Solve Exhibit 13 Question: Assume any numbers given are for Y1, unless otherwise stated. So no need to assume they are Y0 and grow them for an extra year. For the majority of the information you need, use the data tables in the exhibits rather than trying to pull all the numbers out of the text. To calculate "Ancillary Income" use $30/sf for retail rent on the 7,500 sf of retail space "Operating expenses" will be a combination of expenses for the various uses: Assume 90% of condo maintenance fee ("revenue" for a condo) is needed to cover condo unit operating expenses (excluding condo real estate taxes) Assume the rental operating expenses on a per unit basis will be the same in Options B and C Assume the retail space covers all of its operating expense (NNN lease structure) "Capital Reserves" are calculated as $250 per rental unit per year

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Exhibit 13 Option C Developer Pro Forma Assumptions AM $ 58,300 1.5/household Condo units 71 Rent as % of Income 30% Condo maintenance rev. 10,486 per condo Rental units 151 Real estate tax 239 per condo Cash Flow Projections Year 0 Year 1 Year 2 Year Year 4 Year 5 Revenue Rental revenue 11% Units for Earners at 30% AMI 3% growth 9% Units for Earners at 40% AM 3% growth 80% Units for Earners at 60% AM 3% growth Total gross rents (-) Vacancies 5% Net rents Condo maintenance fee 3% growth Ancillary Income 3% growth Total Revenues Expenses (-) Operating expenses 3.0% growth (-) Real estate tax 3% growth (-) Capital reserves 3.0% growth Cash flow from Operations (-) Debt service Cash flow after financing Equity =Developer Equity +Developer fee Cash flows Source: Company documents. 

Use the exhibits to help solve

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For the exclusive use of R. Godoy, 202 214-105 Via Verde Exhibit 7 Option A Sources and Uses Sources Government loans HDC First Mortgage HDC Second Mortgage HPD - MIRP - CAPITAL HPD - MIRP - HOME Total Government grants FHLB AHP $1,900,000 AHC Reso A - Bronx BP/City Council Other 49,320,000 Total $51,220,000 Tax credits LIHC/SLIHC Tax Credit $35,783,483 Total $35,783,4 Condo sales Developer equity Total sources $87,003,483 Uses Acquisition $226,753 Hard costs 66,263,400 Soft costs 18,263,330 Developer fee 2,250,000 Total uses $87,003,483 290 Total Units Per unit $300,012 

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Exhibit 12 Option C Sources and Uses Sources Government loans HDC First Mortgage $5,580,000 HDC Second Mortgage 17,450,000 HPD - MIRP - CAPITAL 18,861,226 HPD - MIRP - HOME 3,229,210 Total $45,120,436 Government grants FHLB AHP $1,900,000 AHC 2, 117,500 Reso A - Bronx BP/City Council 1,500,000 Other 2,567,331 Total $8,084,831 Tax credits LIHC/SLIHC Tax Credit $30,133,651 Total $ 30,133,651 Condo sales $ 10,852, 165 Developer equity $2,675,000 Total sources $96,866,083 Uses Acquisition $226,753 Hard costs 73,626,000 Soft costs 18,263,330 Developer fee 4,750,000 Total uses $96,866,083