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08. Truth in Bonding and Disclosure Statement Statement 1 4854-8113-2680.5 TRUTH IN BONDING AND DISCLOSURE LETTER December 15, 2023 The undersigned, as purchaser, proposes to negotiate with the Housing Finance Authority of Miami-Dade County, Florida (the “Authority”) its $32,500,000 Multifamily Housing Revenue Note, Series 2023 (Vista Breeze) (the “Governmental Lender Note”). Prior to the award of the Governmental Lender Note, the following information is hereby furnished to the Authority: 1. Set forth is an itemized list of the nature and estimated amoun ts of expenses to be incurred for services rendered to us (the “Lender”) in connection with the issuance of the Governmental Lender Note: Legal Fees: $120,000 2. No other fee, bonus or other compensation is estimated to be paid by the Lender in connection with the issuance of the Governmental Lender Note to any person not regularly employed or retained by the Lender (including any “finder” as defined in Section 218.386(1)(a), Florida Statutes), except as specifically enumerated as expenses to be incurred by the Lender, as set forth in paragraph (1) above: None 3. No person has entered into an understanding with the Lender, or to the knowledge of the Lender, with the Authority, for any paid or promised compensation or valuable consideration, directly or indirectly, expressly or implied, to act solely as an intermediary between the Authority and the Lender or to exercise or attempt to exercise any influence to effect any transaction in the purchase of the Governmental Lender Note. 4. The amount of the underwriting spread expected to be realized by the Lender is $0. 5. The management fee to be charged by the Lender is $0. 6. Truth-in-Bonding Statement: The Governmental Lender Note is being issued primarily to finance the acquisition, construction and equipping of the project known as Vista Breeze, and pay the costs of issuing the Governmental Lender Note. Unless earlier redeemed, the Governmental Lender Note is expected to be repaid at the end of approximately 18 years. The initial construction period interest rate of the Governmental Lender Note shall be 7.36% and the net interest cost is 6.4347% on a blended basis with the permanent loan rate. Total interest paid on the Governmental Lender Note is estimated to be approximately $18,040,722.83, based solely on the assumptions set forth in the attached net interest rate cost calculation attached as Exhibit A. The Governmental Lender Note will be payable from Project revenues. Issuance of the Governmental Lender Note is therefore not estimated to result in any revenues of the Authority 2 not being available to finance other services of the Authority during the life of the Governmental Lender Note. 7. The name and address of the Lender is as follows: Bank of America, N.A. 401 E. Las Olas