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29. Development Budget Certification - Vista Breeze #231227943_v4 DEVELOPMENT BUDGET CERTIFICATION The undersigned hereby certifies that attached hereto is a true and correct copy of the approved Development Budget in conjunction with the Construction Disbursement Agreement between BANK OF AMERICA, N.A., a national banking association (the “Initial Funding Lender”) and VISTA BREEZE, LTD., a Florida limited partnership (the “Borrower”), dated as of December 15, 2023. This document may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. [SIGNATURES PAGE TO FOLLOW] [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] Vista Breeze Budget Certification Ex A-1 EXHIBIT A BUDGET [Attached] Vista Breeze MASTER Project Setup Vista Breeze - Miami Beach, FL Project Setup Project Name Vista Breeze MILESTONE DATE DURATION CUMULATIVE City Miami Beach Predevelopment Start Dec-21 Months Months County, State Miami-Dade County, FL Closing Dec-23 State FL Construction Start Dec-23 0 0 Ownership Entity Vista Breeze Ltd.First Building TCO Feb-25 14 14 Development Manager Michelle Feigenbaum Last Building TCO Feb-25 0 14 Development Accountant Milagros Medrano 100% Complete Mar-25 1 15 100% Occupied Aug-25 6 20 Bond Deal Yes Conversion to Perm Lo Dec-25 4 24 Credit Rate 4.00%Equity Stabilization Dec-25 4 24 Building Type Mid Rise 4 Final Equity/8609 Jan-26 1 25 Project Type New Construction End of Compliance Per Feb-40 180 0 Qualifying Program Average Income Demographic Elderly % of Affordable Housing Units 100.0% Income Type % Units % SF % Income Units Count SF UA ELI 0.0%0%0%Studio 119 408 133 PBV 100.0%100%100%1 Bedroom - - - LI 0.0%0%0%2 Bedroom - - - WKFC 0.0%0%0%3 Bedroom - - - MKT 0.0%0%0%4 Bedroom - - - Total 100.0%100.0%100.0%5 Bedroom - - - Credit Delivery Schedule Lease-up Information 2025 $1,674,152 # of Occupancies upon initial C/O 20 2026 $2,671,161 # of Occupancies per Month 20 2027 $2,671,161 BR Type # of Units Income Type Net SF Income Limit 2023 FMR Rent Net Rent Total Rent Annual Rent P.S.F. Studio - NHTF Unit 5 PBV 405 22%$1,498 $1,365 81,912 $3.37 Studio 20 PBV 405 30%$1,498 $1,365 327,648 $3.37 Studio 59 PBV 405 60%$1,498 $1,365 966,562 $3.37 Studio 5 PBV 473 60%$1,498 $1,365 81,912 $2.89 Studio 30 PBV 405 80%$1,498 $1,365 491,472 $3.37 Total/Average 119 48,535 $162,459 1,949,506 $3.35 Operating Expenses Total Per Unit Per NSF Lender Administrative 60,631 510 $1.25 Management Fee (% of EGI)112,953 949 $2.33 Utilities 114,000 958 $2.35 Payroll, Taxes & Benefits 193,453 1,626 $3.99 R & M 101,150 850 $2.08 Insurance 178,500 1,500 $3.68 Security 44,863 377 $0.92 Replacement Reserves 35,700 300 $0.74 Total 841,250 7,069 Senior Debt Service Coverage 1.36x Total Debt Service Coverage 1.16x 12/8/2023 2:25 PM 1 of 5 Vista Breeze MASTER Debt Debt Assumptions Loan Type Lien Lender