclausescontainedin29CFR5.5(b),inanycontractsubjectonlytotheContractWorkHoursandSafetyStandardsActandnottoanyoftheotherlawsreferencedby29CFR5.1,theAgencyHeadmustcauseorrequirethecontractingofficertoinsertaclauserequiringthatthecontractororsubcontractormustmaintainregularpayrollsandotherbasicrecordsduringthecourseoftheworkandmustpreservethemforaperiodof3yearsafteralltheworkontheprimecontractiscompletedforalllaborersandmechanics,includingguardsandwatchpersons,workingonthecontract.Suchrecordsmustcontainthename;lastknownaddress,telephonenumber,andemailaddress;andsocialsecuritynumberofeachsuchworker;eachworker'scorrectclassfication(s)ofworkactuallyperformed;hourlyratesofwagespaid;dalyandweeklynumberofhoursactuallyworked;deductionsmadeandactualwagespaid.Further,theAgencyHeadmustcause‘orrequirethecontractingofficertoinsertinanysuchcontractaclauseprovidingthattherecordstobemaintainedunderthisparagraphmustbemadeavailablebythecontractororsubcontractorforinspection,copying,ortranscriptionbyauthorizedrepresentativesofthe(writethenameofagency)andtheDepartmentofLabor,andthecontractororsubcontractorwillpermitsuchrepresentativestointerviewworkersduringworkinghoursonthejob.D.IncorporationofcontractclausesandwagedeterminationsbyreferenceAlthoughagenciesarerequiredtoinsertthecontractclausessetforthinthissection,alongwithappropriatewagedeterminations,infullintocoveredcontracts,andcontractorsandsubcontractorsarerequiredtoinserttheminanylower-tiersubcontracts,theincorporationbyreferenceoftherequiredcontractclausesandappropriatewagedeterminationswillbegiventhesameforceandeffectasiftheywereinsertedinfulltext,E.IncorporationbyoperationoflawThecontractclausessetforthinthissection(ortheirequivalentundertheFederalAcquisitionRegulation),alongwiththecorrectwagedeterminations,willbeconsideredtobeapartofeveryprimecontractrequiredbytheapplicablestatutesreferencedby29CFR5.1toincludesuchclauses,andwillbeeffectivebyoperationoflaw,whetherornottheyareincludedorincorporatedbyreferenceintosuchcontract,unlesstheAdministratorgrantsavariance,tolerance,orexemptionfromtheapplicationofthisparagraph.Wheretheclausesandapplicablewagedeterminationsareeffectivebyoperationoflawunderthisparagraph,theprimecontractormustbecompensatedforanyresultingincreaseinwagesinaccordancewithapplicablelaw.

Previouseditionsobsolete 9 FormHUD-4010,(10/2023)ref.Handbook1344.1
1
2
3.
F.HEALTHANDSAFETY
‘Theprovisionsofthisparagraph(F)areapplicablewheretheamountoftheprimecontractexceeds
$100,000.
Nolaborerormechanicshallberequiredtoworkinsurroundingsorunderworkingconditionswhichareunsanitary,hazardous,ordangeroustohisorherhealthandsafety,asdeterminedunderconstructionsafetyandhealthstandardspromulgatedbytheSecretaryofLaborbyregulation.ThecontractorshallcomplywithallregulationsissuedbytheSecretaryofLaborpursuantto29CFRPart1926andfailuretocomplymayresultinimpositionofsanctionspursuanttotheContractWorkHoursandSafetyStandardsAct,(PublicLaw91-54,83Stat96),40U.S.C.§3701etseq,Thecontractorshallincludetheprovisionsofthisparagraphineverysubcontract,sothatsuchprovisiwillbebindingoneachsubcontractor.ThecontractorshalltakesuchactionwithrespecttoanysubcontractorastheSecretaryofHousingandUrbanDevelopmentortheSecretaryofLaborshalldirectasameansofenforcingsuchprovisions.
is

FormHUD-4010,(10/2023)Previouseditionsobsolete 10
ref.Handbook1344.1
EXHIBIT E
DAVIS-BACON WAGE DETERMINATION
[Attached]
DMFIRM#41903568v25, E-l4927-2237-0106,v.3

"General
Decision
Number: Harvard Court 2900 14th StreetNW PROJECT:DC20240002
08/23/2024 BuildingDecision No.: DC20240002
Soperacded ModificationNo.:8General
peeteicn PublicationDate:8/23/2024Number:
DC20230002 LOCK-INDATE:10/24/2024LABOR STANDARD- Constructionmuststartby
4/24/2025, otherwise a new Wage Decision must be assigned.
State: District
of Columbia MONITORS: Fabian Furr (Field/Admin) Office # (202)442-7293 & Work Cell #
(202) 329-4117
Construction
Type: Building
County: District of Columbia Statewide.
BUILDINGCONSTRUCTIONPROJECTS (doesnot include single
familyhomes or apartmentsup to and including4 stories).
Note: Contracts subjectto the Davis-BaconAct are
generally
requiredto pay at least the applicableminimum wage rate
requiredunder ExecutiveOrder 14026 or ExecutiveOrder
13658.
Please note that these ExecutiveOrders apply to covered
contractsentered into by the federalgovernmentthat are
subject to the Davis-BaconAct itself,but do not apply to
contracts subject only to the Davis-Bacon Related Acts,
includingthose set forth at 29 CFR 5.1(a)(1).

|I£ the contract is entered |. ExecutiveOrder 14026
|jintoon or after January 30, | generallyapplies to the
\|2022,or the contract is | contract.
irenewedor extended (e.g.,
loption is exercised)
lafter January 30, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JIf the contractwas awarded on|.
iJor between January 1,
I
IJanuary29,
1
2022, and the
Icontract is not renewed or
all|
on or
an
lextendedon or after January
|
130,
|
|
listed|
|
determination, |
2022:
2015 and|
The contractormust pay
all coveredworkersat
least$17.20per hour (or
the applicablewage rate
listedon this wage
determination,if it is
higher)for all hours
spentperformingon the
contract in 2024.
ExecutiveOrder 13658
generallyappliesto the
contract.
The contractor must pay
covered workers at least
$12.90per hour (orthe
applicablewage rate
on this wage
if it is higher) for all
hours spentperformingon
that contract in 2024.
The applicableExecutiveOrder minimum wage rate will be
adjusted annually. If this contract is covered by one of
the
ExecutiveOrders and a classificationconsiderednecessary
for
performanceof work on the contractdoes not appear on this
wage determination,the contractormust still submit a
conformance request.
Additionalinformationon contractorrequirementsand
workerprotectionsunder the ExecutiveOrdersis availableat
http://www.dol.gov/whd/govcontracts.
Modification Number Publication Date
01/05/2024
01/12/2024
02/23/2024
04/05/2024
05/10/2024
07/05/2024
08/02/2024
08/09/2024
08/23/2024
PIKHRWNHHO
ASBE0024-00710/01/2023
Rates Fringes
ASBESTOS WORKER/HEAT & FROST
INSULATOR:wees seersect e cinedes +$ 40.02 19.67+a
Includesthe applicationof all insulatingmaterials,
protectivecoverings,coatingsand finishesto all types
ofmechanical systems
a. PAID HOLIDAYS:New Year's Day, Martin Luther King Day,
Memorial Day, IndependenceDay, Labor Day, Veterans'Day,
ThanksgivingDay,the day after Thanksgivingand Christmas
Day provided the employeeworks the regularwork day
before
and after the paid holiday.

ASBE0024-008 04/01/2021
Rates Fringes
ASBESTOS WORKER: HAZARDOUS
MATERIAL HANDLER...-.--+++0+e+00+ $ 24.46 B.69+a
Includespreparation,wetting, stripping,removal,
scrapping,
vacuuming,bagging and disposingof all insulation
materials,whether they contain asbestos or not, from
mechanicalsystems
a. PAID HOLIDAYS:New Year's Day, Martin Luther King Day,
Memorial Day, IndependenceDay, Labor Day, Veterans’ Day,
ThanksgivingDay,theday after Thanksgivingand Christmas
Day provided the employeeworks the regularwork day
before
and after the paid holiday.

ASBE0024-01404/01/2023
Rates Fringes
FIRESTOPPER. . ++$ 29.80 9.83+a

Includes the applicationof materials or devices within
or
around penetrationsand openings in all rated wall or
floor
assemblies,in order to prevent the pasage of fire, smoke
of other gases. The applicationincludesall components
involved in creatingthe rated barrier at perimeter slab
edges and exterior cavities,the head of gypsum board or
concretewalls, joints between rated wall or floor
components,sealingof penetratingitems and blank
openings.
PAID HOLIDAYS: New Year's Day, Martin Luther King Day,a.
Independence Day, Labor Day, Veterans' Day,Memorial Day,
ThanksgivingDay,theday after Thanksgivingand Christmas
Day provided the employeeworks the regularwork day
beforeand after the paid holiday.

BRDC0001-002 04/28/2024
Rates Fringes
BRICKLAYER. « -$ 37.50 14.38

CARPO197-011 05/01/2024
Rates Fringes
CARPENTER, Includes Drywall
Hanging,Form Work, and Soft
Floor Laying-Carpet.