Boulevard, 9th Floor Fort Lauderdale, Florida 33301 Attention: Ben Rosenbaum This Certificate is provided solely to satisfy the requirements of Section 218.386, Florida Statutes, and is not evidence of the terms of the Governmental Lender Note. [Remainder of page intentionally left blank] EXHIBIT A WAM AND NIC CALCULATION Prepared by Stifel, Nicolaus & Company, Incorporated This information reflects prevailing conditions and our view as of this date, all of which are subject to change. Page 1 of 5 Housing Finance Authority of Miami-Dade County, Florida As of 12/15/2023 Multifamily Mortgage Revenue Note (Vista Breeze) Assumptions Note Par Amount:32,500,000.00$ Loan Amount:11,875,000.00$ Interest Rate:7.360%Interest Rate:6.37% Dated Date:12/15/2023 Monthly Payment $68,426.18 Settlement Date:12/15/2023 Assumed Conversion 7/1/2027 Interest Accrual:Actual/Actual Interest Accrual: Actual/360 First Interest Payment Date:1/1/2024 Assumed Conversion Date:7/1/2027 Outside Conversion Date:7/1/2027 Mandatory Prepayment Date:7/1/2042 Maturity Date 7/1/2057 Construction WAM:2.2212 Perm Loan WAM:17.5308 Combined WAM:8.6266 Construction NIC 10.12% Permanent Loan NIC 5.16% Combined NIC 6.4347% Max Rate for NIC test: 6.4900%20-yr BB + 300 Proof of NIC Annual Principal Principal Interest Total Bond Outstanding Date Reduction Redeemed Paid Debt Service Principal Balance Period Weight Bond Years 12/15/2023 - - - - 7,416,586.00 - - 1/1/2024 - - 25,423.65 25,423.65 7,851,463.00 0.04 - 2/1/2024 - - 48,945.08 48,945.08 8,695,066.00 0.13 - 3/1/2024 - - 50,706.96 50,706.96 9,528,834.00 0.21 - 4/1/2024 - - 59,401.61 59,401.61 11,931,084.00 0.29 - 5/1/2024 - - 71,977.69 71,977.69 14,265,645.00 0.38 - 6/1/2024 - - 88,930.32 88,930.32 18,293,901.00 0.46 - 7/1/2024 - - 110,363.21 110,363.21 19,678,439.00 0.54 - 8/1/2024 - - 122,673.02 122,673.02 23,036,861.00 0.63 - 9/1/2024 - - 143,609.02 143,609.02 27,058,593.00 0.71 - 10/1/2024 - - 163,238.72 163,238.72 30,207,122.00 0.79 - 11/1/2024 - - 188,307.57 188,307.57 30,207,122.00 0.88 - 12/1/2024 - - 182,233.13 182,233.13 30,578,212.00 0.96 - 1/1/2025 - - 191,143.15 191,143.15 31,497,694.00 1.04 - 2/1/2025 - - 196,890.79 196,890.79 31,945,902.00 1.13 - 3/1/2025 - - 180,367.44 180,367.44 32,500,000.00 1.21 - 4/1/2025 - - 203,156.16 203,156.16 32,500,000.00 1.29 - 5/1/2025 - - 196,602.74 196,602.74 32,500,000.00 1.38 - 6/1/2025 - - 203,156.16 203,156.16 32,500,000.00 1.46 - 7/1/2025 - - 196,602.74 196,602.74 32,500,000.00 1.54 - 8/1/2025 - - 203,156.16 203,156.16 32,500,000.00 1.63 - 9/1/2025 - - 203,156.16 203,156.16 32,500,000.00 1.71 - 10/1/2025 - - 196,602.74 196,602.74 32,500,000.00 1.79 - 11/1/2025 - - 203,156.16 203,156.16 32,500,000.00 1.88 - 12/1/2025 - - 196,602.74 196,602.74 32,500,000.00 1.96 - 1/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.04 - 2/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.13 - 3/1/2026 - - 183,495.89 183,495.89 32,500,000.00 2.21 - 4/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.29 - 5/1/2026 - - 196,602.74 196,602.74 32,500,000.00 2.38 - 6/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.46 - 7/1/2026 - - 196,602.74 196,602.74 32,500,000.00 2.54 - 8/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.63 - 9/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.71 - 10/1/2026 - - 196,602.74 196,602.74 32,500,000.00 2.79 - 11/1/2026 - - 203,156.16 203,156.16 32,500,000.00 2.88 - 12/1/2026 - - 196,602.74 196,602.74 32,500,000.00 2.96 - 1/1/2027 - - 203,156.16 203,156.16 32,500,000.00 3.04 - 2/1/2027 - - 203,156.16 203,156.16 32,500,000.00 3.13 - 3/1/2027 - - 183,495.89 183,495.89 32,500,000.00 3.21 - 4/1/2027 - - 203,156.16 203,156.16 32,500,000.00 3.29 - 5/1/2027 - - 196,602.74 196,602.74 32,500,000.00 3.38 - WAM & NIC Calculation Perm LoanNotes Prepared by Stifel, Nicolaus & Company, Incorporated This information reflects prevailing conditions and our view as of this date, all of which are subject to change. Page 2 of 5 Housing Finance Authority of Miami-Dade County, Florida As of 12/15/2023 Multifamily Mortgage Revenue Note (Vista Breeze) Assumptions Note Par Amount:32,500,000.00$ Loan Amount:11,875,000.00$ Interest Rate:7.360%Interest Rate:6.37% Dated Date:12/15/2023 Monthly Payment $68,426.18 Settlement Date:12/15/2023 Assumed Conversion 7/1/2027 Interest Accrual:Actual/Actual Interest Accrual: Actual/360 First Interest Payment Date:1/1/2024 Assumed Conversion Date:7/1/2027 Outside Conversion Date:7/1/2027 Mandatory Prepayment Date:7/1/2042 Maturity Date 7/1/2057 Construction WAM:2.2212 Perm Loan WAM:17.5308 Combined WAM:8.6266 Construction NIC 10.12% Permanent Loan NIC 5.16% Combined NIC 6.4347% Max Rate for NIC test: 6.4900%20-yr BB + 300 Proof of NIC Annual WAM & NIC Calculation Perm LoanNotes 6/1/2027 - - 203,156.16 203,156.16 32,500,000.00 3.46 - 6/15/2027 20,625,000.00 91,747.95 20,716,747.95 11,875,000.00 3.50 72,187,500.00 7/1/2027 - - - - 11,875,000.00 3.54 - 8/1/2027 - - 65,137.67 65,137.67 11,875,000.00 3.63 - 9/1/2027 - - 65,137.67 65,137.67 11,875,000.00 3.71 - 10/1/2027 - - 63,036.46 63,036.46 11,875,000.00 3.79 - 11/1/2027 - - 65,137.67 65,137.67 11,875,000.00 3.88 - 12/1/2027 - - 63,036.46 63,036.46 11,875,000.00 3.96 - 1/1/2028 20,625,000.00 - 65,137.67 65,137.67 11,875,000.00 4.04 - 2/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.13 - 3/1/2028 - - 60,935.24 60,935.24 11,875,000.00 4.21 - 4/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.29 - 5/1/2028 - - 63,036.46 63,036.46 11,875,000.00 4.38 - 6/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.46 - 7/1/2028 - - 63,036.46 63,036.46 11,875,000.00 4.54 - 8/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.63 - 9/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.71 - 10/1/2028 - - 63,036.46 