Name Loan Amt Interest Rate Amortizing Amo Period Term Monthly Payment Annual Pmt Min DSC Yr 1 Max DSC Yr 1 Yr 1 Min DSC Yr 15 Max DSC Yr 15 Yr 15 D.S.C. Perm 1 Citi $11,875,000 6.47%Yes 480 216 $69,269 $831,232 1.15x 1.50x 1.36x 1.15x 1.50x 1.49x Construction N/A BoA $32,500,000 8.27%No 30 $0 $0 SAIL 2 FHFC $3,000,000 1.00%No 360 $2,500 $30,000 1.10x 1.50x 1.30x 1.00x 1.50x 1.44x Viability Loan 3 FHFC $4,300,000 1.00%No 360 $3,583 $43,000 1.10x 2.00x 1.24x 1.00x 1.60x 1.37x Supplemental ELI N/A FHFC $600,000 0.00%No 360 $0 $0 0.00x 2.00x 1.24x 0.00x 2.00x 1.37x NHTF N/A FHFC $1,301,500 0.00%No 360 $0 $0 0.00x 2.00x 1.24x 0.00x 2.00x 1.37x HOME - 2022 + 2023 CMB $1,003,969 0.00%No 360 $0 $0 0.00x 2.00x 1.24x 0.00x 2.00x 1.37x SURTAX MDC PHCD $5,950,000 1.00%No 360 $4,958 $59,500 1.00x 2.00x 1.16x 0.00x 2.00x 1.29x Sponsor Note 4 HACMB $8,000,000 5.03%No 360 $33,533 $402,400 0.00x 2.00x 0.80x 0.00x 2.00x 0.91x 12/8/2023 2:25 PM 2 of 5 Vista Breeze MASTER S&U Vista Breeze - Miami Beach, FL Sources & Uses Sources Total %Per Unit Perm 11,875,000 18.11%99,790 Viability Loan 4,300,000 6.56%36,134 SAIL 3,000,000 4.58%25,210 Supplemental ELI 600,000 0.92%5,042 NHTF 1,301,500 1.98%10,937 HOME - 2022 + 2023 1,003,969 1.53%8,437 SURTAX 5,950,000 9.07%50,000 Sponsor Note 8,000,000 12.20%67,227 Limited Partner Equity 26,310,934 40.13%221,100 Deferred Developer Fee 3,228,043 4.92%27,126 Total Sources 65,569,446 100.00%551,004 Uses Total %Per Unit Hard Construction Costs 33,312,634 50.81%279,938 Recreational/Owner Items 1,538,622 2.35%12,930 Hard Cost Contingency 5.0%1,665,632 2.54%13,997 Construction Interest Expense 3,332,032 5.08%28,000 Permanent Loan Origination Fee 118,750 0.18%998 Permanent Loan Closing Costs 54,450 0.08%458 Construction Loan Origination Fee 325,000 0.50%2,731 Construction Loan Closing Costs 97,500 0.15%819 Costs of Issuance 620,070 0.95%5,211 Other Loan Closing Costs 176,657 0.27%1,485 Accounting Fees 40,000 0.06%336 Application Fees 16,585 0.03%139 Appraisal 12,770 0.02%107 Architect Fee - Design 970,000 1.48%8,151 Architect Fee - Supervision 190,000 0.29%1,597 Builder's Risk Insurance 360,000 0.55%3,025 Building Permit 4.3%1,428,685 2.18%12,006 P&P Bond 269,717 0.41%2,267 Credit Underwriting Fee 176,435 0.27%1,483 Engineering Fee 150,806 0.23%1,267 Environmental Report 6,700 0.01%56 FHFC Administrative Fees 240,429 0.37%2,020 FHFC Application Fees 9,500 0.01%80 FHFC Compliance Monitoring Fee 229,316 0.35%1,927 Impact Fees 66,027 0.10%555 Inspection Fees 412,714 0.63%3,468 Insurance - Property/Liability 178,500 0.27%1,500 Legal Fees - Partnership 475,000 0.72%3,992 Legal Fees - Other 135,000 0.21%1,134 Market Study 8,000 0.01%67 Marketing & Advertising 20,000 0.03%168 Stabilization Operating Expenses 117,515 0.18%988 Soil Test Report 13,650 0.02%115 Survey (Including As-Built)67,998 0.10%571 Title Insurance & Recording 252,157 0.38%2,119 Utility Connection Fee 128,690 0.20%1,081 General Liability Insurance 116,595 0.18%980 Scheduling 80,400 0.12%676 Soft Cost Contingency 5.0%308,660 0.47%2,594 Sub-Total 47,723,195 Miscellaneous Reserves 3 months 463,580 0.71%3,896 Land, To Be Acquired 8,800,000 13.42%73,950 Developer's Fee 18.0%8,582,671 13.09%72,123 Total Project Cost 65,569,446 100.00%551,004 12/8/2023 2:25 PM 3 of 5 Vista Breeze MASTER TC Calc Vista Breeze - Miami Beach, FL Eligible Basis/Tax Credit Calculation Enter Eligible Eligible Eligible Costs Costs Ineligible Eligible Costs Total Costs % New/Rehab Acquisition Costs Hard Construction Costs 33,312,634 98%32,646,381 - 666,253 Recreational/Owner Items 1,538,622 80%1,230,898 - 307,724 Hard Cost Contingency 1,665,632 100%1,665,632 - - Construction Interest Expense 3,332,032 57%1,888,293 - 1,443,739 Permanent Loan Origination Fee 118,750 0%- - 118,750 Permanent Loan Closing Costs 54,450 0%- - 54,450 Construction Loan Origination Fee 325,000 100%325,000 - - Construction Loan Closing Costs 97,500 100%97,500 - - Costs of Issuance 620,070 7% 42,554 - 577,516 Other Loan Closing Costs 176,657 0%- - 176,657 Accounting Fees 40,000 0%- - 40,000 Application Fees 16,585 100%16,585 - - Appraisal 12,770 100%12,770 - - Architect Fee - Design 970,000 100%970,000 - - Architect Fee - Supervision 190,000 100%190,000 - - Builder's Risk Insurance 360,000 100%360,000 - - Building Permit 1,428,685 100%1,428,685 - - P&P Bond 269,717 100%269,717 - - Credit Underwriting Fee 176,435 0%- - 176,435 Engineering Fee 150,806 100%150,806 - - Environmental Report 6,700 100%6,700 - - FHFC Administrative Fees 240,429 0%- - 240,429 FHFC Application Fees 9,500 0%- - 9,500 FHFC Compliance Monitoring Fee 229,316 0%- - 229,316 Impact Fees 66,027 100%66,027 - - Inspection Fees 412,714 100%412,714 - - Insurance - Property/Liability 178,500 50%89,250 - 89,250 Legal Fees - Partnership 475,000 0%- - 475,000 Legal Fees - Other 135,000 75%101,250 - 33,750 Market Study 8,000 100%8,000 - - Marketing & Advertising 20,000 0%- - 20,000 Stabilization Operating Expenses 117,515 0%- - 117,515 Soil Test Report 13,650 100%13,650 - - Survey (Including As-Built) 67,998 100%67,998 - - Title Insurance & Recording 252,157 100% 252,157 - - Utility Connection Fee 128,690 100%128,690 - - General Liability Insurance 116,595 100%116,595 - - Scheduling 80,400 0%- - 80,400 Soft Cost Contingency 308,660 76% 233,080 - 75,580 Sub-Total 47,723,195 90%42,790,931 - 4,932,265 Miscellaneous Reserves 463,580 0% - - 463,580 Land, To Be Acquired 8,800,000 0% - - 8,800,000 Developer's Fee 8,582,671 100%8,582,671 - - Total Cost 65,569,446 78%51,373,602 - 14,195,845 Proforma 12/8/2023 3:01 PM 1 of 2 Vista Breeze MASTER TC Calc Vista Breeze - Miami Beach Eligible Basis/Tax Credit Calculation Tax Credit Calculation County Miami-Dade County, FL DDA or QCT Yes