CARPO219-001 05/01/2024

MILLWRIGHT..

CARP0474-006 05/01/2024
Rates Fringes
+-$ 36.60 14.47 PILEDRIVERMAN

ELEC0026-016 06/05/2023
Rates Fringes
ELECTRICIAN, Includes
Installationof
HVAC/TemperatureControls.

ELEC0026-01709/04/2023
Rates Fringes
ELECTRICAL INSTALLER (Sound
& Communication Systems)......... $ 31.05 12.30
SCOPE OF WORK: Includeslow voltage construction,
installation,maintenanceand removal of teledata
facilities (voice,data and video) includingoutside
plant,
telephoneand data inside wire, interconnect,terminal
equipment,central offices, PABX, fiber optic cable and
equipment, railroadcommunications,micro waves, VSAT,
bypass, CATV, WAN (Widearea networks),LAN (Localarea
networks) and ISDN (Integratedsystems digital network).
WORK EXCLUDED:The installationof computer systems in
industrialapplicationssuch as assembly lines, robotics
and computer controllermanufacturingsystems. The
installationof conduit and/or racewaysshall be
installed
by Inside Wiremen. On sites where there is no Inside
Wireman employed, the Teledata Technicianmay install
raceway or conduit not greater than 10 feet. Fire alarm
work is excluded on all new constructionsites or
wherever
the fire alarm system is installed in conduit. All HVAC
control work.

ELEV0010-001 01/01/2024
Rates Fringes
ELEVATOR MECHANIC.......000000005$ 54.77 37.885+atb
a. PAID HOLIDAYS: New Year's Day, Memorial Day,
Independence
Day, Labor Day, Veterans' Day, ThanksgivingDay,
Christmas
Day and the Friday after Thanksgiving
b. VACATIONS:Employer contributes8% of basic hourly
rate
for 5 years or more of service; 6% of basic hourly rate
for
6 months to 5 years of service as vacationpay credit.

IRONO005-005 06/01/2024
Rates Fringes
TRONWORKER, STRUCTURAL AND
ORNAMENTAL.

++$ 37.86

TRONO005-012 05/01/2024
Rates Fringes
TRONWORKER, REINFORCING. -+$ 31.88 23.78

LABOO011-009 06/01/2023
LABORER: Skilled......+.+e+eeeee $ 28.95 7.70
FOOTNOTE: Potmen, power tool operator, small machine
operator,signalmen,laserbeam operator,waterproofer
(excludingroofing),open caisson,test pit,
underpinning,pier hole and ditches,laggersand all work associated
withlaggingthat is not expresslystated,strippers,operator
of hand derricks,vibratoroperators,pipe layers,or
tilelayers,operatorsof jackhammers,pavingbreakers
spaders
or any machine that does the same general type of work,
carpenter tenders,scaffoldbuilders, operatorsof
towmasters,scootcretes,buggymobilesand other machines
of
similar character,operatorsof tampers and rammers and
other machines that do the same general type of work,
whether powered by air, electric or gasoline,builders of
trestle scaffoldsover one tier high and sand blasters,
power and chain saw operators used in clearing,
installers
of well points, wagon drill operators,acetyleneburners
and licensedpowdermen,stake jumper,demolition.

MARBOO02-004 04/28/2024
Rates Fringes
MARBLE/STONE MASON....... ethadped$ 44.30 20.92
INCLUDINGpointing,caulking and cleaningof All types of
masonry, brick, stone and cement EXCEPT pointing,
caulking,
cleaningof existingmasonry,brick,stoneand cement
(restoration work)

MARBO003-006 04/28/2024
Rates Fringes
‘TERRAZZO WORKER/SETTER.. ++$ 33.41 13.94

MARBO003-007 04/28/2024
Rates Fringes
TERRAZZO FINISHER ++$ 28.09 12.29

MARBO003-008 04/28/2024
Rates Fringes
TILE SETTER.

MARBO003-009 04/28/2024
TILE FINISHER...

PAINOOS1-014 06/01/2023
Rates Fringes
GLAZIERGlazingContracts$2millionand under...........$ 30.52 13.85
GlazingContractsover $2
million :

PAINO0S1-015 06/01/2023
Rates Fringes
PAINTER
Brush, Roller, Spray and
Drywall Finisher....... +$ 27.46 11.56

PLASO891-005 07/01/2023
Rates Fringes
PLASTERER (Including
Fireproofing).
PLASO0891-006 02/01/2023
Rates Fringes
CEMENT MASON/CONCRETE FINISHER...$ 30.00 12.99

PLUMO005-010 08/01/2024
Rates Fringes
PLUMBER. +-§ 51.25 22.46ta
a. PAID HOLIDAYS: Labor Day, Veterans' Day, Thanksgiving
Day
and the day after Thanksgiving,Christmas Day, New Year's
Day, Martin Luther King's Birthday,Memorial Day and the
Fourth of July.

PLUMO602-008 08/01/2024
Rates Fringes
PIPEFITTER, Includes HVAC
Pipe Installation... ++$ 52.27 23.79+a

a. PAID HOLIDAYS:New Year's Day, Martin Luther King's
Birthday,Memorial Day, IndependenceDay, Labor Day,
Veterans’ Day, ThanksgivingDay and the day after
Thanksgivingand Christmas Day.

ROOF0030-016 07/01/2024
Rates Fringes
ROOFER... -+$ 34,76 14.91

SFDC0669-002 04/01/2024
Rates Fringes
SPRINKLER FITTER (Fire
Sprinklers)

* SHEEO100-015 11/01/2023
Rates
SHEET METAL WORKER (Including
HVAC Duct Installation)

Fringes
22.72+a
a. PAID HOLIDAYS: New Year's Day, Martin Luther King's
Birthday, Memorial Day, IndependenceDay, Labor Day,
Veterans Day, ThanksgivingDay and Christmas Day

* sUDC2009-003 05/19/2009
Rates
LABORER: Common or General...... $ 13.04 **
LABORER: Mason Tender -
Cement/Concrete. $ 15.40 **
LABORER: Mason Tender for
pointing,caulking,cleaning
of existingmasonry,brick,
stone and cement structures
(restorationwork);excludespointing, caulking and
cleaning of new or
replacementmasonry,brick,stone and cement.... s$ 21.67 #*

POINTER, CAULKER, CLEANER,
Includespointing,caulking,cleaningof existingmasonry,
brick, stone and cement
structures (restoration
work);excludespointing,caulking,cleaningof new or
replacementmasonry,brick,stoneor
Fringes
2.
2.
80
85
cement..
WELDERS - Receive rate prescribed for craft performing
operation to which welding is incidental.

** Workers in this classification may be entitled to a
higher
minimum wage under Executive Order 14026 ($17.20) or 13658
($12.90). Please see the Note at the top of the wage
determination for more information. Please also note that
theminimumwage requirementsof ExecutiveOrder 14026are notcurrentlybeing enforcedas to any contractor subcontract
to
which the statesof Texas,Louisiana,or Mississippi,
including
their agencies,are a party.
Note: Executive Order (EO) 13706, Establishing Paid Sick
Leave
for FederalContractorsappliesto all contractssubjectto
theDavis-Bacon Act for which the contract is awarded (and any
solicitation was issued) on or after January 1, 2017. If
thiscontract is covered by the EO, the contractor must provide
employees with 1 hour of paid sick leave for every 30 hours
they work, up to 56 hours of paid sick leaveeach year.Employeesmust be permittedto use paid sick leave for
their
own illness,injuryor otherhealth-relatedneeds
including
preventive care; to assist a family member (or person who
islike familyto the employee)who is ill, injured,or has
otherhealth-relatedneeds,includingpreventivecare;or for
reasons
resultingfrom,or to assista familymember (orpersonwho
is
like familyto the employee)who is a victimof, domestic
violence,sexualassault,or stalking. Additional
information
on contractorrequirementsand workerprotectionsunder the
EO
is available at
https://www.dol.gov/agencies/whd/government-contracts
Unlisted classificationsneeded for work not included
within
the scope of the classificationslisted may be added after
award only as provided in the labor standardscontract
clauses(29CFR 5.5 (a) (1) (iii)).

