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88. Proof of Satisfaction or Waiver of Underwriting Contingencies      (866) 725-9744 • (813) 282-4800 • 5130 Sunforest Drive, Suite #150, Tampa, FL 33634 • www.amerinatls.com Over 40 Years of Industry-Leading Experience December 15, 2023    Housing Finance Authority of Miami‐Dade County  c/o Marianne Edmonds  Senior Managing Director / Financial Advisor  Public Resources Advisory Group, Inc.  150 Second Avenue North, Suite 400  St. Petersburg, FL 33701    Mr. Alex R. Ballina  Director  Miami Dade County Department of Public Housing and Community Development  701 NW 1st Court, 16th Floor  Miami, FL 33136    RE:  Vista Breeze (“Development”) – Multifamily Housing Revenue Bond Program / FY 2022 Surtax /  SHIP  Servicer Closing Letter and Final Sources and Uses/Construction Draw Schedule    Dear Ms. Edmonds and Mr. Ballina:    AmeriNat® (“AmeriNat”) is providing this letter at your request with respect to the HFAMDC / Surtax  Final Credit Underwriting Report (“CUR”) and CUR Update Letter (“CUL”), both dated November 9, 2023,  approved at the November 13, 2023 Housing Finance Authority of Miami‐Dade County (“HFAMDC”)  Board meeting regarding Vista Breeze (“Development”).  AmeriNat has reviewed the documentation  submitted by Vista Breeze, Ltd. (“Borrower”) and determined each of the loan closing conditions in the  CUL have been met.  Listed below are the changes which have occurred since the issuance of the CUL.      Sources    The final construction/permanent sources are as follows:      CONSTRUCTION/PERMANENT SOURCES: Source Lender Construction Permanent Local HFA Bonds HFAMDC / BoA Merrill Lynch construction);  HFAMDC / CITI (permanent)$32,500,000.00 $11,875,000.00 FHFC ‐ Viability FHFC $4,300,000.00 $4,300,000.00 FHFC ‐ SAIL FHFC $2,494,576.00 $3,000,000.00 FHFC ‐ SAIL ELI FHFC $600,000.00 $600,000.00 FHFC ‐ NHTF FHFC $1,301,500.00 $1,301,500.00 Local Government Subsidy Miami Dade County FY 2022 Surtax / SHIP $5,950,000.00 $5,950,000.00 Local Government Subsidy City of Miami Beach HOME $1,003,969.00 $1,003,969.00 Other Housing Authority of the City of Miami Beach $8,800,000.00 $8,000,000.00 HC Equity BoA CDB $5,262,186.00 $26,310,928.00 Deferred Developer Fee Developer $3,211,092.97 $3,081,926.97 Ms. Marianne Edmonds and Mr. Alex R. Ballina  Vista Breeze  Servicer Closing Letter and Final Sources and Uses / Construction Draw Schedule  December 15, 2023  Page 2 of 4    Per an email dated November 21, 2023, BoA CDB confirms that the 1st construction mortgage has been  increased by $2,150,000 from $30,350,000 to $32,500,000. The increase does not exceed the  $33,800,000 issuance amount authorized by the Board of County Commissioners via Resolution No. HFA  2023‐04. All other terms and conditions of the construction loan remain the same as referenced in the  Final CUR.     The Applicant provided a draft Promissory Note (the “Note”) as of December 1, 2023 outlining an  $8,800,000 loan from HACMB (the “Authority”) for the benefit of the Development. The term of this  Note (the “Term”) shall commence (the “Note Date”) and continue until the seventy‐fifth (75th)  anniversary of the payment date (the "Payment Date"). Borrower shall make a payment of $800,000  (the “Stabilization Payment”) no later than the Development Obligation Date as the same is defined in  the LPA which means the latest to occur of (i) three (3) consecutive calendar months of not less than  90% occupancy of the Units, (ii) the Completion Date, (iii) the Initial Occupancy Date, (iv) Final Closing,  and (v) delivery of the Certificate of Achievement of Development Obligation Date, which Stabilization  Payment shall be applied to Borrower’s Annual Note Payment obligation including any Deferred Note  Payment. As such, the permanent term loan amount is $8,000,000.    During the construction phase, Deferred Developer Fee has been reduced by $2,237,071.03 from  $5,448,164.00 to $3,211,092.97 or 37.6% of total Developer Fee. During the permanent phase, the  Deferred Developer Fee has increased by $78,338.97 from $3,003,588.00 to $3,081,926.97 or 36.1% of  total Developer Fee, which meets the minimum 30% requirement per the FHFC Viability RFA and the  35% requirement per FHFC Rule 67‐48 for all superior mortgages and SAIL loan with a minimum  combined DSC of 1.00x. Please note that in order to balance the transaction while satisfying the  Deferred Developer Fee requirements, the SAIL loan during the construction phase was reduced by  $505,424.00 from $3,000,000.00 to $2,494,576.00. Total Developer Fee during the permanent phase  meets the 10% minimum requirement as per the PHCD RFA FY 2022.    The HC equity will be provided by Bank of America, N.A. based on the substantially final Amended and  Restated Agreement of Limited Partnership received by AmeriNat on December 14, 2023. The HC equity  has increased $161,458 from $26,149,470 to $26,310,928. The equity contributions will be paid as  follows:    Capital Contributions Underwriter's  Total Costs ‐  CUR Closing Draw  Reallocations Closing Letter  Final Budget Percent of  Total Due Upon 1st Equity Installment $5,229,894 $32,292 $5,262,186 20.00% Closing and initial funding of all sources 2nd Equity Installment $10,459,788 $64,583 $10,524,371 40.00% Construction completion 3rd Equity Installment $9,806,051 $60,547 $9,866,598 37.50% Achievement of at least an average 115% Debt Service  Coverage Ratio for a period of three (3) consecutive  calendar months 4th Equity Installment $653,737 $4,036 $657,773 2.50% Receipt of Form(s) 8609 Total: $26,149,470 $161,458 $26,310,928 100%    Second Amended and Restated Ground Lease:    The Applicant provided a draft Second Amended and Restated Ground Lease (the “Ground Lease”) as of  December 1, 2023 between the Applicant (‘Tenant”) and the Housing Authority of the City of Miami  Ms. Marianne Edmonds and Mr. Alex R. Ballina  Vista Breeze  Servicer Closing Letter and Final Sources and Uses / Construction Draw Schedule  December 15, 2023  Page 3 of 4    Beach (“Landlord”). The Ground Lease illustrates a term of 75 years from the date of construction loan  closing with an annual rent payment of $129,260 (the “Annual Base Rent”).    