63,036.46 11,875,000.00 4.79 - 11/1/2028 - - 65,137.67 65,137.67 11,875,000.00 4.88 - 12/1/2028 - - 63,036.46 63,036.46 11,875,000.00 4.96 - 1/1/2029 - - 65,137.67 65,137.67 11,875,000.00 5.04 - 2/1/2029 - $3,288.51 65,137.67 68,426.18 11,871,711.49 5.13 16,862.75 3/1/2029 - $9,608.44 58,817.74 68,426.18 11,862,103.05 5.21 50,070.65 4/1/2029 - $3,359.25 65,066.93 68,426.18 11,858,743.80 5.29 17,785.36 5/1/2029 - $5,476.01 62,950.17 68,426.18 11,853,267.79 5.38 29,448.76 6/1/2029 - $3,407.71 65,018.47 68,426.18 11,849,860.08 5.46 18,609.88 7/1/2029 - $5,523.17 62,903.01 68,426.18 11,844,336.91 5.54 30,622.91 8/1/2029 - $3,456.70 64,969.48 68,426.18 11,840,880.21 5.63 19,453.54 9/1/2029 - $3,475.66 64,950.52 68,426.18 11,837,404.55 5.71 19,849.88 10/1/2029 - $5,589.29 62,836.89 68,426.18 11,831,815.26 5.79 32,386.83 11/1/2029 - $3,525.39 64,900.79 68,426.18 11,828,289.87 5.88 20,721.46 12/1/2029 - $5,637.67 62,788.51 68,426.18 11,822,652.20 5.96 33,606.78 1/1/2030 $55,923.45 $3,575.65 64,850.53 68,426.18 11,819,076.55 6.04 21,612.82 2/1/2030 - $3,595.26 64,830.92 68,426.18 11,815,481.29 6.13 22,030.95 3/1/2030 - $9,887.03 58,539.15 68,426.18 11,805,594.26 6.21 61,409.44 4/1/2030 - $3,669.22 64,756.96 68,426.18 11,801,925.04 6.29 23,095.70 5/1/2030 - $5,777.63 62,648.55 68,426.18 11,796,147.41 6.38 36,848.44 6/1/2030 - $3,721.03 64,705.15 68,426.18 11,792,426.38 6.46 24,041.99 7/1/2030 - $5,828.05 62,598.13 68,426.18 11,786,598.33 6.54 38,141.35 8/1/2030 - $3,773.41 64,652.77 68,426.18 11,782,824.92 6.63 25,009.32 9/1/2030 - $3,794.11 64,632.07 68,426.18 11,779,030.81 6.71 25,462.69 10/1/2030 - $5,899.16 62,527.02 68,426.18 11,773,131.65 6.79 40,081.51 11/1/2030 - $3,847.28 64,578.90 68,426.18 11,769,284.37 6.88 26,460.74 12/1/2030 - $5,950.90 62,475.28 68,426.18 11,763,333.47 6.96 41,424.88 1/1/2031 $59,644.11 $3,901.03 64,525.15 68,426.18 11,759,432.44 7.04 27,480.59 2/1/2031 - $3,922.43 64,503.75 68,426.18 11,755,510.01 7.13 27,958.21 Prepared by Stifel, Nicolaus & Company, Incorporated This information reflects prevailing conditions and our view as of this date, all of which are subject to change. Page 3 of 5 Housing Finance Authority of Miami-Dade County, Florida As of 12/15/2023 Multifamily Mortgage Revenue Note (Vista Breeze) Assumptions Note Par Amount:32,500,000.00$ Loan Amount:11,875,000.00$ Interest Rate:7.360%Interest Rate:6.37% Dated Date:12/15/2023 Monthly Payment $68,426.18 Settlement Date:12/15/2023 Assumed Conversion 7/1/2027 Interest Accrual:Actual/Actual Interest Accrual: Actual/360 First Interest Payment Date:1/1/2024 Assumed Conversion Date:7/1/2027 Outside Conversion Date:7/1/2027 Mandatory Prepayment Date:7/1/2042 Maturity Date 7/1/2057 Construction WAM:2.2212 Perm Loan WAM:17.5308 Combined WAM:8.6266 Construction NIC 10.12% Permanent Loan NIC 5.16% Combined NIC 6.4347% Max Rate for NIC test: 6.4900%20-yr BB + 300 