The body of each wage determination lists the
classification
and wage rates that have been found to be prevailing for
the
cited type(s) of constructionin the area coveredby the
wagedetermination. The classifications are listed in
alphabetical
order of ""identifiers""that indicatewhetherthe
particular
rate is a union rate (currentunion negotiatedrate for
local),
a survey rate (weightedaveragerate)or a unionaverage
rate
(weightedunion average rate).
Union Rate Identifiers
A four letter classificationabbreviationidentifier
enclosed
in dotted lines beginningwith charactersother than ""SU""
or
“"UAVG"" denotes that the union classification and rate
wereprevailingfor that classificationin the survey.Example:
PLUMO198-005 07/01/2014. PLUM is an abbreviation identifier
ofthe union which prevailed in the survey for this
classification,which in this examplewould be Plumbers.
0198indicates the local union number or district council number
where applicable,i.e.,PlumbersLocal 0198.The next
number,
005 in the example,is an internalnumberused in
processing
the wage determination.07/01/2014is the effectivedate of
the
most currentnegotiatedrate,which in this exampleis July
1,
2014.
Union prevailingwage rates are updated to reflect all rate
changes in the collectivebargainingagreement (CBA)
governingthis classification and rate.
Survey Rate Identifiers

Classificationslistedunder the ""SU""identifierindicate
that
no one rateprevailedfor this classificationin the survey
and
the publishedrate is derivedby computinga weighted
averagerate based on all the rates reported in the survey for that
classification.As this weightedaveragerate includesall
rates reportedin the survey,it may includeboth union and
non-unionrates.Example:SULA2012-0075/13/2014.SU
indicates
the rates are survey rates based on a weighted average
calculationof ratesand are not majorityrates.LA
indicatesthe State of Louisiana.2012 is the year of surveyon whichthese classifications and rates are based. The next number,
007in the example,is an internalnumberused in producingthe
wage determination.5/13/2014indicatesthe survey
completiondate for the classifications and rates under that
identifier.
Survey wage rates are not updated and remain in effect
until a
new survey is conducted.
Union Average Rate Identifiers
Classification(s) listed under the UAVG identifier indicate
that no singlemajorityrate prevailedfor thoseclassifications; however, 100% of the data reported for the
classifications was union data. EXAMPLE: UAVG-OH-0010
08/29/2014. UAVG indicates that the rate is a weighted
unionaveragerate.OH indicatesthe state.The next number,0010
inthe example,is an internalnumberused in producingthe
wagedetermination. 08/29/2014 indicates the survey completion
date
for the classificationsand ratesunder that identifier
A UAVG rate will be updated once a year, usually in January
of
each year, to reflecta weighted average of the current
negotiated/CBArate of the union locals from which the rate
is
based.
State Adopted Rate Identifiers
Classificationslisted under the ""SA"" identifierindicate
that
the prevailingwage rate set by a state (or local)
government
was adopted under 29 C.F.R @1.3(g)-(h). Example:
SAME2023-007
01/03/2024. SA reflects that the rates are state adopted.
ME
refers to the Stateof Maine. 2023 is the year duringwhich
the
state completedthe surveyon which the listed
classificationsand rates are based. The next number, 007 in the example,
is aninternalnumberused in producingthe wage determination.
01/03/2024reflectsthe date on which the classifications
and
rates under the ?SA? identifier took effect under state law
in
the state from which the rates were adopted.

WAGE DETERMINATION APPEALS PROCESS
1.) Has there been an initial decision in the matter? This
can
be:
* an existingpublishedwage determination
* a surveyunderlyinga wage determination* a Wage and Hour Divisionlettersettingfortha position
on a wage determination matter
* a conformance(additionalclassificationand rate)
ruling
On survey relatedmatters, initial contact, including
requests
for summariesof surveys, should be with the Wage and Hour
National Office because National Office has responsibility
for
the Davis-Baconsurvey program. If the response from this
initial contact is not satisfactory,then the process
described
in 2.) and 3.) should be followed.
With regardto any othermatternot yet ripe for the formal
processdescribedhere, initialcontactshouldbe with theBranch of Construction Wage Determinations. Write to:
Branch of ConstructionWage Determinations
Wage and Hour Division
U.S. Departmentof Labor
200 ConstitutionAvenue, N.W.
Washington,DC 20210
2.) If the answer to the question in 1.) is yes, then an
interestedparty (thoseaffected by the action) can request
review and reconsiderationfrom the Wage and Hour
Administrator
(See 29 CFR Part 1.8 and 29 CFR Part 7). Write to:
Wage and Hour Administrator
U.S. Departmentof Labor
200 ConstitutionAvenue, N.W.
Washington,DC 20210
The requestshouldbe accompaniedby a full statementof
the
interestedparty'spositionand by any information(wage
paymentdata, projectdescription,area practicematerial,
etc.) that the requestorconsidersrelevantto the issue.
3.) If the decision of the Administrator is not favorable,
an
interested party may appeal directly to the Administrative
Review Board (formerly the Wage Appeals Board). Write to:
AdministrativeReview Board
U.S. Departmentof Labor
200 ConstitutionAvenue, N.W.
Washington,DC 20210
4.) All decisions by the Administrative Review Board are
final.

END OF GENERAL DECISION"
EXHIBIT F
SECTION 3CONTRACT ADDENDUM
DMFIRM#41903568v25 F-l4927-2237-0108,v.3
ke tgGOVERNMENTOFTHEcl aeerereins.METSS BCMURIELBowser,Mayor
Section 3 Opportunities Plan
and Certification
Purposeofthisform:
TheDepartmentofHousingandCommunityDevelopment(DHCD)requiresthisplanandcertificationfromthosewhoreceiveFederaland/orDistrictfundingforhousingprojectsover$200,000.Theplanoutlineshowjobsandother
economicopportunitiesgeneratedbythesefundswillbedirectedtolow-andverylow-incomeresidentsandbusinesses
thatprovidethemwithjobs,trainingandcontracts*
DHCD and/orthedevelopermayalsorequireaSection3OpportunitiesPlanandCertificationfromthegeneral
contractor(GC)and/orsubcontractors.
Gee ee
HarvardCourtApartments(1425HarvardStreetNW) — Harvard Court Owner, LLC

Projectname Businessname
BrettRuby (585)507-3553
Primarycontactname Phone
Grant/Contract/Loanamount$24,290,185 Totalcost$86,768,624
{imVO STOP.Ifthecostofyourprojectisunder$200,000,theplanisnotrequired.
Gees
A.Section3requirements.Theprojectdeveloperwill:
1.Providemeaningfuljobsand/ortrainingfortheDistrict'sSection3residentswhoworkonthefundedprojectnamed
inPart,
+Section3workerswillcompleteatleast25%oftheproject'stotallaborhours,
+TargetedSection3workerswillcompleteatleast5%ofthetotallaborhours.
2.ContractwithSection3businesseswhenpossible.
3.Requireallsubcontractorswithcontractsover$200,000tosubmitaSection3OpportunitiesPlanandCertification
toDHCD.
4,DocumenteffortsandactivitiesusedtofulfillSection3goals.
6.IncurallcostsrequiredtocomplywithSection3andDHCDrequirements.
B,DHCDrequirements.inadditiontoFederalSection3law,youmust:
1.IdentifyaSection3pointofcontactforeachplanorsubcontract,orrequiretheGCtodoso.
2,RequiretheGCtosubmitaSection3OpportunitiesPlanandCertification.
3,DocumentSection3workersbyhavingeachonecompleteaDHCDSection3ResidentWorksheet.
*Fordetails:Section3oftheHousingandUrbanDevelopmentActof1968(12USC.1701u)(24CFApart75)

‘Thisreplacespreviousversionsofthisfom.itisnettbechangedwihoutDHCDpermission. Revisiondate:Ap2022
4,Maintainrecords(correspondence,memosetc.)todocumentyourprocessandactivities,Theymustshowhowyou
encouragedresidentsandbusinessestotakeadvantageofyourproject'sSection3jobtraining,employmentand
contractingopportunities.
5,SubmitquarterlyreportstoDHCDwithalistofallsubcontractsandpositionsfiledduringthereportingperiod,
6.AllowDHCDtomonitoryourprojectorprogramforcompliance,andacceptpenaltiesfornoncompliance,ifnecessary.
ERE a
Usethespacebelowtodescribehowyou'llachieveyourSection3goals,BesuretoidentifyanyofthePart2requirements
thatyouwon'tmeetandexplainwhy.ProvidespecificsonhowandwhenyoulllhireSection3residentsand/orcontract,
withSection3businesses.ifyoullhavemultiplesubcontractors,identitywho/whattheywillbe.
TheSection3BestPracticesattheendofthisdocumentandtheappendixtotheCodeofFederalRegulations(24CFR75)
provideinformationthatmayhelpwithyourplan.
HarvardCourtOwner,LLC,intendstocompleteSection3requirementscommittingthisprojectto
hireandtrainpublichousingandlow-incomeresidentsaswellasprovidecontractingopportunitiesto
theSection3BusinessConcernsinthefollowingways:
1.PlanforHiringSection3Residents:InconjunctionwithourGeneralContractor,GoodFaithEfforts
willbemadetoreachouttotheANC 1Atoadvertisetothecommunityaboutemployment
opportunitiesavailableforSection3residentson1425HarvardStreetNW.Inaddition,wewill
providenoticestochurchesintheneighborhood.McCulloughConstruction,LLC,asGeneral
ContractorofthisdevelopmentwillalsoprovidejobfairsforSection3residentsandwewillalso.
requirethatourGC hostajobfairinthecommunitytopublicizetoSection3residents,aswellas
Section3 businessestheopportunitiesavailableduringconstruction.Additionally,weplanto
advertiseinthefreesectionsofMetroExpress,CityPaper,ElTiempLatinoaswellasthe
WashingtonPost.Lastly,theGC planstopostemploymentopportunitiesontheDepartmentof
EmploymentServices(DOES)JobBoardandattheAmericanJobCenters(formerlyOneStep
CareerCenters)locatedat3720MartinLutherKingJr.Ave,SE,5171SouthDakotaAvenue,NE,2ndFloor,and4058MinnesotaAve.NE.
2.PlanforContractingwithSection3BusinesseswillincludehavingourGeneralContractormake
GoodFaithEffortstosolicitbidsfromDHCDcertifiedSection3BusinessConcernsaswellas
advertisingintheabovementionedannouncingallcontractingopportunities.We willalsopostbid
opportunitiesontheDHCDBidBoardtomaximizeparticipationofSection3BusinessConcerns
duringconstruction.OureffortswillbereinforcedsuchthattheSection3Clausewillbeinsertedinto
allsub-contractsthattheGeneralContractorentersintoduringthecourseoftheproject.TheGC will
alsoencourageallNon-Section3subcontractorsthatwinbidstobecomeSection3Certified
Businesses,ifpossible,aswellhelptrainthesubstodoso.