During the first fifty (50) years following the Effective Date (the "Initial Lease Period"), the Annual Base  Rent and any Deferred Base Rent (defined below) will be payable solely to the extent of available cash  flow from the Tenant’s previous fiscal year in the order and priority set forth in the Tenant’s LPA and  subject to the limitations therein, within 120 days following the end of each fiscal year of the Tenant. If  cash flow available pursuant to the terms of the LPA is insufficient to pay the full Annual Base Rent when  due, any unpaid portion shall accrue with interest compounding annually at a rate equal to 5.53%, which  is 110% of the Closing Applicable Federal Rate (the "Deferred Base Rent"), until paid. All unpaid and  accrued Deferred Base Rent and interest thereon shall be unconditionally due and payable at the end of  the Initial Lease Period. The Annual Base Rent and any deferred rent will be payable solely to the extent  of available cash flow from the Tenant’s previous fiscal year in the order and priority set forth in the  Tenant’s LPA and subject to the limitations therein, within 120 days following the end of each fiscal year  of the Tenant.    Uses    Since the time of the CUR Update Letter, Total Development Costs (“TDC”) have increased  $8,239,796.97 from $57,183,527.00 to $65,423,323.97 due to increases in Construction Costs, General  Development Costs, Developer Fee, and Land Costs.  Based on the updated TDC, the per unit cost for the  Development is less than the maximum TDC stipulated in the FHFC RFA, which is a requirement of the  PHCD FY 2022 RFA.       The changes identified herein have no material impact to AmeriNat’s recommendation.  All conditions of  the CUR and CUL have been satisfactorily met.  AmeriNat has reviewed and approved the attached Final  Sources and Uses / Construction Draw Schedule.    The final CUR and CUL, both dated November 9, 2023, contained recommendations valid for six months  from the date of the CUR and CUL. Since the closing took effect within a six‐month time frame, no  further review is required. Overall, the Final Sources and Uses reflect changes that are generally within  standard underwriting criteria and do not constitute a change to the overall structure of this transaction.    Please let me know if you have any questions or if we can be of further assistance.    Sincerely,    George J. Repity  Senior Credit Underwriter    Attachment Final Sources and Uses / Construction Draw Schedule – Vista Breeze  George J. Repity, Senior Credit Underwriter / December 15, 2023  Underwriters Total Costs ‐ CURClosing Draw ReallocationsTotal Reallocations Final BudgetClosing ReimbursementsPayable at Closing Closing Draw Draw 2Draw 3Draw 4Draw 5Draw 6Draw 7Draw 8Draw 9Draw 10 Draw 11 Draw 12 Draw 13 Draw 14Draw 15           Construction CompletionDraw 16 Draw 17Draw 18           StabilizationDraw 19 Draw 20Draw 21           90 for 90Draw 22 Total DrawnNew Rental Units$25,587,476‐                                   25,587,476.00               ‐                           1,705,831.00          1,705,831.00          1,705,831.00          1,705,831.00          1,705,831.00          1,705,831.00          1,705,831.00          1,705,831.00          1,705,831.00          1,705,831.00          1,705,831.00          1,705,831.00          1,705,831.00          1,705,831.00          1,705,842.00          25,587,476.00       Site Work$3,634,134‐                                   3,634,134.00                 ‐                           242,275.00             242,275.00             242,275.00             242,275.00             242,275.00             242,275.00             242,275.00             242,275.00             242,275.00             242,275.00             242,275.00             242,275.00             242,275.00             242,275.00             242,284.00             3,634,134.00          Constr. Contr. Costs subject to GC Fee$29,221,610‐                                   ‐                                   29,221,610.00                ‐                                   ‐                                   ‐                           1,948,106.00          1,948,106.00          1,948,106.00          1,948,106.00          1,948,106.00          1,948,106.00          1,948,106.00          1,948,106.00          1,948,106.00          1,948,106.00          1,948,106.00          1,948,106.00          1,948,106.00          1,948,106.00          1,948,126.00           ‐                            ‐                            ‐                            ‐                            ‐                            ‐                           29,221,610.00       General Conditions$1,753,296‐                                   1,753,296.00                 ‐                           116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,892.00             1,753,296.00          