Proof of NIC Annual WAM & NIC Calculation Perm LoanNotes 3/1/2031 - $10,184.16 58,242.02 68,426.18 11,745,325.85 7.21 73,439.11 4/1/2031 - $3,999.81 64,426.37 68,426.18 11,741,326.04 7.29 29,176.39 5/1/2031 - $6,099.31 62,326.87 68,426.18 11,735,226.73 7.38 44,999.35 6/1/2031 - $4,055.20 64,370.98 68,426.18 11,731,171.53 7.46 30,256.30 7/1/2031 - $6,153.21 62,272.97 68,426.18 11,725,018.32 7.54 46,422.55 8/1/2031 - $4,111.20 64,314.98 68,426.18 11,720,907.12 7.63 31,359.32 9/1/2031 - $4,133.75 64,292.43 68,426.18 11,716,773.37 7.71 31,875.81 10/1/2031 - $6,229.64 62,196.54 68,426.18 11,710,543.73 7.79 48,556.58 11/1/2031 - $4,190.59 64,235.59 68,426.18 11,706,353.14 7.88 33,012.54 12/1/2031 - $6,284.96 62,141.22 68,426.18 11,700,068.18 7.96 50,035.26 1/1/2032 $63,612.32 $4,248.06 64,178.12 68,426.18 11,695,820.12 8.04 34,173.28 2/1/2032 - $4,271.36 64,154.82 68,426.18 11,691,548.76 8.13 34,716.66 3/1/2032 - $8,432.30 59,993.88 68,426.18 11,683,116.46 8.21 69,238.55 4/1/2032 - $4,341.04 64,085.14 68,426.18 11,678,775.42 8.29 36,006.52 5/1/2032 - $6,431.35 61,994.83 68,426.18 11,672,344.07 8.38 53,880.42 6/1/2032 - $4,400.13 64,026.05 68,426.18 11,667,943.94 8.46 37,229.99 7/1/2032 - $6,488.84 61,937.34 68,426.18 11,661,455.10 8.54 55,443.53 8/1/2032 - $4,459.86 63,966.32 68,426.18 11,656,995.24 8.63 38,478.68 9/1/2032 - $4,484.32 63,941.86 68,426.18 11,652,510.92 8.71 39,063.41 10/1/2032 - $6,570.77 61,855.41 68,426.18 11,645,940.15 8.79 57,786.27 11/1/2032 - $4,544.96 63,881.22 68,426.18 11,641,395.19 8.88 40,349.14 12/1/2032 - $6,629.77 61,796.41 68,426.18 11,634,765.42 8.96 59,410.11 1/1/2033 $65,660.96 $4,606.26 63,819.92 68,426.18 11,630,159.16 9.04 41,661.06 2/1/2033 - $4,631.53 63,794.65 68,426.18 11,625,527.63 9.13 42,275.58 3/1/2033 - $10,828.15 57,598.03 68,426.18 11,614,699.48 9.21 99,739.29 4/1/2033 - $4,716.33 63,709.85 68,426.18 11,609,983.15 9.29 43,835.67 5/1/2033 - $6,796.52 61,629.66 68,426.18 11,603,186.63 9.38 63,736.25 6/1/2033 - $4,779.48 63,646.70 68,426.18 11,598,407.15 9.46 45,219.19 7/1/2033 - $6,857.97 61,568.21 68,426.18 11,591,549.18 9.54 65,455.51 8/1/2033 - $4,843.31 63,582.87 68,426.18 11,586,705.87 9.63 46,630.31 9/1/2033 - $4,869.88 63,556.30 68,426.18 11,581,835.99 9.71 47,291.95 10/1/2033 - $6,945.93 61,480.25 68,426.18 11,574,890.06 9.79 68,031.53 11/1/2033 - $4,934.69 63,491.49 68,426.18 11,569,955.37 9.88 48,743.77 12/1/2033 - $7,009.00 61,417.18 68,426.18 11,562,946.37 9.96 69,817.43 1/1/2034 $72,213.00 $5,000.21 63,425.97 68,426.18 11,557,946.16 10.04 50,224.33 2/1/2034 - $5,027.63 63,398.55 68,426.18 11,552,918.53 10.13 50,918.72 3/1/2034 - $11,187.89 57,238.29 68,426.18 11,541,730.64 10.21 114,240.79 4/1/2034 - $5,116.58 63,309.60 68,426.18 11,536,614.06 10.29 52,672.35 5/1/2034 - $7,185.99 61,240.19 68,426.18 11,529,428.07 10.38 74,574.61 6/1/2034 - $5,184.06 63,242.12 68,426.18 11,524,244.01 