“ThisreplacespreviousversionsofthisformitisnattobechangedwithoutDHCDpermission,2 ‘Revisiondate:Apel2022
Eee OnE
|certifythat|haveread,understandandwillcomplywithmyobligationsunderSection3(in24CFR75)andinaccordance
withDHCD'sSection3requirements.|understandthatDHCD:
«Canconsidermenon-compliantif|don'tmakebonafideattemptstocomplywiththeplanoutlinedinPart3
+Mayrelyonthiscertificationwhenitreviewsandapprovesmyfundingproposals.
=Couldpenalizemeif|misrepresentinformationorfailtocomplywithconditionsofthiscertification.Penalties
canincludetemporaryorpermanentexclusionfromallDHCDadministeredprograms.
2/24/25Harvard Court Owner, LLC

Recipient/Developersignature Date(mm/dd/yy)
MeCulloughConstuctonAH tl 07/25/2024
Generalcontractor/Subcontractorsignature Date(mm/dd/yy)
Usethisemailopm.questions@dc.govtosendyoursignedanddatedplantoDHCD's:
Section3Coordinator
OfficeofProgramMonitoring,FairHousingDivision
DHCDtreatseveryonethesame.Wedon'tlookstrace,ethnicity,eligonorwhereyouwereborn.Wedon'ttreatyoudiferentlybased‘onyourfamilystatus,sex,sexualorgenderidentityorexpression.Whereyoulive,whatyoudoforwork,youreducationoryourpolticabeliefsdontaffecthowwetreatyouThisialsotrueforvictimsofthreatsorcrimesbysomeoneyoutrelatedtobyblood,adoption,‘stodyormarriage,orsomeoneyoulivewithofshareachildwit,Wedontallowharassmentordiscriminationofanykindbasedontheseferences.Wewildisciplineilators.

‘ThisreplacespreviousversionsofhisformitisnottobechangedwithoutDHCDpermission.3 Revisiondate:April2022
ak
sngcovenantoruefe| pessaarsecs,a “4 MURIEL BOWSER, MAYOR
Section 3 Best Practices
Thisinformationisforyouonly.DonotreturnittoDHCD.ItincludesstepsyoucantaketomakeSection3workersand
businessesawareofopportunities.Italsohastipsforcompletingyouractionplan.Besureyourplanoutlinesthestepsyou
willtaketouseSection3residentsorbusinesses.Ifyouaren'tusingthem,explainwhy.

TacticsforreachingSection3workersandbusinesses
WerecommendthatyouappointacompanyoragencyexecutiveasEqualOpportunityOfficer.Theyimplementandcoordinate
allSection3activitiestomaximizeopportunitiesandensurecompliancewithFederalandlocalSection3requirements.
HiringtacticsforSection3workers1.Advertisejobsandtrainingprogramsinmediathatreachthegeneralpublic,Section3audiences,minorities,
and/orwomen.
2.TargetYouthBuildprogramsthatprovidedisadvantagedyouthwithopportunitiesforemployment,education,leadership
developmentandtraining.
3,Postsignsatprojectsitesandsendjobsandtrainingnoticestoresidentsintheneighborhoodorservicearea.Listspecific
opportunitiesthey'relikelytosucceedat
4,Requiretheminimumjobqualificationsforyourjobdescriptions,
5.Askresidentcouncilsandcommunityorganizationstohelpyouidentifyandnotifyresidentswhoresideinyourprojector
itsservicearea.
ContractingtacticsforSection3certifiedbusinesses
1.Coordinatepre-bidmeetingswithlocalsubcontractorsintheprojectarea.
2.Advertisecontractingopportunitiesincommunity publicationsand withcommunity organizations.
3,RequiresubcontractorsyouworkwithregularlytobecomeSection3certified.
4,Createjointventureagreementsorsecurecontractswithnegotiationsinsteadofbids.
5. Includeyour Section3 planinyour biddocuments orcontractsolicitations.
6.Helpeligiblebusinessesmeetinsurance,bondingandothercontractingrequirements.
7.WorkwiththeChamberofCommerceSmallBusinessServiceCentertohelpSection3businesseswiththeirprofilesand
otheradministrativeactivities.
Tipsforyouractionplan
Includethewho,what,when,whereandhowofyourplantosolicitandhireSection3residentsandbusinesses.Answerkey
questionsandtellhowyou'lfollowthehiringandcontractingpreferencesrequiredbyDHCD.
A.Hiring
Preferencesand priorities
EmploymentandTrainingPreferences
Tt 1g | WorkerswithincomebelowHUDSestablishedannualincomelimitforthepreviousorannualized
Priority18 calendaryear
Priority2: |WorkersemployedbyaSection3business
Priority3: |WorkersparticipatinginYouthBuild
Priority4: | OtherSection3residents
HomelesspeoplelivingintheSection3projectneighborhoodorserviceareahavetoppriorityforprojectsassistedbythe
StewartB,MckinneyHomelessAssistanceAct.

‘Thiseplacespreviousversionsofhisform.tisnottobechangedwithoutOHCDpermission. Fevisiondate:April2022
Keyquestions
1,Whendoyouanticipatehiring?
2.WhereandwhenwillyouadvertisetheSection3jobs-outsideoftheDistrict'sDepartmentofEmploymentServices
(DOES)?Listthepublicationsanddates.
3,Ifyouholdajobfair,whenandwherewillitbe?Howwillyoumarketit?
4,Whatcommunityorganizationswillyoucontactforhelpfindingapplicants?Listtheirnames.
B.ContractingPreferencesandpriorities
ContractingPreferences
| 51%ormoreownedandcontrolledbylow-orverylow-incomepeople

Priority
Priority2:|75%ormoreofthebusiness’laborhoursintheprior3monthsareperformedbySection3workers
Priority3:_|51%ormoreownedandcontrolledbyresidentslivinginpublicorSection8-asistedhousing
Keyquestions
1.WhenwilltheGCputtheworkouttobid?
2.WhatmarketingoroutreachwillyouortheGCusetotargetbusinessesthatareormightqualifyasSection3certified?
Describewhattheyareandwhentheywillocour
3.Describehowyou'lbreakuptheSection3contracting-howmuchgoestohousingandbuildingtradesworkandhow
muchtoothertypesofcontracts?
4,WhatwillyouorthedeveloperdotoensurethattheGCyouhire

complyingwithSection32

“ThisreplacespreviousversionsofhisfrmitisnottobechangedwithoutDHCDpermission.5 Revisiondate:Apri2022
EXHIBIT G
DEVELOPMENT TEAM DEBARMENT AFFIDAVIT
[Attached]
DMFIRM#4190356v25 Gl4927-2237-0106,v.3
PROJECT/CONTRACT ELIGIBILITYAFFIDAVIT!
AUTHORIZED REPRESENTATIVE,
1HEREBY AFFIRMTHATI amtheSevio:VicePresident andtheduly
authorizedrepresentativeofTheNHPFoundation ‘andthatIpossessthelegal
authoritytomakethisAffidaviton behalfofmyselfandtheorganizationforwhichIam acting.

CERTIFICATIONOF ORGANIZATIONAL REGISTRATIONAND TAX PAYMENT.
TFURTHER AFFIRMTHAT theorganizationnamedaboveisa DisttofColunbia.
corporation,unincorporatedassociationorpartnershipdulyregisteredinaccordancewiththelawsof
theDistrictofColumbiaandisingoodstanding.Thenameandaddressofitsresidentagentis:
UNIVERSALREGISTEREDAGENTS,INC.
"HOOH SteetNW,Suite40
‘Washington,OC20008

FURTHERAFFIRMTHAT,exceptasvalidlycontested,theorganizationandanyrelated
entities,haspaid,orwillhavepaidallrealproperty,income,andwithholdingtaxesduetothe
DistrictofColumbiapriortoexecutionofanyfundingagreementawardedbytheDistrictof
Columbia.