Geographic Cap 2,882,000 Tax-Exempt Bond Test (50% Test) Maximum Request per unit 500,000 Eligible Basis 51,373,602 Per Unit Cap 59,500,000 Land (owned or to be acquired) 8,800,000 Applicable Cap 2,882,000 Total 60,173,602 LIHTC 9% OR 4% 4% Tax-exempt bond request 32,500,000 Eligible Basis (Rehab & New Construction) 51,373,602 Eligible Basis (Acquisition) - As a Percent 54.01% Applicable % 100.00% Qualified Basis (Rehab & New Construction) 66,785,682 Qualified Basis (Acquisition) - Credit % Rehab & New Construction (enter here) 4.00% Credit % Acquisition (enter here) 4.00% Annual Credits 2,671,428 0 Annual Credits @ Maximum 2,671,428 Annual Credits Per Unit Override 22,449 2,671,428 Aggregate Credits (10 Years) 26,714,280 % Syndicated To LP 99.99% Price Per Credit 0.985 Limited Partner Equity - Rounded 26,310,934$ Tax Credit Equity Pay-ins % Complete % Equity $ Equity Payment Date Duration (Months) Cumulative Months Draw # Closing Equity 0% 20.00% 5,262,187 12/01/23 Equity at 25.00% 25% 0.00% - 05/01/24 556 Equity at 50.00% 50% 0.00% - 09/01/24 4910 Equity at 75.00% 75% 0.00% - 09/01/24 0910 Equity at 100.00% 100% 40.00% 10,524,374 04/01/25 71617 Stabilization Equity 37.50% 9,866,600 12/01/25 82425 Final Equity/8609 2.50% 657,773 01/01/26 12526 Total 100.00%26,310,934 Excess Eligible Basis 12/8/2023 3:01 PM 2 of 2 Vista Breeze MASTER UW OPEX Vista Breeze - Miami Beach, FL U/W Operating Statement 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Income:Column1 Year 1 Per Unit Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Net Rental Income 1,949,506 16,382 1,988,496 2,028,266 2,068,831 2,110,208 2,152,412 2,195,460 2,239,369 2,284,157 2,329,840 2,376,436 2,423,965 2,472,444 2,521,893 2,572,331 Reserve For Vacancy 5.0%(97,475)(819)(99,425)(101,413)(103,442)(105,510)(107,621)(109,773)(111,968)(114,208)(116,492)(118,822)(121,198)(123,622)(126,095)(128,617) Other Income 30,524 257 31,439 32,382 33,354 34,354 35,385 36,447 37,540 38,666 39,826 41,021 42,252 43,519 44,825 46,170 Total Income 1,882,554 15,820 1,920,510 1,959,235 1,998,743 2,039,052 2,080,176 2,122,134 2,164,941 2,208,615 2,253,174 2,298,636 2,345,019 2,392,341 2,440,623 2,489,884 Expenses:Column1 Year 1 Per Unit Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Administrative 60,631 510 62,450 64,323 66,253 68,241 70,288 72,397 74,568 76,806 79,110 81,483 83,927 86,445 89,039 91,710 Management Fee (% of EGI)6.0%112,953 949 115,231 117,554 119,925 122,343 124,811 127,328 129,896 132,517 135,190 137,918 140,701 143,540 146,437 149,393 Utilities 114,000 958 117,420 120,943 124,571 128,308 132,157 136,122 140,206 144,412 148,744 153,206 157,803 162,537 167,413 172,435 Payroll, Taxes & Benefits 193,453 1,626 199,256 205,234 211,391 217,733 224,265 230,993 237,923 245,060 252,412 259,984 267,784 275,817 284,092 292,615 R & M 101,150 850 104,185 107,310 110,529 