10.46 54,231.03 7/1/2034 - $7,251.65 61,174.53 68,426.18 11,516,992.36 10.54 76,464.62 8/1/2034 - $5,252.28 63,173.90 68,426.18 11,511,740.08 10.63 55,820.06 9/1/2034 - $5,281.09 63,145.09 68,426.18 11,506,458.99 10.71 56,566.34 10/1/2034 - $7,346.06 61,080.12 68,426.18 11,499,112.93 10.79 79,296.64 11/1/2034 - $5,350.35 63,075.83 68,426.18 11,493,762.58 10.88 58,199.92 Prepared by Stifel, Nicolaus & Company, Incorporated This information reflects prevailing conditions and our view as of this date, all of which are subject to change. Page 4 of 5 Housing Finance Authority of Miami-Dade County, Florida As of 12/15/2023 Multifamily Mortgage Revenue Note (Vista Breeze) Assumptions Note Par Amount:32,500,000.00$ Loan Amount:11,875,000.00$ Interest Rate:7.360%Interest Rate:6.37% Dated Date:12/15/2023 Monthly Payment $68,426.18 Settlement Date:12/15/2023 Assumed Conversion 7/1/2027 Interest Accrual:Actual/Actual Interest Accrual: Actual/360 First Interest Payment Date:1/1/2024 Assumed Conversion Date:7/1/2027 Outside Conversion Date:7/1/2027 Mandatory Prepayment Date:7/1/2042 Maturity Date 7/1/2057 Construction WAM:2.2212 Perm Loan WAM:17.5308 Combined WAM:8.6266 Construction NIC 10.12% Permanent Loan NIC 5.16% Combined NIC 6.4347% Max Rate for NIC test: 6.4900%20-yr BB + 300 Proof of NIC Annual WAM & NIC Calculation Perm LoanNotes 12/1/2034 - $7,413.46 61,012.72 68,426.18 11,486,349.12 10.96 81,259.76 1/1/2035 $77,017.40 $5,420.36 63,005.82 68,426.18 11,480,928.76 11.04 59,864.86 2/1/2035 - $5,450.10 62,976.08 68,426.18 11,475,478.66 11.13 60,647.50 3/1/2035 - $11,571.56 56,854.62 68,426.18 11,463,907.10 11.21 129,730.04 4/1/2035 - $5,543.47 62,882.71 68,426.18 11,458,363.63 11.29 62,610.41 5/1/2035 - $7,601.37 60,824.81 68,426.18 11,450,762.26 11.38 86,486.70 6/1/2035 - $5,615.57 62,810.61 68,426.18 11,445,146.69 11.46 64,360.67 7/1/2035 - $7,671.53 60,754.65 68,426.18 11,437,475.16 11.54 88,563.55 8/1/2035 - $5,688.45 62,737.73 68,426.18 11,431,786.71 11.63 66,144.03 9/1/2035 - $5,719.65 62,706.53 68,426.18 11,426,067.06 11.71 66,983.46 10/1/2035 - $7,772.81 60,653.37 68,426.18 11,418,294.25 11.79 91,675.98 11/1/2035 - $5,793.66 62,632.52 68,426.18 11,412,500.59 11.88 68,815.81 12/1/2035 - $7,844.82 60,581.36 68,426.18 11,404,655.77 11.96 93,832.76 1/1/2036 $82,141.47 $5,868.48 62,557.70 68,426.18 11,398,787.29 12.04 70,682.58 2/1/2036 - $5,900.67 62,525.51 68,426.18 11,392,886.62 12.13 71,562.01 3/1/2036 - $9,964.85 58,461.33 68,426.18 11,382,921.77 12.21 121,681.89 4/1/2036 - $5,987.69 62,438.49 68,426.18 11,376,934.08 12.29 73,615.32 5/1/2036 - $8,033.62 60,392.56 68,426.18 11,368,900.46 12.38 99,438.36 6/1/2036 - $6,064.60 62,361.58 68,426.18 11,362,835.86 12.46 75,571.65 7/1/2036 - $8,108.46 60,317.72 68,426.18 11,354,727.40 12.54 101,716.13 8/1/2036 - $6,142.35 62,283.83 68,426.18 11,348,585.05 12.63 77,564.23 9/1/2036 - $6,176.04 