AFFIRMATIONREGARDINGBRIBERYCONVICTIONS.
IFURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,thatwithinthe
pastfiveyears,Ihavenotbeenindicted,convictedof,orhavehadprobationbeforejudgment
imposed,orhavepleadednolocontendertoachargeofbribery,attemptedbribery,orconspiracyto
bribeinviolationofanyDistrictofColumbiaorfederallaw.
AFFIRMATION REGARDING OTHER CONVICTIONS
IFURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,thatwit
pastfiveyears,Ihavenotbeenindictedorconvictedofacriminaloffenseincidenttoobtaining,
attemptingtoobtain,orperformingapublicorprivatecontract;fraud,embezzlement,theft,forgery,
falsificationordestructionofrecords;receivingstolenproperty;oradmittedinwritingorunder
oath,duringthecourseofan officialinvestigationorotherproceeding,actsoromissionsthatwould
constitutegroundsforconvictionorliabilityunderanylaworstatutedescribedabove.
AFFIRMATION REGARDING CIVILLIABILITY,

IFURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,that withinthe
pastfiveyears,neitherInortheaboveorganizationhasbeenfoundcivillyliableforcommissionof
fraudofacriminaloffenseincidenttoobtaining,attemptingtoobtainorperformingapublicor

+Project/ContractEligibilityAffidavitisalsoknownastheContractAffidavit,

privatecontract;violationoffederalorstateantitruststatutes;commissionofembezzlement,thet,forgery,falsificationordestructionofrecords;makingfalsestatements;orreceivingstolenproperty.
AFFIRMATION REGARDING CURRENT CRIMINAL OR CIVILLIABILITY.
IFURTHERAFFIRM,tothebestofmyknowledge,information,andbeliefthatIamnotcurrentlyindictedorotherwisecriminallyorcivillychargedbyagovernmentalentitywithcommissionofanyoftheoffensesenumeratedinthethreeprecedingparagraphsofthisAffidavit.
AFFIRMATION REGARDING DEBARMENT
1FURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,that withinthepastfiveyears,Ihavenotbeendebarred,proposedfordebarment,suspended,declaredineligible,
‘excludedfromordeterminedineligible(includingbeingissuedalimiteddenialofparticipation)by
anypublicentity.

AFFIRMATION REGARDING DEBARMENT OF RELATED ENTITIES
IFURTHERAFFIRMTHAT(a)theorganizationwasnotestablished,anditdoesnot
operateinamannerdesignedtoevadetheapplicationofordefeatthepurposeofdebarment;and(b)
theorganizationisnotasuccessor,assignee,subsidiary,oraffiliateofasuspendedordebarred
organization.

SUBCONTRACT AFFIRMATION
IFURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,thatneither1
northeaboveorganization,hasknowinglyenteredintoacontractwithapublicbodyunderwhicha
persondebarredorsuspendedwillprovide,directlyorindirectly,supplies,services,architectural
services,construction-relatedservices,leasesofrealproperty,orconstruction.
AFFIRMATION REGARDING PASTPROJECT PERFORMANCE,
IFURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,thatwithinthe
pastfiveyears,neitherI,northeaboveorganizationanditsrelatedentitieshavewhileactingasa
sponsor,developer,guarantor,orownerofa projectdevelopmentteambeenremovedasageneral
partnerormanagingmember,asapplicable;hadchronicpastdueaccounts;hadsubstantialliens,
judgments,foreclosures,orbankruptcies;hadunresolveddefaults;issuedchronichousingcode
violations;receivedexcessivetenantcomplaints;failedtoreceiveIRSForm8609foracompleted
project;orfailedtocorrectareportofLow-IncomeHousingCreditAgenciesReportof
NoncomplianceorBuildingDisposition(Form8823).

AFFIRMATION REGARDING PASTDHCD PROJECT PERFORMANCE
IFURTHERAFFIRM,tothebestofmyknowledge,information,andbelief,thatIandtheaboveorganizationanditsrelatedentitiesareincompliancewithallexistingandprioragreementswithDHCDand/orthe DistrictofColumbia,includingmajorhealth,safetyandbuildingcodes.I
andtheaboveorganizationanditsrelatedentitieshavenotconsistentlyfailedtoprovideinformation
toDHCDaboutexistingdevelopmentsorotherloanapplications.Withinthepastthreeyears,Iand
theaboveorganizationanditsrelatedentitieshavenothadanawardterminatedbyDHCDorreceivedanunsatisfactoryratingfromDHCDorHUD,ifapplicable.

IftheAffiantcannotcertifythathe/shenortheaboveorganizationhasnotbeendebarred,
suspended,proposedfordebarment,declaredineligible,excludedfrom,participationinapublic
contract;orcannotcertifythathe/shenortheaboveorganizationhasnotbeenindicted,convicted,
orcivillychargedbyagovernmentalentitywithanoffenseincidenttoobtaining,attemptingto
obtain,orperformingapublicorprivatecontract,fraud,embezzlement,theft,forgery,falsification
ordestructionofrecords;orreceivingstolenproperty;orcannotcertifythatwithinthepastfive
years,he/she,northeaboveorganizationhasahistoryofremovalfromaprojectdevelopmentteam;
substantialliens,defaults,judgments,foreclosures,and/orbankruptcies;he/sheshallprovidean
explanationwiththisAffidavit,Anexplanationwillnotnecessarilyresultindenialofparticipation
inaRequestforProposalaward.FailuretosubmitthisAffidavitwilldisqualifytheauthorizedrepresentativeandtheaboveorganizationfromaRequestforProposalaward.

1 cheekhereitanexplanationisattachedtothisAffidavit.
ACKNOWLEDGMENT
IACKNOWLEDGETHATthisAffidavitistobefurnishedtotheDistrictofColumbia
DepartmentofHousingandCommunityDevelopmentandmaybedistributedtounitsof(a)the
DistrictofColumbiagovernment;(b)otherstates;and(c)thefederalgovernment.Ifurther
acknowledgethatthisAffidavitissubjecttoapplicablelawsoftheUnitedStatesandtheDistrictof
Columbia,bothcriminalandcivil,andthatnothinginthisAffidavitoranyagreementresultingfrom
thesubmissionofthisproposalshallbeconstruedtosupersede,amend,modify,orwaive,onbehalf
oftheDistrictofColumbia,oranyunitoftheDistrictofColumbiahavingjurisdiction,theexerciseofanystatutoryrightorremedyconferredbytheConstitutionandthelawsoftheDistrictof‘Columbiawithrespecttoanymisrepresentationmadeoranyviolationoftheobligations,termsandcovenantsundertakenbytheaboveorganizationwithrespectto(a)thisAffidavit,(b)theproject
proposal,(c)thefundingaward,(d)thefundingcontract,and(¢)otherAffidavitscomprisingpartof
the contract.

IDO SOLEMNLY DECLARE AND AFFIRMUNDER THE PENALTIESOF PERJURY
THAT THE CONTENTS OF THISAFFIDAVITARE TRUE AND CORRECT TO THE BESTOF
MY KNOWLEDGE, INFORMATION,AND BELIEF.
“TheNHPFoundation
fgnatureofRepresentativeJobinWeen svez02s

‘SoniVicePresident
EXHIBITHINSURANCE REQUIREMENTS,
A. GENERAL REQUIREMENTS. The Borrower at itssole expense shallprocureand
‘maintain,duringtheentireperiodofperformanceunderthiscontract,thetypesofinsurancespecifiedbelow, The Borrower shallsubmit a Certificateof Insuranceto theContracting
Officer(CO)givingevidenceoftherequiredcoveragepriortocommencingperformanceunder thiscontract.Inno eventshallany work be performeduntiltherequiredCertificates
ofInsurancesignedbyanauthorizedrepresentativeoftheinsurer(s)havebeenprovidedto,andacceptedby,theCO.

IftheBorrowerand/oritssubcontractorsmaintainbroadercoverageand/orhigherlimits
thantheminimumsshownbelow,theDistrictrequiresandshallbeentitledtothebroader
coverageand/orthehigherlimitsmaintainedbytheBorrowerandsubcontractors.
B, INSURANCEREQUIREMENTS

1.CommercialGeneralLiabilityInsurance(“CGL”)-TheBorrowershallprovideevidencesatisfactorytotheCOwithrespecttotheservicesperformedthatitcarriesaCGLpolicy,writtenonanoccurrence(notclaims-made)basis,onInsuranceServicesOffice,Inc.ISO")formCG00010413(oranotheroccurrence-basedformwithcoverageatleastasbroadandapprovedbytheCOinwriting),coveringliabilityforallongoingandcompletedoperationsoftheBorrowerandunderallsubcontracts,coveringclaimsforbodilyinjury,includingwithoutlimitationsickness,diseaseordeathandmentalanguishofanypersons,broadformpropertydamage,includinglossofuseresultingtherefrom,personalandadvertisinginjury,andincludingcoverageforliabilityarisingoutofanInsuredContract(includingthetortliabilityofanotherassumedinacontract)andactsofterrorism(whethercausedbyaforeignordomesticsource).Suchcoverageshallhavelimitsofliabilityofnotlessthan$1,000,000foreachoccurrence,$2,000,000generalaggregate,$2,000,000productsandcompletedoperationsaggregate,and$1,000,000personalandadvertisinginjuryaggregatelimit.