Overhead$584,432‐                                   584,432.00                    ‐                           38,962.00               38,962.00               38,962.00               38,962.00               38,962.00               38,962.00               38,962.00               38,962.00               38,962.00               38,962.00               38,962.00               38,962.00               38,962.00               38,962.00               38,964.00               584,432.00             Profit$1,753,296‐                                   1,753,296.00                 ‐                           116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,886.00             116,892.00             1,753,296.00          Total Construction Contract/Costs$33,312,634‐                                   ‐                                   33,312,634.00                ‐                                   ‐                                   ‐                           2,220,840.00          2,220,840.00          2,220,840.00          2,220,840.00          2,220,840.00          2,220,840.00          2,220,840.00          2,220,840.00          2,220,840.00          2,220,840.00          2,220,840.00          2,220,840.00          2,220,840.00          2,220,840.00          2,220,874.00           ‐                            ‐                            ‐                            ‐                            ‐                            ‐                           33,312,634.00       Hard Cost Contingency$1,665,631‐                                   1,665,631.00                 ‐                           111,042.00             111,042.00             111,042.00             111,042.00             111,042.00             111,042.00             111,042.00             111,042.00             111,042.00             111,042.00             111,042.00             111,042.00             111,042.00             111,042.00             111,043.00             1,665,631.00          PnP Bond paid outside Constr. Contr.$269,717‐                                   269,717.00                    227,012.00                    227,012.00             42,705.00               269,717.00             FF&E paid outside Constr. Contr.$1,041,630 496,992.00                    496,992.00                     1,538,622.00                 40,560.70                      11,861.00                      52,421.70               102,574.00             102,574.00             102,574.00             102,574.00             102,574.00             102,574.00             102,574.00             102,574.00             102,574.00             102,574.00             102,574.00             102,574.00             102,574.00             102,574.00             50,164.30               1,538,622.00          Other:General Liability Isurance $116,595‐                                   116,595.00                    ‐                           116,595.00             116,595.00             Other:Seawall Inspection$0 5,805.97                         5,805.97                         5,805.97                         5,805.97                         5,805.97                 5,805.97                 $36,406,207.00 502,797.97                    502,797.97                    36,909,004.97              46,366.67                      238,873.00                    285,239.67            2,593,756.00         2,434,456.00         2,434,456.00         2,434,456.00         2,434,456.00         2,434,456.00         2,434,456.00         2,434,456.00         2,434,456.00         2,434,456.00         2,434,456.00         2,434,456.00         2,434,456.00         2,434,456.00         2,382,081.30          ‐                           ‐                           ‐                           ‐                           ‐                           ‐                          36,909,004.97       GENERAL DEVELOPMENT COSTS:Underwriters Total Costs ‐ CURClosing Draw ReallocationsTotal Reallocations Final BudgetClosing ReimbursementsPayable at Closing Closing Draw Draw 2Draw 3Draw 4Draw 5Draw 6Draw 7Draw 8Draw 9Draw 10 Draw 11 Draw 12 Draw 13 Draw 14Draw 15           Construction CompletionDraw 16 Draw 17Draw 18           StabilizationDraw 19 Draw 20Draw 21           90 for 90Draw 22 Total DrawnAccounting Fees$40,000 (332.00)                           (332.00)                           39,668.00                      2,518.75                         2,518.75                 27,149.25               10,000.00               39,668.00               Appraisal$5,500 9,000.00                         9,000.00                         14,500.00                      5,500.00                         9,000.00                         14,500.00               14,500.00               Architect's Fee ‐ Site/Building Design$825,000 145,000.00                    145,000.00                     970,000.00                    838,574.70                    41,887.50                      880,462.20             5,969.00                 5,969.00                 5,969.00                 5,969.00                 5,969.00                 5,969.00                 5,969.00                 5,969.00                 5,969.00                 5,969.00                 5,969.00                 5,969.00                 5,969.00                 5,969.00                 5,971.80                 970,000.00             Architect's Fee ‐ Supervision$205,000‐                                   205,000.00                    ‐                           13,666.00               13,666.00               13,666.00               