62,250.14 68,426.18 11,342,409.01 12.71 78,504.33 10/1/2036 - $8,216.89 60,209.29 68,426.18 11,334,192.12 12.79 105,130.54 11/1/2036 - $6,254.99 62,171.19 68,426.18 11,327,937.13 12.88 80,550.37 12/1/2036 - $8,293.71 60,132.47 68,426.18 11,319,643.42 12.96 107,495.70 1/1/2037 $85,478.66 $6,334.79 62,091.39 68,426.18 11,313,308.63 13.04 82,633.82 2/1/2037 - $6,369.54 62,056.64 68,426.18 11,306,939.09 13.13 83,617.91 3/1/2037 - $12,406.58 56,019.60 68,426.18 11,294,532.51 13.21 163,904.71 4/1/2037 - $6,472.53 61,953.65 68,426.18 11,288,059.98 13.29 86,048.69 5/1/2037 - $8,505.39 59,920.79 68,426.18 11,279,554.59 13.38 113,783.22 6/1/2037 - $6,554.69 61,871.49 68,426.18 11,272,999.90 13.46 88,233.41 7/1/2037 - $8,585.34 59,840.84 68,426.18 11,264,414.56 13.54 116,283.66 8/1/2037 - $6,637.74 61,788.44 68,426.18 11,257,776.82 13.63 90,457.65 9/1/2037 - $6,674.15 61,752.03 68,426.18 11,251,102.67 13.71 91,510.01 10/1/2037 - $8,701.58 59,724.60 68,426.18 11,242,401.09 13.79 120,033.46 11/1/2037 - $6,758.49 61,667.69 68,426.18 11,235,642.60 13.88 93,792.82 12/1/2037 - $8,783.64 59,642.54 68,426.18 11,226,858.96 13.96 122,629.37 1/1/2038 $93,293.41 $6,843.74 61,582.44 68,426.18 11,220,015.22 14.04 96,116.53 2/1/2038 - $6,881.28 61,544.90 68,426.18 11,213,133.94 14.13 97,217.19 3/1/2038 - $12,871.33 55,554.85 68,426.18 11,200,262.61 14.21 182,915.90 4/1/2038 - $6,989.63 61,436.55 68,426.18 11,193,272.98 14.29 99,912.88 5/1/2038 - $9,008.56 59,417.62 68,426.18 11,184,264.42 14.38 129,523.07 6/1/2038 - $7,077.38 61,348.80 68,426.18 11,177,187.04 14.46 102,346.78 7/1/2038 - $9,093.95 59,332.23 68,426.18 11,168,093.09 14.54 132,266.45 8/1/2038 - $7,166.09 61,260.09 68,426.18 11,160,927.00 14.63 104,823.97 Prepared by Stifel, Nicolaus & Company, Incorporated This information reflects prevailing conditions and our view as of this date, all of which are subject to change. Page 5 of 5 Housing Finance Authority of Miami-Dade County, Florida As of 12/15/2023 Multifamily Mortgage Revenue Note (Vista Breeze) Assumptions Note Par Amount:32,500,000.00$ Loan Amount:11,875,000.00$ Interest Rate:7.360%Interest Rate:6.37% Dated Date:12/15/2023 Monthly Payment $68,426.18 Settlement Date:12/15/2023 Assumed Conversion 7/1/2027 Interest Accrual:Actual/Actual Interest Accrual: Actual/360 First Interest Payment Date:1/1/2024 Assumed Conversion Date:7/1/2027 Outside Conversion Date:7/1/2027 Mandatory Prepayment Date:7/1/2042 Maturity Date 7/1/2057 Construction WAM:2.2212 Perm Loan WAM:17.5308 Combined WAM:8.6266 Construction NIC 10.12% Permanent Loan NIC 5.16% Combined NIC 6.4347% Max Rate for NIC test: 6.4900%20-yr BB + 300 Proof of NIC Annual WAM & NIC Calculation Perm LoanNotes 9/1/2038 - $7,205.40 61,220.78 68,426.18 11,153,721.60 14.71 105,999.44 10/1/2038 - $9,218.51 59,207.67 68,426.18 11,144,503.09 14.79 136,382.73 11/1/2038 - $7,295.48 61,130.70 68,426.18 