Common use of Operating Review Clause in Contracts

Operating Review. Rent Analysis Proposed Rents Bedroom Size Number of Units Set Aside % High HOME Rent Limit Base Rent Utility Allowance TTP Annual Gross Potential Rents 1 4 30% 765 558 46 604 $26,784 1 24 80% 765 719 46 765 $207,072 1 12 Mkt 765 765 N/A 765 $110,160 2 5 30% 921 672 53 725 $40,320 2 30 80% 921 868 53 921 $312,480 2 15 Mkt 921 921 N/A 921 $165,780 3 1 30% 1,054 776 61 837 $9,312 3 6 80% 1,054 993 61 1,054 $71,496 3 3 Mkt 1,054 1,054 N/A 1,054 $37,944 The development will house tenants earning 30%-80% or less of Area Median Income (AMI) and will offer market rate units. Units set aside for tenants earning 30% AMI represent 10% of the units. The rents reflected in the table above are in line with the HUD High HOME Rent Limits. Development Expense Analysis Operating Expense Projected Expense Proposed % of Operations 0000 Xxxxx Xxxxx Median Operating Expense Distribution Variance Administrative $36,250.00 8.18% 12.4% 4.22% Management Fee $46,497.35 10.49% 8.2% 2.29% Payroll $109,700.00 24.75% 24.1% 0.65% Repairs & Maint. $65,500.00 14.78% 18.9% 4.12% Utilities $96,300.00 21.73% 14.7% 7.03% Property Insurance $45,000.00 10.15% 7.1% 3.05% Property Tax $44,000.00 9.93% 11.3% 1.37%

Operating Review. Rent Analysis Proposed Rents Bedroom Size Number of Units Set Aside % High HOME Rent Limit Base Rent Utility Allowance TTP Annual Gross Potential Rents 1 1 30% 1,086 464 69 533 5,568 1 1 30% 1,086 464 69 533 5,568 1 7 80% 1,086 925 69 994 77,700 1 5 Mkt N/A 975 N/A 975 58,500 2 4 30% 765 558 46 604 $26,784 1 24 1,315 551 89 640 26,448 2 28 80% 765 719 46 765 $207,072 1 12 1,315 995 89 1,084 334,320 2 10 Mkt 765 765 N/A 765 $110,160 2 5 30% 921 672 53 725 $40,320 2 30 80% 921 868 53 921 $312,480 2 15 Mkt 921 921 1,125 N/A 921 $165,780 3 1 30% 1,054 776 61 837 $9,312 3 6 80% 1,054 993 61 1,054 $71,496 3 3 Mkt 1,054 1,054 N/A 1,054 $37,944 1,125 135,000 The development will house tenants provides housing for households earning 30%-80% or less of Area Median Income (AMI) and will offer AMI as well as providing market rate units. Units Approximately 11% of the units will be set aside for tenants earning 30% AMI represent 10% of the unitsand below. The rents proposed by the applicant and reflected in the table above are in line with the HUD High HOME Rent Limitsrent limits. Development Expense Analysis Operating Expense Projected Expense Proposed % of Operations 0000 Xxxxx Xxxxx Median Operating Expense Distribution Variance Administrative $36,250.00 8.1826,550.00 8.78% 12.4% 4.223.62% Management Fee $46,497.35 10.4926,880.00 8.89% 8.2% 2.290.69% Payroll $109,700.00 24.7564,750.00 21.42% 24.1% 0.652.68% Repairs & Maint. $65,500.00 14.7830,200.00 9.99% 18.9% 4.128.91% Utilities $96,300.00 21.7337,700.00 12.47% 14.7% 7.032.23% Property Insurance $45,000.00 10.1521,000.00 6.95% 7.1% 3.050.15% Property Tax $44,000.00 9.9395,200.00 31.49% 11.3% 1.3720.19%