yshallbe furtherendorsedto:

a) To thefullestextentpermittedby law.provideadditionalinsuredcoverage
usingISOformCG 20100413andCG203704 13(oritsequivalent)toThe
Governmentofthe DistrictofColumbia.
Hel
b)Coverageavailabletotheadditionalinsuredsshallapplyonaprimaryandnon-contributingbasisasrespectsanyotherinsurance,deductibles,orself-insuranceavailabletotheadditionalinsureds

c) A waiver of subrogationin favorof The Government of the Districtof
Columbia
d)AnyAnnualAggregateshallapplyonaperlocationorperprojectbasis
€) Defensecostsshallbeinadditiontoandnoterodethelimitsofliability
2.AutomobileLiabilityInsurance-TheBorrowershallprovideevidencesatisfactorytotheCOofcommercial(business)automobileliabilityinsurancewrittenonISOformCA00011013(oranotherformwithcoverageatleastasbroadandapprovedbytheCO inwriting)includingcoverageforallowned,hired,borrowedandnon-ownedvehiclesandequipmentusedbytheBorrowerinconnectionwithworkunderthisagreement,withaminimumcombinedsinglelimitof$1,000,000.Suchpolicyorpoliciesofautomobileinsuranceshallbewrittenonan“occurrence”(asopposedtoa"claimsmade")

‘TheCommercialAutoLiabilitypolicyshallbefurtherendorsedto:
a)Tothefullestextentpermittedbylaw,provideadditionalinsuredcoveragetoTheGovernmentoftheDistrictofColumbia

b)Coverageavailabletotheadditionalinsuredsshallapplyonaprimaryandnon-contributingbasisasrespectsanyotherinsurance,deductibles,orself-insuranceavailabletotheadditionalinsureds

c) A waiverofsubrogationinfavorofTheGovernmentoftheDistrictof
Columbia
d) Defensecostsshallbeinadditiontoandnoterodethelimitsofliability

e)Ifapplicable,includeFormCA 99480306PollutionLiability-BroadenedCoverageforCoveredAutos-BusinessAuto,MotorCarrier,andTruckers(oritsequivalent)
f)MovingandStorageCompaniesshallberequiredtoprovideevidenceofBMC91orBMC91Xfiling
ForBorrowersprovidingtransportation:
Borrowersprovidingtransportationmustadditionallycomplywiththefollowing:
a)OperatorsholdingarestrictedWMATC CertificateofAuthoritymusthaveasinglelimitof $1.5millionincombined(bodilyinjuryandphysicaldamage)coverage,or
b)OperatorsholdinganunrestrictedWMATC CertificateofAuthoritymusthaveasinglelimitof$5Mincombined(bodilyinjuryandphysicaldamage)coverage.
Inaddition,bothtypesofWMATC certificateholdersmusthaveinplacethefollowingLicensingRequirementsasapplicable:

a) CommercialDriver'sLicense(CDL)withthefollowingendorseme
i)P(Passenger):AlldriversMUSThaveaPendorsementenablingthemtotransportpassengers(16ormore).
ii)$(SchoolBus):Alldriversoperatingschoolbuses(flashinglights,swingarmw/stopsign)mustalsohavean$endorsement.PleasenotethatdrivercredentialsforanyvehiclesthatareconvertedschoolbusesmusthaveS.
b)Valid(unexpired)USDepartmentofTransportationMedicalExaminerCertification(MedicalCard”).
ForBorrowersusingDistrictGovernment-OwnedVehicl

AgenciesthatprovideBorrowerswithDistrictGovernment-ownedorleasedmotorvehiclesareresponsibleforensuringthatsuchvehiclesareusedonlyfortheperformanceofcontract.Borrowerisprohibitedfromusingsuchvehiclesforhome-to-worktransportationunlessspecificallyprovidedforunderthetermsofthecontractandapprovedinwritingbytheContractingOfficer,orotherwiseprovidedbylaw.Borrowershallobtainautomobileliabilityinsurancewithaminimumcombinedsinglelimitof$1,000,000tocoverbodilyinjuryandpropertydamagetoprotecttheBorrowerandthegovernmentagainstthird-partyclaimsarisingfromtheuseofDistrict,Government-ownedvehicles.TheCommercialAutoLiabilityPolicyshallbeendorsedtoinclude:
a) Tothefullestextentpermittedbylaw,provideadditionalinsuredcoverageto
‘TheGovernment oftheDistrictofColumbia;
b)Coverageavailabletotheadditionalinsuredsshallapplyonaprimaryandnon-contributingbasisasrespectsanyotherinsurance,deductibles,orself-insuranceavailabletotheadditionalinsureds;and

©) A waiver of subrogationin favorof The Government of the Districtof
Columbia.
Intheeventofloss,destruction,ordamagetoanygovernment-ownedvehiclesusedinthe
performanceofcontact,Borrowershallbeliableforfullcostofrepairorreplacementoflost,destroyed,ordamagedvehicle.
H-3
3.Workers’CompensationInsurance-TheBorrowershallprovideevidencesatisfactorytotheCOofWorkers’CompensationinsuranceinaccordancewiththestatutorymandatesoftheDistrictofColumbiaorthejurisdictioninwhichthecontractisperformed.

Employer'sLiabilityInsurance-TheBorrowershallprovideevidencesatisfactorytotheCOofemployer'sliabilityinsuranceasfollows:$500,000peraccidentforinjury;$500,000peremployeefordisease:and$500,000forpolicydiseaselimit.

‘TheWorkersCompensationandEmployers Liabilityshallbefurtherendorsedto:
a) IncludeaWaiverofSubrogationinfavorofTheGovernmentofthe Districtof
Columbia.
b)Whereapplicable,includeUnitedStatesLongshoreandHarborWorkers‘CompensationAct(USL&H)
©)Whereapplicable,includeJonesActCoverageforseamenorcrewmembersonan“ifany”basis.
4,NetworkSecurity/Privacy(Cyber)LiabilityInsurancecoveringacts,errors,omissions,andviolationofanyconsumerprotectionlawsarisingoutofBorrower'soperationsorserviceswithalimitof$2,000,000perclaimandintheaggregate.Suchcoverageshallincludebutnotbe limitedto,thirdpartyandfirstpartycoverageforlossordisclosureofanydata,includingpersonallyidentifiableinformationandpaymentcardinformation,networksecurityfailure,violationofanyconsumerprotectionlaws,unauthorizedaccessand/oruseorotherintrusions,infringementofanyintellectualpropertyrights(exceptpatent),negligenceorbreachofdutytousereasonablecare,breachofanydutyofconfidentiality,invasionofprivacy,orviolationsofanyotherlegalprotectionsforpersonalinformation,defamation,libel,slander,commercialdisparagement,negligenttransmissionofcomputervirus,oruseofcomputernetworksinconnectionwithdenialofserviceattacks.Suchcoverageshallincluderegulatorydefenseandfines/penaltiesinanyjurisdictionanywhereintheworld,SuchcoverageshallincludecontractualprivacycoveragefordatabreachresponseandcrisismanagementcoststhatwouldbeincurredbyBorroweronbehalfof‘TheGovernmentoftheDistrictofColumbiaintheeventofa databreachincludinglegalandforensicexpenses,notificationcosts,creditmonitoringcosts,andcoststooperateacallcenter.BorrowershallmaintaincoverageinforceduringthetermofthisAgreementandforanextendedreportingperiodofnotlessthantwo(2)yearsafter.

5. Reserved.
6. CommercialUmbrellaor ExcessLiability- The Borrowershallprovideevidence
satisfactoryto theCO of commercialumbrellawithminimum limitsof $4,000,000per
H-4
occurrenceand$4,000,000intheannualaggregate.Coveragemustexcessofrequiredcommercialgeneralliability,commercialautoliability,andemployers’liability.‘Theinsurancerequiredunderthisparagraphshallbewritteninaformthatannuallyreinstatesallrequiredlimits.Coverageshallbeprimarytoanyinsurance,self-insuranceotreinsurancemaintainedbyTheGovernmentoftheDistrictofColumbiaandthe“otherinsurance”provisionmustbeamendedinaccordancewiththisrequirementandprinciplesofverticalexhaustion.
Reserved,
‘TheBorrower alsomust furnishto the CO Owner certificatesof insuranceevidencing
environmentalliabilityinsurancemaintainedbythirdpartytransportationanddisposalsiteoperators(s)usedbytheBorrowerforlossesarisingfromfacility(ies)accepting,storingordisposinghazardousmaterialsorotherwasteasaresultoftheBorrower'soperations.Such
coveragesmust be maintainedwith limitsof atleasttheamounts setforthabove.
‘TheEnvironmentalLiabilitypolicyshailbefurtherendorsedtoincludeTheGovernment
oftheDistrictofColumbiaasanAdditionalInsured,
Installation-FloaterInsurance-Forprojectsnotinvolvingstructuralalterations,theBorrowershallprovideaninstallationfloaterpolicywitha limitequaltothePropertyvaluesbeinginstalledaspartoftheproject.Thepolicyshallcoverpropertywhilelocatedattheprojectsite,attemporarylocations,orintransit;deductibleswillbethesoleresponsibilityoftheBorrower,
ConstructionProjectsforBorrowerProvidedBuilder'sRisk
BuildersRisk~TheBorrowershallpurchaseandmaintainbuildersriskinsuranceat100%replacementcostupontheentireWorkatthesiteandportionsoftheWorkstoredoffthesitewiththeBorrower’approval,andcontingenttransitcoverageforportionsoftheWorkintransit.This insuranceshallincludethe interestsof the District,the Borrower and the
SubcontractorsintheWorkandshallinsureagainstallriskofphysicaldamagesubjectto
standardexclusions.Losses not covered by the Borrower'sinsuranceshallbe borne
pursuanttotheprovisionsoftheContract.Thebuildersriskpolicywillhaveadeductibleofnotmorethan$50,000.LosseswithinthedeductiblewillbepaidbytheBorrowerortheresponsibleSubcontractor,Ifnotcoveredunderthebuilder'sriskinsuranceorotherwiseprovidedintheContractDocuments,theBorrowershalleffectandmaintainsimilarpropertyinsuranceonportionsoftheWorkstoredoffthesiteorintransit