113,845 117,261 120,778 124,402 128,134 131,978 135,937 140,015 144,216 148,542 152,998 Insurance 178,500 1,500 183,855 189,371 195,052 200,903 206,930 213,138 219,532 226,118 232,902 239,889 247,086 254,498 262,133 269,997 Security 44,863 377 46,209 47,595 49,023 50,494 52,009 53,569 55,176 56,831 58,536 60,292 62,101 63,964 65,883 67,859 Replacement Reserves 35,700 300 36,771 37,874 39,010 40,181 41,386 42,628 43,906 45,224 46,580 47,978 49,417 50,900 52,427 53,999 Total Expenses 841,250 7,069 865,376 890,204 915,754 942,048 969,106 996,952 1,025,610 1,055,101 1,085,453 1,116,688 1,148,834 1,181,918 1,215,966 1,251,007 Net Operating Income 1,041,304 8,750 1,055,134 1,069,031 1,082,989 1,097,004 1,111,070 1,125,181 1,139,331 1,153,513 1,167,721 1,181,948 1,196,184 1,210,424 1,224,658 1,238,877 Debt Service:Column1 Year 1 Per Unit Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Perm Service 768,313 6,456 768,313 831,232 831,232 831,232 831,232 831,232 831,232 831,232 831,232 831,232 831,232 831,232 831,232 831,232 Asset Management Fee 3.0%5,000 42 5,150 5,305 5,464 5,628 5,796 5,970 6,149 6,334 6,524 6,720 6,921 7,129 7,343 7,563 SAIL Service 100%30,000 252 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 Viability Loan Service 43,000 361 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 43,000 SURTAX Service 59,500 500 59,500 59,500 59,500 59,500 59,500 59,500 59,500 59,500 59,500 59,500 59,500 59,500 59,500 59,500 Sponsor Note Service 402,400 3,382 402,400 402,400 402,400 402,400 402,400 402,400 402,400 402,400 402,400 402,400 402,400 402,400 402,400 402,400 Ground Lease Rent Service 129,260 1,086 129,260 129,260 129,260 129,260 129,260 129,260 129,260 129,260 129,260 129,260 129,260 129,260 129,260 129,260 Total Debt Service 1,705,463 14,332 1,719,293 1,733,190 1,747,149 1,761,164 1,775,230 1,789,341 1,803,491 1,817,673 1,831,881 1,846,107 1,860,344 1,874,583 1,517,352 1,502,955 Distributable Cashflow 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Asset Management Fee 3.0%0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Beginning DDF 3.0%3,228,043 27,126 3,048,853 2,850,197 2,696,234 2,523,439 2,331,194 2,118,867 1,885,815 1,631,382 1,354,898 1,055,681 733,035 386,255 14,618 0 DDF Repayment 267,991 2,252 281,671 232,494 246,293 260,144 274,041 287,979 301,949 315,947 329,965 343,996 358,031 372,063 14,618 0 Ending DDF 2,960,051 24,874 2,767,181 2,617,703 2,449,941 2,263,295 2,057,153 1,830,889 1,583,866 1,315,435 1,024,933 711,685 375,005 14,192 0 0 Debt Service Coverage: Perm Service 1.36x 1.37x 1.29x 1.30x 1.32x 1.34x 1.35x 1.37x 1.39x 1.40x 1.42x 1.44x 1.46x 1.47x 1.49x SAIL 1.30x 1.32x 1.24x 1.26x 1.27x 1.29x 1.31x 1.32x 1.34x 1.36x 1.37x 1.39x 1.41x 1.42x 1.44x Viability Loan 1.24x 1.25x 1.18x 1.20x 1.21x 1.23x 1.24x 1.26x 1.28x 1.29x 1.31x 1.32x 1.34x 1.35x 1.37x SURTAX 1.16x 1.17x 1.11x 1.12x 