13,666.00               13,666.00               13,666.00               13,666.00               13,666.00               13,666.00               13,666.00               13,666.00               13,666.00               13,666.00               13,666.00               13,676.00               205,000.00             Building Permits$1,428,685‐                                   1,428,685.00                 272,267.56                    26,549.76                      298,817.32             1,129,867.68          1,428,685.00          Builder's Risk Insurance$360,000‐                                   360,000.00                    358,811.00                    358,811.00             1,189.00                 360,000.00             Environmental Report$6,700‐                                   6,700.00                         4,700.00                         1,532.00                         6,232.00                 468.00                    6,700.00                 FHFC Administrative Fees$232,899‐                                   232,899.00                    232,676.91                    232,676.91             222.09                    232,899.00             FHFC Application Fee$3,000 500.00                            500.00                            3,500.00                         3,500.00                         3,500.00                 3,500.00                 FHFC Credit Underwriting Fee$30,351 3,168.00                         3,168.00                         33,519.00                      33,519.00                      33,519.00               33,519.00               FHFC Compliance Fee$236,331‐                                   236,331.00                    ‐                           236,331.00             236,331.00             Impact Fee$66,027‐                                   66,027.00                      66,027.00                      66,027.00               66,027.00               Lender Inspection Fees / Const Admin$454,558 (123,644.00)                   (123,644.00)                    330,914.00                    33,315.00                      3,168.00                         36,483.00               19,628.00               19,628.00               19,628.00               19,628.00               19,628.00               19,628.00               19,628.00               19,628.00               19,628.00               19,628.00               19,628.00               19,628.00               19,628.00               19,628.00               19,639.00               330,914.00             Green Building Cert. (LEED, FGBC, NAHB)$81,800‐                                   81,800.00                      17,560.00                      17,560.00               64,240.00               81,800.00               Insurance$178,500‐                                   178,500.00                    ‐                           178,500.00             178,500.00             Legal Fees ‐ Organizational Costs$475,000 95,000.00                      95,000.00                       570,000.00                    86,266.17                      383,238.25                    469,504.42             100,495.58             570,000.00             Market Study$5,500 5,750.00                         5,750.00                         11,250.00                      11,250.00                      11,250.00               11,250.00               Marketing and Advertising$20,000‐                                   20,000.00                       ‐                           20,000.00               20,000.00               Plan and Cost Review Analysis$4,700 1,500.00                         1,500.00                         6,200.00                         4,700.00                         1,500.00                         6,200.00                 6,200.00                 Soil Test$13,650‐                                   13,650.00                      12,350.00                      12,350.00               1,300.00                 13,650.00               Survey$67,998‐                                   67,998.00                      6,410.75                         3,000.00                         9,410.75                 48,587.25               10,000.00               67,998.00               Title Insurance and Recording Fees$173,902 78,255.00                      78,255.00                       252,157.00                    13,179.43                      223,529.76                    236,709.19             15,447.81               252,157.00             Traffic Study$8,500‐                                   8,500.00                         8,500.00                         8,500.00                 8,500.00                 Utility Connection Fees$128,690‐                                   128,690.00                    3,202.50                         73,888.35                      77,090.85               51,599.15               128,690.00             Soft Cost Contingency$252,614 10,709.00                      10,709.00                       263,323.00                    ‐                           17,554.00               17,554.00               17,554.00               17,554.00               17,554.00               17,554.00               17,554.00               17,554.00               17,554.00               17,554.00               17,554.00               17,554.00               17,554.00               17,554.00               17,567.00               263,323.00             $5,304,905.00 224,906.00                    224,906.00                    5,529,811.00                1,357,313.86                