H-S
C. SUBCONTRACTOR INSURANCE REQUIREMENTS
AnyandallsubcontractorsengagedbyBorrowerforworkunderthisagreementshallberequiredtohavethesameinsuredrequiredofBorrower.ShouldtheBorrowerwishtoproposedifferentinsurancerequirementsthanoutlinedabove,then,priortocommencement.ofworkbythesubcontractor,theBorrowershallsubmitinwritingthenameandbriefdescriptionofworktobeperformedbythesubcontractorontheSubcontractorsInsuranceRequirementTemplateprovidedtotheOfficeofRiskManagement(ORM).ORM willdeterminetheinsurancerequirementsapplicabletothesubcontractorandpromptlydeliversuchrequirementsinwritingtotheBorrower,Ineitherinstance,theBorrowermustprovideproofofthesubcontractor’srequiredinsurancepriortocommencementofworkbythesubcontractor.

D. PRIMARY AND NONCONTRIBUTORY INSURANCE
‘Theinsurancerequiredhereinshallbeprimarytoandwillnotseekcontributionfromanyotherinsurance,reinsuranceorself-insuranceincludinganydeductibleorretention,intainedbytheGovernmentoftheDistrictofColumbia.

E,DURATION.TheBorrowershallcarryallrequiredinsuranceuntilallcontractworkisacceptedbyTheGovernmentoftheDistrictofColumbiaandshallcarrylistedcoveragesfortenyearsforconstructionprojectsfollowingfinalacceptanceoftheworkperformedunderthiscontractandtwoyearsfornon-constructionrelatedcontracts.
F, LIABILITY. These aretherequiredminimum insurancerequirementsestablishedby The
GovernmentoftheDistrictofColumbia.However,itisunderstoodthatTheGovernmentoftheDistrictofColumbiadoesnotinanywayrepresentthattheinsuranceorthelimitsofinsurancespecifiedhereinaresufficientoradequatetoprotectyourinterestsorliabilitiesandwillnotinanywaylimittheBorrower'sliabilityunderthiscontract.

G,BORROWER'SPROPERTY.Borrowerandsubcontractorsaresolelyresponsibleforanylossordamagetotheirpersonalproperty,includingbutnotlimitedtotoolsandequipment,scaffolding,andtemporarystructures,rentedmachinery,orownedandleasedequipment.‘AwaiverofsubrogationshallapplyinfavorofTheGovernmentoftheDistrictofColumbia.
H-6
H.MeasureofPayment.TheGovernmentoftheDistrictofColumbiashallnotmakeanyseparatemeasureorpaymentforthecostofinsuranceandbonds.TheBorrowershallincludeallthecostsofinsuranceandbondsinthecontractprice.
I.NOTIFICATION.TheBorrowershallensurethatallpoliciesprovidethattheCO shallbegiventhirty(30)dayspriorwrittennoticeintheeventofcancellation,non-renewal,ormaterialchangestotheextentsuchcancellationormaterialchangesresultsinBorrowernoJongcomplyingwiththeaboverequirements.TheBorrowershallprovidetheCOwithten
(10)days*priorwrittennoticeintheeventofnon-paymentofpremium.TheBorrowerwill
alsoprovidetheCOwithanupdatedCertificateofInsuranceshoulditsinsurancecoverages
renewduringthecontract.TheGovernmentoftheDistrictofColumbiamayreasonably
changetheaboveinsurancecoveragerequirementsduringtheTermbygivingBorroweratleast30days"noticeofthechange,Borrowermustcomply,atyourexpense,anddelivertotheCO evidenceofcompliancebeforethechangebecomeseffective.
J.CERTIFICATESOFINSURANCE.TheBorrowermustsendtoCO,atleast10daysafterexecutionofthisAgreement,certificatesofinsuranceevidencingtherequiredinsurancecoverageandendorsementsrequiredherein.Borrowermustalsoprovideuswithevidenceofrenewalbeforetheexpirationdateofeachinsurancepolicy.Borrowerisresponsibleforprovidinguswith30daysadvancedwrittennoticeifthecertificateofinsurancebytheinsurerhasbeencanceled,reducedincoverage,orotherwisealtered.Certificatesofinsurancemustreferencethecorrespondingcontractnumber.Evidenceofinsuranceshall
besubmittedto:
The Governmentof the Districtof Columbia
And mailed totheattentionof:
GuytonHarvey
1909 Martin Luther King,Jr.,Avenue, SE
Washington,DC 20020
(p)202-442-7140
guyton.harvey@dc.gov
TheCO mayrequest,andtheBorrowershallpromptlydeliverupdatedcertificatesofinsurance,endorsementsindicatingtherequiredcoverages,and/orcertifiedcopiesofthe
HT
w

insurancepolicies.IftheinsuranceinitiallyobtainedbytheBorrowerexpirespriortocompletionofthecontract,renewalcertificatesofinsuranceandadditionalinsuredandotherendorsementsshallbefurnishedtotheCOpriortothedateofexpirationofallsuchinitialinsurance.Forallcoveragerequiredtobemaintainedaftercompletion,anadditionalcertificateofinsuranceevidencingsuchcoverageshallbesubmittedtotheCOonanannualbasisasthecoverageisrenewed(orreplaced).
DISCLOSUREOFINFORMATION.TheBorroweragreesthatTheGovernmentoftheDistrictof Columbia may disclosethename and contactinformationof itsinsurerstoany
thirdpartywhich presentsa claimagainstThe Governmentofthe Districtof Columbia for
anydamagesorclaimsresultingfromorarisingoutofworkperformedbytheBorrower,itsagents,employees,servantsorsubcontractorsintheperformanceofthiscontract.
CARRIERRATINGS.AllBorrower'sanditssubcontractors’insurancerequiredinconnectionwiththiscontractshallbewrittenbyinsurancecompanieswithanA.M.BestInsuranceGuideratingofat leastA~VIIorbetter(ortheequivalentbyanyotherratingagency)andlicensedintheDistrictofColumbia,

WARRANTIES.Whenapplicable,theBorrowershouldbenamedasanadditionalinsuredontheapplicablemanufacturer's/distributer’sCommercialGeneralLiabilitypolicyusingInsuranceServicesOffice,Inc.(“ISO”)formCG20150413(oranotheroccurrence-basedformwithcoverageatleastasbroad).COshouldcollect,reviewforaccuracy,andmaintainallwarrantiesforgoodsandservices.
HS
EXHIBIT
CERTIFICATIONOF BORROWER'S REPRESENTATIONS AND WARRANTIES
[Attached]
CERTIFICATIONOF BORROWER'SREPRESENTATIONSAND WARRANTIES
BorrowerherebycertifiestoLenderthat:

(a) ‘Theamounts requestedwere made, incurredor financedand were necessaryforthe Project
andweremadeorincurredinaccordancewiththeConstructionDrawScheduleheretoforeineffectorpursuanttoaChangeOrderthathasbeenapprovedinaccordancewiththeLoanAgreement,
(b) TheamountsrequestedarenotgreaterthanthosenecessarytomeetobligationsdueandpayableortoreimbursetheBorrowerforitsfundsactuallyadvancedforcostsoftheProject,ifapplicable,
(©) NoamountforwhichdisbursementissoughtformedthebasisforanypriordisbursementandnodisbursementissoughtforanyitemsrepresentingpaymentonaccountofanypercentageentitledtoberetainedatthedateofthisPaymentRequest.
(4)__TheamountsremainingtobedisbursedpriortotheFinalDisbursementfromtheLoan,theSeniorLoan,SubordinateLoan,taxcreditequity.andallothersourcesshowninintheProjectBudget,willbesufficienttopaythecostsofcompletingtheProjectasandwhendueandpayable.

(©) BorroweracknowledgesthatexceptasexpresslysetforthintheLoanAgreement,noparty
shallhaveanydutyorobligationtoverifythevalidity,sufficiencyorgenuinenessofanydocumentsubmittedorconfirmorestablishtheauthorityoridentityofthepersonsendingthisrequest,andmayrelyuponthevalidityofanydocumentandtheauthorityandidentityofanysuchpersonifLendercomplieswiththeapplicableloanagreement.LendershallnotberesponsibleforerrorsoromissionsmadebytheBorroweroftheduplicationofanycommunicationbytheBorrowerandmayactonanycommunicationbyreferencetoanaccountnumberonly,evenifanaccountnameisprovided,Borrowershallbenotifiedifacommunicationisnotacteduponforanyreason.

(Q) ThereisnocurrentorexistingEventofDefaultpursuanttothetermsofanyoftheLoanDocuments,andtoBorrower'sknowledgenoeventexistswhichbynoticeorpassageoftimeorbothwouldconstituteanEventofDefaultunderanyoftheforegoingdocuments.