1.14x 1.15x 1.17x 1.18x 1.20x 1.21x 1.23x 1.24x 1.26x 1.27x 1.29x Sponsor Note 0.80x 0.81x 0.78x 0.79x 0.80x 0.81x 0.82x 0.83x 0.84x 0.85x 0.87x 0.88x 0.89x 0.90x 0.91x Ground Lease Rent 0.73x 0.74x 0.71x 0.72x 0.73x 0.74x 0.75x 0.76x 0.77x 0.78x 0.79x 0.80x 0.81x 0.82x 0.83x 12/8/2023 2:25 PM 4 of 5 Vista Breeze MASTERProjectionsVista Breeze -- PROJECTIONS65,569,446.00 CONSTRUCTIONPRO FORMADec-23Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26Sources Revised Budget12 3456 7 8 9101112131415 16 17 18 19 20 21 22 23 24 25 26TotalPerm 11,875,000 - - - - - - - - - - - - - - - - - - - - - - - - 11,875,000 - 11,875,000 Construction 32,500,000 2,783,027 434,877 843,603 833,768 2,402,250 2,334,561 4,028,256 1,384,538 3,358,422 4,021,732 3,148,529 - 371,090 919,482 448,208 554,098 - - - - - - - - (27,866,439) - 27,866,439 Viability Loan 4,300,000 193,500 774,000 1,470,600 1,083,600 778,300 4,300,000 SAIL 3,000,000 256,895 40,142 77,871 76,963 221,746 215,498 371,839 127,803 310,008 371,237 290,633 - 34,254 84,875 41,373 51,147 - - - - - - - - 427,713 - 3,000,000 Supplemental ELI 600,000 48,600 216,000 226,800 6,000 - - - - - - - 102,600 - 600,000 NHTF 1,301,500 105,422 468,540 491,967 235,572 1,301,500 HOME - 2022 + 2023 1,003,969 62,748 62,748 62,748 62,748 62,748 62,748 62,748 62,748 62,748 62,748 62,748 62,748 62,748 62,748 62,748 62,748 1,003,969 SURTAX 5,950,000 481,950 2,142,000 2,249,100 107,100 969,850 5,950,000 Sponsor Note 8,000,000 8,000,000 8,000,000 Limited Partner Equity 26,310,934 5,262,187 - - - - - - - - - - - - - - - 10,524,374 - - - - - - - 9,866,600 657,773 26,310,934 Deferred Developer Fee 3,228,043 - - - - - - - - - - - - - - - - - - - - - - - - 3,228,043 - 3,228,043 Total Sources98,069,446 8,302,109 537,767 1,177,722 1,609,451 2,686,744 3,386,807 4,462,843 4,401,629 5,201,778 4,455,717 3,501,910 4,114,215 468,092 1,067,106 552,329 667,993 18,593,122 107,100 - - - - - - (382,762) 657,773 65,569,446 1.0% 1.0% 3.0% 4.0% 7.0% 9.0% 12.0% 12.0% 14.0% 12.0% 9.0% 7.0% 4.0% 2.0% 1.0% 1.0% 1.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%1.0% 2.0% 5.0% 9.0% 16.0% 25.0% 37.0% 49.0% 63.0% 75.0% 84.0% 91.0% 95.0% 97.0% 98.0% 99.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%UsesRevised Budget1 2 34567 8 910111213141516 17 18 19 20 21 22 23 24 25 26TotalHard Construction Costs 33,312,634 - 336,491 1,009,474 1,345,965 2,355,439 3,028,421 4,037,895 4,037,895 4,710,878 4,037,895 3,028,421 2,355,439 1,345,965 672,983 336,491 336,491 336,491 - - - - - - - - - 33,312,634 Recreational/Owner Items 1,538,622 410,299 102,575 102,575 102,575 102,575 102,575 102,575 102,575 102,575 102,575 102,575 102,575 1,538,622 Hard Cost Contingency 1,665,632 16,825 50,474 67,298 117,772 151,421 201,895 201,895 235,544 201,895 151,421 117,772 67,298 33,649 16,825 16,825 16,825 - - - - - - - - - 1,665,632 Construction Interest