1,424,808.53                2,782,122.39         1,381,543.66         235,317.00            56,817.00              56,817.00              56,817.00              56,817.00              128,416.15            56,817.00              56,817.00              56,817.00              56,817.00              121,057.00            56,817.00              56,817.00              313,184.80             ‐                           ‐                           ‐                           ‐                           ‐                           ‐                          5,529,811.00         Underwriters Total Costs ‐ CURClosing Draw ReallocationsTotal Reallocations Final BudgetClosing ReimbursementsPayable at Closing Closing Draw Draw 2Draw 3Draw 4Draw 5Draw 6Draw 7Draw 8Draw 9Draw 10 Draw 11 Draw 12 Draw 13 Draw 14Draw 15           Construction CompletionDraw 16 Draw 17Draw 18           StabilizationDraw 19 Draw 20Draw 21           90 for 90Draw 22 Total DrawnConstruction Loan Origination Fee$325,000.00‐                                   325,000.00                    25,000.00                      300,000.00                    325,000.00             325,000.00             Construction Loan Closing Costs$97,500.00‐                                   97,500.00                      95,000.00                      95,000.00               2,500.00                 97,500.00               Construction Loan Interest$3,985,321.00 (653,289.00)                   (653,289.00)                    3,332,032.00                 162,500.00                    162,500.00             5,672.82                 33,244.53               49,550.83               64,714.81               79,985.58               95,363.91               110,850.55             126,950.52             142,723.89             158,544.08             174,475.68             190,519.50             207,128.75             223,402.54             242,189.83             264,062.50             264,062.50             264,062.50             264,062.50             101,095.90             106,868.26             3,332,032.00          Permanent Loan Origination Fee$118,750.00‐                                   118,750.00                    118,750.00                    118,750.00             118,750.00             Permanent Loan Closing Costs$54,450.00 (2,500.00)                       (2,500.00)                        51,950.00                      25,000.00                      10,175.00                      35,175.00               16,775.00               51,950.00               Local HFA Application Bond Fee$6,285.00‐                                   6,285.00                         1,785.00                         1,785.00                 4,500.00                 6,285.00                 Local HFA Bond Underwriting Fee$16,489.00‐                                   16,489.00                      16,489.00                      16,489.00               16,489.00               Local HFA Bond Trustee Fee$11,250.00‐                                   11,250.00                      2,125.00                         2,125.00                 9,125.00                 11,250.00               Local HFA Bond Cost of Issuance$431,070.00 (14,024.00)                     (14,024.00)                      417,046.00                    4,500.00                         255,130.00                    259,630.00             157,416.00             417,046.00             SAIL Commitment Fee$30,000.00‐                                   30,000.00                       ‐                           30,000.00               30,000.00               SAIL Closing Costs$12,500.00 500.00                            500.00                            13,000.00                      13,000.00                      13,000.00               13,000.00               SAIL‐ELI Commitment Fee$6,000.00‐                                   6,000.00                          ‐                           6,000.00                 6,000.00                 SAIL‐ELI Closing Costs$6,500.00‐                                   6,500.00                         6,500.00                         6,500.00                 6,500.00                 Misc Loan Closing Costs$80,362.00 44,795.00                      44,795.00                       125,157.00                    65,634.25                      48,802.00                      114,436.25             10,720.75               125,157.00             Closing Costs$12,500.00‐                                   12,500.00                      12,500.00                      12,500.00               12,500.00               Legal Fees ‐ Financing Costs$135,000.00‐                                   135,000.00                    123,936.15                    2,896.20                         126,832.35             8,167.65                 135,000.00             Placement Agent/Underwriter Fee$27,500.00‐                                   27,500.00                       ‐                           27,500.00               27,500.00               Initial TEFRA Fee$3,000.00‐                                   3,000.00                          ‐                           3,000.00                 3,000.00                 Other:FHFC Firm Commitment Extension Fee$49,015.00‐                                   49,015.00                      49,015.00                      49,015.00               49,015.00               Other:FEMA CLOMR / LOMR$12,000.00‐                                   12,000.00                       ‐                           12,000.00               12,000.00               Other:FHFC Viability