(g) __NorepresentationorwarrantyoftheBorrowercontainedinanyoftheLoanDocumentsisincorrectorinaccurateinanymaterialrespect.
(h) Except forPermittedEncumbrances (asdefinedintheDeed of Trust)and thoseotherwise
permittedorprovidedforbytheLoanDocuments,therehasbeennonoticereceived(i)ofanylien,righttolienorattachmentupon,orclaimaffectingtherightofthepayeetoreceivepaymentof,anyofthemoneyspayableundersuchPaymentRequesttoanyofthepersons,firmsorcorporationsnamedtherein,and(ii)thatanymaterials,suppliesorequipmentcoveredbysuchPaymentRequestaresubjecttoanylienorsecurityinterestorifanynoticeofanysuchlien,attachment,claimorsecurityinteresthasbeenreceived,suchlien,attachment,claimorsecurityinteresthasbeenreleased,discharged,insuredorbondedoverorwillbereleased,discharged,insuredorbondedoveruponpaymentofthisPaymentRequest.

(i) AllconditionsprecedentfordisbursementssetforthinSection4.5andforFinal‘bursementinSection4.7aresatisfied,includingwithoutlimitationdeliverytoLenderofanywaiversandlienreleasesrequiredbySection4.5.6oftheLoanAgreement.

@)__ Thisstatementandallexhibitshereto,shallbe conclusiveevidenceofthefactsand
statementssetforthhereinandshallconstitutefullwarrant,protectionandauthoritytoLenderforitsactionstakenpursuanthereto.

(k) AttachedtothisPaymentRequestarecopiesofinvoicesorbillsofsalecoveringallitemsforwhichpaymentisbeingrequested,
(All capitalizedtermsthatarenotdefinedwithinthisCertificationshallhavethemeaningsetforthintheLoanAgreement,
[remainderofpageintentionallyblank;signaturepagefollows}
HARVARD COURT OWNER, LLC
aDistrictofColumbialimitedliabilitycompany
By:— HarvardCourtManager,LLCaDistrictofColumbialimitedliabilitycompany,
itsManagingMember
By: The NHP Foundation,
a Districtof Columbia non-profitcorporation,
itsManagingMember
By:
Name:Title:
EXHIBITJ
FORM OF FINALLOAN
REDUCTION CERTIFICATE
[Attached]
LOANREDUCTIONCERTIFICATE
InsecorancewithpineProgamRequirementsandpanattheemsofheAgreeited202),byadteweratheDiscofColunbi,amenialearporatinactingbyaodhoughieD.C,Dear ofeasing2 CommunityDevelopmentCLeoer")and(HORROWERNAME]("Berewe?):
‘A.LendermadeloanotheBoronintotalpriniplumesnotoexced[LOANAMOUNT]an400/109Dollshe“LouthproceedswhichweretobewedbytheBoroweriobelfinancethewon of(NUMBEROFUNITS}offerabirentalhousingunitsat[PROJECTADDRESS]the“Proje,also.i 88XXXXX",td
‘Onerpriotothenine(9)yaarheBorrowerrecivetheUntStesDeparmentofhe'B.TreanuyInemalRevenueServiceLow-incomeHousingCetiAllctcntdCetfesion(Fn1609),te‘BorrowerisroutedtoprovideteLenderwithaLouRedhctionCeriprepredandexcudtyfeBorrower,ceityngtentamountefheExcessProceedsvaleonsth jecta wlbedc fheLende(FalLoaaReductionCelso’),essaoSection()oftheAgreement.
FortepuposesoftisLoanReuetionCerisethets"ExcessProceed"meas
(1)Teumofatfidehatwerewedforatemporarypurouetotheetttaich‘ds aeorwilbesbsequetyenedtaBeroves(the“ReturnedFens"a2‘morepaticullydescribedanddefinedinSeconUDB.oftheAcreemend,
(2)PLUtenetreductionntocostsshownintheProjectdetetowentconnecfds,unspentsortereservesoterbetsavings(he"Com.‘Savings5definedinSextonDbloftheApeemen),
(©)PLUSexyincreaseinfadingtaicommitedotheProjectwetheClosingDateoverandabovethfundingsousesshownonheProjectBude(he“ncreasdSources"amoreparclulydescribedanddefinedinSetonMOA.ofieApeemen),
(6)ForanBxcersProceedstongWeallowing:
‘TheFinlLoonReductionClelatonduetotheLendergushesumo100%oftheRetuedFunds,50%ofheContSavings,ud50%ofheIneresedSoren,foratalof
‘TheLenderRetainsthatremainsundisbursedequals:
‘ToeamountoftheFinalLosaReductionCelelitionpayabletoLeaderafersbatngremaining‘LenderResinage,splatndapproved,perSeton10otheAgreement,salons

ThePretiaaryLoanReductionCcultionsalbepreparedsndupdatedprrantoSection)oftheAgeeoptionswederinandotherwisedefiedeenshalavethemeansascribedheenaeApeement
‘Theundersignedhereby()cxtesthattheBorowertasexaminedteinfratonincludediahisLosRedctonCercaadothebestofthewdersignd'sowed titre,caretndcompleta,ud(ieensisLowneductionCetictetotheLerinoreocomplywithearmsoftheAgreement
‘Becutedthis_dayof. 20

BORROWER:
[HORROWERNAME},sDisietofColumbinlisteibilitycompany

EXHIBITK
FORM OF NET CASH FLOW
CALCULATION WORKSHEET
[Attached]
Kel
DCDHCD-SurplusCash,NetCashFlowandLoanRepaymentAnalysis{temstueandnighphedinyewareob epithe ora(Piaseue2010HUDGranotcountsasefron:toobulalert TORCOMSGPDE
‘eraSusyat bePoradConesyyarrraneaSoran
CurentObtigntons‘ezineorangerestetreManganProcPaynecscertsPattee wn 3068)‘SeredaPaymentarenasetcinennaanener EconOestecovedEpenenWaEeveePro eos“enaSacatyDestLtOr Curetice(owCanegan(reCarenCgenoeieCaretgsberCuregtoolsCurentObigutons

‘SurplueCahAvsiabefrDitibution
NetCaenFlewWataruporLoanAgreement&DoodofTutNote‘CreyearAasManzenerFeeAccwedrageranitee(CrtAt Paymentre Sotaapartusteninone9Eg ner‘enaann Oranga etSecRaresPareaenoanaparetFoeDetersDevaepareYeePicaa Aceves

EXHIBIT L
MODIFICATIONS TO LOAN AGREEMENT
[N/A]
DMFIRM#41903568v25 L-l4927-2237-0106,v.3
RIDER1
LOW-INCOME HOUSING TAX CREDIT PROVISIONS
ThisLOW-INCOMEHOUSINGTAX CREDITSPROVISIONSRIDER(this“LIHTCRider”)
isattachedtoandamendstheLoanAgreementbyandbetweenbyHARVARD COURTOWNER,LLC,aDistrictofColumbialimitedliabilitycompany(“Borrower”)andtheDISTRICTOFCOLUMBIA,amunicipalcorporation,actingbyandthroughtheDepartmentofHousingand
CommunityDevelopment(“Lender”),datedasofthe (the“LoanAgreement”).
TotheextentanyprovisionsofthisLIHTCRiderconflictwithanyprovisionsinthebodyoftheLoanAgreement,theprovisionsofthisLIHTCRidershallprevail.Anytermsinthebodyofthe
LoanAgreementnotinconflictwiththeprovisionsofthisLIHTCRiderremaininfullforceandeffect.AnycapitalizedtermsnotdefinedinthisLIHTCRidershallhavethemeaninggiveninthe
bodyoftheLoanAgreement.
NotwithstandinganythingelseintheLoanAgreementtowhichthisLIHTCRiderisattached:
1. DEFINITIONS.ThefollowingtermshallbeaddedtotheLoanAgreement:
(a) “EquityInvestor”meanstogether,HudsonSLPBAMLLLC,aDelawarelimitedliability
2. NOTICE.
Lenderagreesthat,aslongasEquityInvestorisamemberorpartnerofBorrower,LendershallendeavorasacourtesytoEquityInvestortodelivertoEquityInvestoracopyofanynoticeofdefaultthatisdeliveredtoBorrower.EquityInvestor’saddressforsuchnoticepurposesis:
HudsonHousingCapitalLLC
630FifthAvenue,28thFloorNewYork,NewYork10111
Attention:JosephA.MacariFaxNo.:(212)218-4467
Withcopyto: BocarslyEmdenCowanEsmail& ArndtLLP
4800HampdenLane,Suite200Bethesda,Maryland20814
Attention:CraigA.EmdenFaxNo.:(213)559-0747
EquityInvestormaychangetheaddresstowhichnoticesintendedforitaretobedirectedbymeans
ofwrittennoticegiventoLender.
3. OPPORTUNITY TO CURE.
DMFIRM#41903568v254927-2237-0106,v.3
‘AnycureofanydefaultbyBorrowerofferedbyEquityInvestorshallbetreatedthesameasifofferedbyBorrower.
DMFIRM#41903568v254927-2237-0106,v.3