Expense 3,332,032 - 19,180 22,177 27,991 33,737 50,292 66,381 94,143 103,684 126,829 154,546 176,244 176,244 178,802 185,139 188,228 192,046 192,046 192,046 192,046 192,046 192,046 192,046 192,046 192,046 - 3,332,032 Permanent Loan Origination Fee 118,750 118,750 118,750 Permanent Loan Closing Costs 54,450 54,450 54,450 Construction Loan Origination Fee 325,000 325,000 325,000 Construction Loan Closing Costs 97,500 77,500 - 20,000 97,500 Costs of Issuance 620,070 620,070 620,070 Other Loan Closing Costs 176,657 136,657 40,000 176,657 Accounting Fees 40,000 5,200 1,500 4,525 4,525 2,250 10,000 12,000 40,000 Application Fees 16,585 16,585 16,585 Appraisal 12,770 12,770 12,770 Architect Fee - Design 970,000 970,000 970,000 Architect Fee - Supervision 190,000 11,875 11,875 11,875 11,875 11,875 11,875 11,875 11,875 11,875 11,875 11,875 11,875 11,875 11,875 11,875 11,875 190,000 Builder's Risk Insurance 360,000 360,000 360,000 Building Permit 1,428,685 1,376,685 25,000 12,000 5,000 5,000 5,000 1,428,685 P&P Bond 269,717 269,717 269,717 Credit Underwriting Fee 176,435 176,435 176,435 Engineering Fee 150,806 150,806 150,806 Environmental Report 6,700 6,700 6,700 FHFC Administrative Fees 240,429 240,429 240,429 FHFC Application Fees 9,500 9,500 9,500 FHFC Compliance Monitoring Fee 229,316 - 229,316 229,316 Impact Fees 66,027 66,027 66,027 Inspection Fees 412,714 29,480 29,480 29,480 29,480 29,480 29,480 29,480 29,480 29,480 29,480 29,480 29,480 29,480 29,480 412,714 Insurance - Property/Liability178,500 - 178,500 178,500 Legal Fees - Partnership 475,000 475,000 475,000 Legal Fees - Other 135,000 135,000 135,000 Market Study 8,000 8,000 8,000 Marketing & Advertising 20,000 - 10,000 10,000 20,000 Stabilization Operating Expenses 117,515 - 117,515 117,515 Soil Test Report 13,650 13,650 13,650 Survey (Including As-Built) 67,998 13,600 13,600 13,600 13,600 13,600 67,998 Title Insurance & Recording 252,157 - 252,157 252,157 Utility Connection Fee 128,690 8,690 10,000 10,000 40,000 40,000 20,000 128,690 General Liability Insurance116,595 116,595 116,595 Scheduling 80,400 5,743 5,743 5,743 5,743 5,743 5,743 5,743 5,743 5,743 5,743 5,743 5,743 5,743 5,743 80,400 Soft Cost Contingency 308,660 278,660 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 308,660 Miscellaneous Reserves 463,580 463,580 - - - - - - - - - - - - - - - - - - - - - - - - - 463,580 Land, To Be Acquired 8,800,000 - 8,800,000 8,800,000 Developer's Fee 8,582,671 1,338,657 - - - - - - - - - - - - - - - 1,338,657 - - - - - - - 4,617,956 1,287,401 8,582,671 Total Project Cost65,569,446 8,302,109 537,767 1,177,722 1,609,451 2,686,744 3,386,807 4,462,843 4,401,629 5,201,778 4,455,717 3,501,910 2,841,127 1,741,180 1,067,106 552,329 667,993 10,813,534 252,046 192,046 192,046 192,046 192,046 192,046 192,046 5,469,976 1,287,401 65,569,446 ADJUST VISIBILITY12/8/2023 2:34 PM1 of 1