Commitment Fee$43,000.00‐                                   43,000.00                       ‐                           43,000.00               43,000.00               Other:FHFC Viability Closing Costs$12,500.00‐                                   12,500.00                      12,500.00                      12,500.00               12,500.00               Other:HFAMDC Conversion Fee$189,688.00 13,437.00                      13,437.00                       203,125.00                    203,125.00                    203,125.00             203,125.00             $5,665,680.00 (611,081.00)                  (611,081.00)                   5,054,599.00                311,359.40                    1,243,003.20                1,554,362.60         327,252.22            33,244.53              49,550.83              64,714.81              79,985.58              95,363.91              110,850.55            136,075.52            142,723.89            158,544.08            174,475.68            190,519.50            207,128.75            223,402.54            242,189.83            264,062.50            264,062.50            264,062.50            264,062.50            101,095.90            106,868.26            5,054,599.00         $47,376,792.00 116,622.97                    116,622.97                    47,493,414.97              1,715,039.93                2,906,684.73                4,621,724.66         4,302,551.88         2,703,017.53         2,540,823.83         2,555,987.81         2,571,258.58         2,586,636.91         2,673,722.70         2,627,348.52         2,633,996.89         2,649,817.08         2,665,748.68         2,746,032.50         2,698,401.75         2,714,675.54         2,937,455.93         264,062.50            264,062.50            264,062.50            264,062.50            101,095.90            106,868.26            47,493,414.97       Underwriters Total Costs ‐ CURClosing Draw ReallocationsTotal Reallocations Final BudgetClosing ReimbursementsPayable at Closing Closing Draw Draw 2Draw 3Draw 4Draw 5Draw 6Draw 7Draw 8Draw 9Draw 10 Draw 11 Draw 12 Draw 13 Draw 14Draw 15           Construction CompletionDraw 16 Draw 17Draw 18           StabilizationDraw 19 Draw 20Draw 21           90 for 90Draw 22 Total DrawnDeveloper Fee ‐ Unapportioned$8,447,422.00 20,992.00                      20,992.00                       8,468,414.00                 1,338,655.00                 1,338,655.00          185,278.30             185,278.30             185,278.30             185,278.30             185,278.30             185,278.30             185,278.30             185,278.30             185,278.30             185,278.30             185,278.30             185,278.30             185,278.30             445,488.14             1,177,389.00          3,098,264.00          8,468,414.00          DF to Consultant Fees$80,400.00‐                                   80,400.00                       ‐                           80,400.00               80,400.00               $8,527,822.00 20,992.00                      20,992.00                      8,548,814.00                 ‐                                  1,338,655.00                1,338,655.00         185,278.30            185,278.30            185,278.30            185,278.30            185,278.30            185,278.30            185,278.30            185,278.30            185,278.30            185,278.30            185,278.30            185,278.30            185,278.30            525,888.14            1,177,389.00          ‐                           ‐                           ‐                           ‐                           ‐                          3,098,264.00         8,548,814.00         Underwriters Total Costs ‐ CURClosing Draw ReallocationsTotal Reallocations Final BudgetClosing ReimbursementsPayable at Closing Closing Draw Draw 2Draw 3Draw 4Draw 5Draw 6Draw 7Draw 8Draw 9Draw 10 Draw 11 Draw 12 Draw 13 Draw 14Draw 15           Construction CompletionDraw 16 Draw 17Draw 18           StabilizationDraw 19 Draw 20Draw 21           90 for 90Draw 22 Total DrawnLand$8,800,000.00‐                                   8,800,000.00                 8,800,000.00                 8,800,000.00          8,800,000.00          $8,800,000.00‐                                   ‐                                  8,800,000.00                 ‐                                  8,800,000.00                8,800,000.00          ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                          8,800,000.00         Underwriters Total Costs ‐ CURClosing Draw ReallocationsTotal Reallocations Final BudgetClosing ReimbursementsPayable at Closing Closing Draw Draw 2Draw 3Draw 4Draw 5Draw 6Draw 7Draw 8Draw 9Draw 10 Draw 11 Draw 12 Draw 13 Draw 14Draw 15           Construction CompletionDraw 16 Draw 17Draw 18           StabilizationDraw 19 Draw 20Draw 21           90 for 90Draw 22 Total DrawnOperating Deficit Reserve (FHFC)$474,574.00 (10,994.00)                     (10,994.00)                      463,580.00                    ‐                           463,580.00             463,580.00             Reserves ‐ Start‐Up/Lease‐up Expenses$117,515.00‐                                   117,515.00                    ‐                           117,515.00             117,515.00             $592,089.00 (10,994.00)                    (10,994.00)                     581,095.00                     ‐                                   ‐                                   ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                          