11,137,207.61 14.88 108,540.53 12/1/2038 - $9,306.17 59,120.01 68,426.18 11,127,901.44 14.96 139,230.64 1/1/2039 $99,500.33 $7,386.55 61,039.63 68,426.18 11,120,514.89 15.04 111,126.54 2/1/2039 - $7,427.07 60,999.11 68,426.18 11,113,087.82 15.13 112,355.06 3/1/2039 - $13,367.00 55,059.18 68,426.18 11,099,720.82 15.21 203,326.92 4/1/2039 - $7,541.13 60,885.05 68,426.18 11,092,179.69 15.29 115,337.39 5/1/2039 - $9,545.19 58,880.99 68,426.18 11,082,634.50 15.38 146,783.81 6/1/2039 - $7,634.85 60,791.33 68,426.18 11,074,999.65 15.46 118,043.26 7/1/2039 - $9,636.39 58,789.79 68,426.18 11,065,363.26 15.54 149,792.33 8/1/2039 - $7,729.59 60,696.59 68,426.18 11,057,633.67 15.63 120,796.31 9/1/2039 - $7,771.99 60,654.19 68,426.18 11,049,861.68 15.71 122,106.60 10/1/2039 - $9,769.83 58,656.35 68,426.18 11,040,091.85 15.79 154,309.04 11/1/2039 - $7,868.21 60,557.97 68,426.18 11,032,223.64 15.88 124,929.69 12/1/2039 - $9,863.46 58,562.72 68,426.18 11,022,360.18 15.96 157,431.78 1/1/2040 $106,120.18 $7,965.47 60,460.71 68,426.18 11,014,394.71 16.04 127,801.54 2/1/2040 - $8,009.17 60,417.01 68,426.18 11,006,385.54 16.13 129,170.11 3/1/2040 - $11,948.14 56,478.04 68,426.18 10,994,437.40 16.21 193,692.63 4/1/2040 - $8,118.64 60,307.54 68,426.18 10,986,318.76 16.29 132,288.73 5/1/2040 - $10,107.14 58,319.04 68,426.18 10,976,211.62 16.38 165,532.49 6/1/2040 - $8,218.61 60,207.57 68,426.18 10,967,993.01 16.46 135,287.45 7/1/2040 - $10,204.42 58,221.76 68,426.18 10,957,788.59 16.54 168,826.46 8/1/2040 - $8,319.67 60,106.51 68,426.18 10,949,468.92 16.63 138,337.62 9/1/2040 - $8,365.30 60,060.88 68,426.18 10,941,103.62 16.71 139,793.46 10/1/2040 - $10,347.15 58,079.03 68,426.18 10,930,756.47 16.79 173,774.64 11/1/2040 - $8,467.94 59,958.24 68,426.18 10,922,288.53 16.88 142,920.01 12/1/2040 - $10,447.03 57,979.15 68,426.18 10,911,841.50 16.96 177,193.24 1/1/2041 $111,124.91 $8,571.70 59,854.48 68,426.18 10,903,269.80 17.04 146,099.86 2/1/2041 - $8,618.72 59,807.46 68,426.18 10,894,651.08 17.13 147,619.52 3/1/2041 - $14,449.24 53,976.94 68,426.18 10,880,201.84 17.21 248,687.48 4/1/2041 - $8,745.25 59,680.93 68,426.18 10,871,456.59 17.29 151,244.24 5/1/2041 - $10,716.86 57,709.32 68,426.18 10,860,739.73 17.38 186,235.21 6/1/2041 - $8,852.01 59,574.17 68,426.18 10,851,887.72 17.46 154,565.93 7/1/2041 - $10,820.74 57,605.44 68,426.18 10,841,066.98 17.54 189,843.87 8/1/2041 - $8,959.92 59,466.26 68,426.18 10,832,107.06 17.63 157,943.48 9/1/2041 - $9,009.06 59,417.12 68,426.18 10,823,098.00 17.71 159,560.46 10/1/2041 - $10,973.57 57,452.61 68,426.18 10,812,124.43 17.79 195,268.58 11/1/2041 - $9,118.67 59,307.51 68,426.18 10,803,005.76 17.88 163,021.56 12/1/2041 - $11,080.22 57,345.96 68,426.18 10,791,925.54 17.96 199,013.06 1/1/2042 $10,903,269.80 10,791,925.54 59,196.71 10,851,122.25 - 18.04 194,734,300.86 32,500,000.00 18,040,722.83 50,540,722.83 280,365,588.92