Operating Review. Rent Analysis Proposed Rents Bedroom Size Number of Units Set Aside % High HOME Rent Limit Base Rent Utility Allowance TTP Annual Gross Potential Rents 1 4 30% 765 558 46 604 $26,784 1 24 80% 765 719 46 765 $207,072 1 12 0 13 Mkt 765 765 N/A 765 805 0 805 $110,160 2 5 30% 921 672 53 725 $40,320 2 30 125,580 1 50 80% 921 868 53 921 699 652 47 699 $312,480 2 15 391,200 1 36 Mkt 921 921 N/A 921 1,050 0 1,050 $165,780 3 1 30% 1,054 776 61 837 $9,312 3 6 453,600 2 55 80% 1,054 993 856 795 61 1,054 856 $71,496 3 3 524,700 2 51 Mkt 1,054 1,054 N/A 1,054 1,400 0 1,400 $37,944 856,800 3 2 80% 1,010 931 79 1,010 $22,344 3 2 Mkt N/A 1,820 0 1,820 $43,680 The applicant is proposing a mixed income development will house tenants earning 30%-80with an 80% or less of Area Median Income (AMI) and will offer market rate units. Units lower AMI set aside for tenants earning 30% AMI represent 10% of the 107 units. The low-income unit rents reflected in the table above proposed are in line with the HUD High HOME Rent Limitsrent limits. The remainder will consist of 102 market rate units. Development Expense Analysis Operating Expense Projected Expense Proposed % of Operations 0000 Xxxxx Xxxxx Median Operating Expense Distribution Variance Administrative $36,250.00 8.1863,781.00 5.64% 12.4% 4.226.76% Management Fee $46,497.35 10.4973,144.84 6.47% 8.2% 2.291.73% Payroll $109,700.00 24.75273,725.00 24.22% 24.1% 0.650.12% Repairs & Maint. $65,500.00 14.78100,746.25 8.92% 18.9% 4.129.98% Utilities $96,300.00 21.7364,246.00 5.69% 14.7% 7.039.01% Property Insurance $45,000.00 10.15109,349.43 9.68% 7.1% 3.052.58% Property Tax $44,000.00 9.93445,070.00 39.38% 11.3% 1.3728.08%

Operating Review. Rent Analysis Proposed Rents Bedroom Size Number of Units Set Aside % High HOME Rent Limit Base Rent Utility Allowance TTP Annual Gross Potential Rents 1 4 30% 765 558 46 604 $26,784 1 24 55 80% 765 719 46 765 $207,072 953 890 63 953 587,400 1 12 23 Mkt 765 765 N/A 765 $110,160 1,205 0 1,205 332,580 2 5 30% 921 672 53 725 $40,320 2 30 9 80% 921 868 53 921 $312,480 1117 1,022 95 1,117 110,376 2 15 9 Mkt 921 921 N/A 921 $165,780 3 1 301,424 0 1,424 153,792 2 40 80% 1,054 776 61 837 $9,312 1117 1,022 95 1,117 490,560 2 12 Mkt N/A 1,424 0 1,424 205,056 3 6 80% 1,054 993 61 1,054 $71,496 1480 1,362 118 1,480 98,064 3 3 2 Mkt 1,054 1,054 N/A 1,054 $37,944 1,696 0 1,696 40,704 The development will house tenants provides 110 units for households earning 30%-8080% or less of Area Median Income (AMI) AMI and will offer 46 market rate units. Units set aside Rents for tenants earning 30units designated as 80% AMI represent 10% of the units. The rents reflected in the table above are in line with the HUD High HOME Rent Limitsrent limits. Development Expense Analysis Operating Expense Projected Expense Proposed % of Operations 0000 Xxxxx Xxxxx Median Operating Expense Distribution Variance Administrative $36,250.00 8.1885,890.00 10.80% 12.4% 4.221.60% Management Fee $46,497.35 10.4976,800.00 9.66% 8.2% 2.291.46% Payroll $109,700.00 24.75198,100.00 24.92% 24.1% 0.650.82% Repairs & Maint. $65,500.00 14.7883,440.00 10.50% 18.9% 4.128.40% Utilities $96,300.00 21.73137,000.00 17.23% 14.7% 7.032.53% Property Insurance $45,000.00 10.1557,750.00 7.26% 7.1% 3.050.16% Property Tax $44,000.00 9.93156,000.00 19.62% 11.3% 1.378.32%