581,095.00             ‐                           ‐                           ‐                           ‐                           ‐                           ‐                          581,095.00            Underwriters Total Costs ‐ CURClosing Draw ReallocationsTotal Reallocations Final BudgetClosing ReimbursementsPayable at Closing Closing Draw Draw 2Draw 3Draw 4Draw 5Draw 6Draw 7Draw 8Draw 9Draw 10 Draw 11 Draw 12 Draw 13 Draw 14Draw 15           Construction CompletionDraw 16 Draw 17Draw 18           StabilizationDraw 19 Draw 20Draw 21           90 for 90Draw 22 Total Drawn$65,296,703.00 126,620.97$                 126,620.97$                  65,423,323.97$            1,715,039.93$              13,045,339.73$            14,760,379.66$     4,487,830.18$       2,888,295.83$       2,726,102.13$       2,741,266.11$       2,756,536.88$       2,771,915.21$       2,859,000.99$       2,812,626.82$       2,819,275.19$       2,835,095.38$       2,851,026.98$       2,931,310.80$       2,883,680.05$       3,240,563.68$       4,695,939.93$       264,062.50$          264,062.50$          264,062.50$          264,062.50$          101,095.90$          3,205,132.26$       65,423,323.97$     Underwriters Total Costs ‐ CURClosing Draw ReallocationsTotal Reallocations Final BudgetClosing ReimbursementsPayable at Closing Closing Draw Draw 2Draw 3Draw 4Draw 5Draw 6Draw 7Draw 8Draw 9Draw 10 Draw 11 Draw 12 Draw 13 Draw 14Draw 15           Construction CompletionDraw 16 Draw 17Draw 18           StabilizationDraw 19 Draw 20Draw 21           90 for 90Draw 22 Total DrawnConstruction Loan First Mortgage32,500,000.00          ‐                                   32,500,000.00               698,193.66                    698,193.66             3,393,441.18          2,006,928.83          1,866,336.13          1,879,479.11          1,892,717.88          1,906,047.21          1,981,535.99          1,941,337.82          1,947,100.19          1,960,812.38          1,974,623.98          2,044,214.80          2,002,928.05          2,312,281.68          2,692,021.11          (32,500,000.00)       ‐                           Viability Loan4,300,000.00             ‐                                   4,300,000.00                 ‐                           295,538.00             190,203.00             179,522.00             180,521.00             181,526.00             182,539.00             188,274.00             185,220.00             185,658.00             186,700.00             187,749.00             193,036.00             189,899.00             213,401.00             (2,739,786.00)        ‐                           SAIL Loan2,494,576.00             ‐                                   2,494,576.00                 ‐                           171,451.00             110,343.00             104,147.00             104,726.00             105,309.00             105,897.00             109,224.00             107,452.00             107,706.00             108,311.00             108,919.00             111,986.00             110,167.00             123,801.00             (1,589,439.00)        ‐                           ELI Loan600,000.00                ‐                                   600,000.00                    ‐                           41,237.00               26,540.00               25,049.00               25,189.00               25,329.00               25,470.00               26,270.00               25,844.00               25,905.00               26,051.00               26,197.00               26,935.00               26,497.00               29,776.00               (382,289.00)            ‐                           NHTF Loan1,301,500.00             ‐                                   1,301,500.00                 ‐                           89,451.00               57,569.00               54,336.00               54,639.00               54,943.00               55,250.00               56,985.00               56,061.00               56,194.00               56,509.00               56,826.00               58,427.00               57,477.00               64,591.00               (829,258.00)            ‐                           Surtax/SHIP Loan5,950,000.00             ‐                                   5,950,000.00                 ‐                           425,000.00             425,000.00             425,000.00             425,000.00             425,000.00             425,000.00             425,000.00             425,000.00             425,000.00             425,000.00             425,000.00             425,000.00             425,000.00             425,000.00             (5,950,000.00)        ‐                           City of Miami Beach HOME Loan1,003,969.00             ‐                                   1,003,969.00                 ‐                           71,712.00               71,712.00               71,712.00               71,712.00               71,712.00               71,712.00               71,712.00               71,712.00               71,712.00               71,712.00               71,712.00               71,712.00               71,712.00               71,713.00               (1,003,969.00)        ‐                           1st Equity Installment5,229,894.00            32,292.00                      32,292.00                       5,262,186.00                 1,715,039.93                 3,547,146.07                 5,262,186.00          (5,262,186.00)        ‐                           HACMB Loan8,800,000.00             ‐                                   8,800,000.00                 8,800,000.00                 8,800,000.00          (8,800,000.00)        ‐                           Deferred Developer Fee3,116,764.00            94,328.97                      94,328.97                       3,211,092.97                 ‐                           ‐                           65,296,703.00         65,423,323.97              1,715,039.93                13,045,339.73              14,760,379.66       4,487,830.18         2,888,295.83         2,726,102.13         2,741,266.11         2,756,536.88         2,771,915.21         2,859,000.99         2,812,626.82         2,819,275.19         2,835,095.38         2,851,026.98         2,931,310.80         2,883,680.05         3,240,563.68         (23,864,905.89)      ‐                           ‐                           ‐                           ‐                           ‐                          (32,500,000.00)      ‐                          ‐                             ‐                                   ‐                                   ‐                                   ‐                          0.00                        (0.00)                       (0.00)                       (0.00)                       (0.00)                       (0.00)                       0.00                        0.00                        0.00                        0.00                        0.00                        0.00                        (0.00)                       (0.00)                       28,560,845.82       264,062.50            264,062.50            264,062.50            264,062.50            101,095.90            35,705,132.26       65,423,323.97       Underwriters Total Costs ‐ CURClosing Draw ReallocationsTotal Reallocations Final BudgetClosing ReimbursementsPayable at Closing Closing Draw Draw 2Draw 3Draw 4Draw 5Draw 6Draw 7Draw 8Draw 9Draw 10 Draw 11 Draw 12 Draw 13 Draw 14Draw 15           Construction CompletionDraw 16 Draw 17Draw 18           StabilizationDraw 19 Draw 20Draw 21           90 for 90Draw 22 Total DrawnPermanent Loan First Mortgage11,875,000.00          ‐                                   11,875,000.00               ‐                           11,875,000.00       11,875,000.00       Viability Loan4,300,000.00             ‐                                   4,300,000.00                 ‐                           4,213,534.51          86,465.49               4,300,000.00          SAIL Loan3,000,000.00             ‐                                   3,000,000.00                 ‐                           2,229,656.31          770,343.69             3,000,000.00          ELI Loan600,000.00                ‐                                   600,000.00                    ‐                           600,000.00             600,000.00             NHTF Loan1,301,500.00             ‐                                   1,301,500.00                 ‐                           1,301,500.00          1,301,500.00          Surtax/SHIP Loan5,950,000.00             ‐                                   5,950,000.00                 ‐                           5,950,000.00          5,950,000.00          City of Miami Beach HOME Loan1,003,969.00             ‐                                   1,003,969.00                 ‐                           1,003,969.00          1,003,969.00          1st Equity Installment5,229,894.00            32,292.00                      32,292.00                       5,262,186.00                 ‐                           5,262,186.00          5,262,186.00          2nd Equity Installment10,459,788.00         64,583.00                      64,583.00                       10,524,371.00               ‐                           264,062.50             264,062.50             264,062.50             264,062.50             101,095.90             9,367,025.10          10,524,371.00       3rd Equity Installment9,806,051.00            60,547.00                      60,547.00                       9,866,598.00                 ‐                           9,866,598.00          9,866,598.00          4th Equity Installment653,737.00               4,036.00                         4,036.00                         657,773.00                    ‐                           657,773.00             657,773.00             HACMB Loan8,000,000.00             ‐                                   8,000,000.00                 ‐                           8,000,000.00          8,000,000.00          Deferred Developer Fee3,116,764.00            (34,837.03)                     (34,837.03)                      3,081,926.97                 ‐                           3,081,926.97          3,081,926.97          65,296,703.00         65,423,323.97               ‐                                   ‐                                   ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                           ‐                          28,560,845.82       264,062.50            264,062.50            264,062.50            264,062.50            101,095.90            35,705,132.25       65,423,323.97       CONSTRUCTION COSTS:Total Construction Costs:Total General Development Costs:FINANCIAL COSTS:NHTFTotal Financial Costs:Dev. Costs before Acq., Dev. Fee & ReservesPermanent Sources of FundsDEVELOPER FEE ON NON‐ACQUISTION COSTSTotal Other Development Costs:LAND ACQUISITION COSTSTotal Acquisition Costs:RESERVE ACCOUNTSTotal Reserve Accounts:TOTAL DEVELOPMENT COSTSTOTAL DEVELOPMENT COSTS:Construction Sources of FundsTOTAL DRAW AMOUNT:SOURCES NEEDED / (OVERSOURCED):TOTAL DRAW AMOUNT: