Common use of Development Specific CROWN Requirements Clause in Contracts

Development Specific CROWN Requirements. 1. The Owner has constructed (list the number of dwelling units) units (the “Home(s)”), and at the end of the Development’s 15-year compliance period the Owner will make these Home(s) available for sale to qualified tenants. 2. The cost per Home is $ (average cost, based on Final Cost Certification Documentation submitted to NIFA on , 20 ). 3. The Home(s) will be sold for a price determined under Section 42(i)(7) of the Internal Revenue Code of 1986, as amended. The minimum purchase price under this subparagraph is an amount equal to the sum of: a. the principal amount of outstanding indebtedness secured by each Crown Unit (other than indebtedness incurred within the 5-year period ending on the date of the sale to a qualified tenant), plus b. all Federal, State, and local taxes attributable to such sale. 4. The Owner shall establish a “Rent to Own” program under which a qualified tenant can purchase a Home at the end of the Development’s 15-year compliance period. The Owner will establish a separate tenant escrow account for each tenant. The tenant escrow will be held in an interest bearing account and will be utilized as discussed in Section 1.2 above. The funds can be used for the following: (i) down- payment, (ii) closing cost assistance, and/or (iii) any physical upgrades as set forth in Section 6 which may be required on a replacement basis. 5. The Owner will provide NIFA copies of all bank statements related to the tenant escrow accounts described above, as requested throughout the term of the Development’s 15-year compliance period. 6. The Owner will, on an as needed basis, renovate a Home prior to the sale to a qualified tenant. Renovations include, but are not limited to: a. Repair or replacement of the roof.‌ b. Replacement of all appliances. c. Replacement of all floor coverings (vinyl and carpet). d. Complete repainting of all interior rooms. e. Replacement of a garage door. 7. Estimated costs for renovation are estimated to be $ Funding for renovations include the following sources: a. Any remaining replacement reserves.

Development Specific CROWN Requirements. 1. The Owner has constructed (list the number of dwelling units) units (the “Home(s)”), and at the end of the Development’s 15-year compliance period the Owner will make these Home(s) available for sale to qualified tenants. 2. The cost per Home is $ (average cost, based on Final Cost Certification Documentation submitted to NIFA on , 20 ). 3. The Home(s) will be sold for a price determined under Section 42(i)(7) of the Internal Revenue Code of 1986, as amended. The minimum purchase price under this subparagraph is an amount equal to the sum of: a. the principal amount of outstanding indebtedness secured by each Crown Unit (other than indebtedness incurred within the 5-year period ending on the date of the sale to a qualified tenant), plus b. all Federal, State, and local taxes attributable to such sale. 4. The Owner shall establish a “Rent to Own” program under which a qualified tenant can purchase a Home at the end of the Development’s 15-year compliance period. The Owner will establish a separate tenant escrow account for each tenant. The tenant escrow will be held in an interest bearing account and will be utilized as discussed in Section 1.2 above. The funds can be used for the following: (i) down- payment, (ii) closing cost assistance, and/or (iii) any physical upgrades as set forth in Section 6 which may be required on a replacement basis. 5. The Owner will provide NIFA copies of all bank statements related to the tenant escrow accounts described above, as requested throughout the term of the Development’s 15-year compliance period. 6. The Owner will, on an as needed basis, renovate a Home prior to the sale to a qualified tenant. Renovations include, but are not limited to: a. Repair or replacement of the roof.‌roof. b. Replacement of all appliances. c. Replacement of all floor coverings (vinyl and carpet). d. Complete repainting of all interior rooms. e. Replacement of a garage door. 7. Estimated costs for renovation are estimated to be $ Funding for renovations include the following sources: a. Any remaining replacement reserves. b. Operating reserve. c. Any needed short term financing until the Crown Unit is sold. per Home. 8. Replacement reserves will be established by the Owner, and will be used to repair or replacement items as set forth in Section 6. During the Development’s 15-year compliance period, $ will be set-aside for the replacement reserve ($ per year per Home). 9. An operating reserve will be established by the Owner, and will be used to fund any operating and/or debt-service shortfalls during the Development’s 15-year compliance period (the “Operating Reserve”). Based on the Final Cost Certification Documentation submitted to NIFA on , 20 , the required Operating Reserve for this Development is $ . (this “Agreement” or this “Property Management Agreement”) is made effective as of the [ ] day of [DATE], 20 , by and between [NAME], a Nebraska [ENTITY] (“Owner”), and [NAME], a Nebraska [ENTITY] (“Manager”). Capitalized terms not defined herein shall have the respective meanings set forth in the First Amended and Restated Agreement of Limited Partnership of Owner dated [DATE] (the “Partnership Agreement”)

Development Specific CROWN Requirements. 1. The Owner has constructed (list the number of dwelling unitshomes) units (the “Home(s)”), and at the end of the Development’s 15-year compliance period the Owner will make these Home(s) Homes available for sale to qualified tenants. 2. The cost per Home is $ (average cost, based on Final Cost Certification Documentation submitted to NIFA on , 20 ). 3. The Home(s) Homes will be sold for a price determined under Section 42(i)(7) of the Internal Revenue Code of 1986, as amended. The minimum purchase price under this subparagraph is an amount equal to the sum of: a. the principal amount of outstanding indebtedness secured by each Crown Unit Home (other than indebtedness incurred within the 5-year period ending on the date of the sale to a qualified tenantthe tenants), plus b. all Federal, State, and local taxes attributable to such sale.. 4832-2926-6180.1 Model Crown ▇▇▇▇ 4. The It is the intent of the Owner shall to establish a “Rent to Own” program under which a qualified tenant can purchase a Home at the end of the Development’s 15-year compliance period. The Owner will establish a separate tenant escrow account for each tenant. The tenant escrow will account shall be held in an interest bearing account and will be utilized as discussed in Section 1.2 above. The funds can specific utilization of these monies will be used for the following: (i) down- down-payment, (ii) closing cost assistance, and/or (iii) and any physical upgrades as set forth in Section 6 which may be required on a replacement basis. 5. The Owner will provide NIFA copies of all bank statements related to the tenant escrow accounts described above, as requested throughout the term of the Development’s 15-year compliance period. 6. The Owner will, on an as needed basis, renovate a the Home prior to the sale to a qualified tenant. Renovations These renovations will include, but are not limited to: a. Repair or replacement of the roof.‌roof. b. Replacement of all appliances. c. Replacement of all floor coverings (vinyl and carpet). d. Complete repainting of all interior rooms. e. Replacement of a garage door. 7. Estimated The estimated costs for renovation are estimated to be at $ Funding for renovations include the following this renovation will be funded from three sources:. a. Any remaining replacement reserves. b. Operating reserve. c. Any needed short term financing until the home is sold. per Home. 8. The replacement reserve will be established by the Owner, and will be used to repair or replacement items as set forth in Section 6. During the Development’s 15-year compliance period, $ will be set-aside for the replacement reserve ($ per year). 9. The operating reserve will be established by the Owner, and will be used to fund any operating and/or debt-service shortfalls during the Development’s 15-year compliance period. The amount of the required operating reserve for this Development totals $ . This amount was taken from the Final Cost Certification Documentation submitted to NIFA on , 20 . Model Crown ▇▇▇▇ 2 Section 1. Definitions 2 Section 2. Representation, Covenants and Warranties of the Owner 3 Section 3. Residential Rental Project 4 Section 4. Occupancy Restrictions 6 Section 5. Term of Restrictions 9

Development Specific CROWN Requirements. 1. The Owner has constructed (list the number of dwelling unitshomes) units (the “Home(s)”), and at the end of the Development’s 15-year compliance period the Owner will make these Home(s) Homes available for sale to qualified tenants. 2. The cost per Home is $ (average cost, based on Final Cost Certification Documentation submitted to NIFA on , 20 ). 3. The Home(s) Homes will be sold for a price determined under Section 42(i)(7) of the Internal Revenue Code of 1986, as amended. The minimum purchase price under this subparagraph is an amount equal to the sum of: a. the principal amount of outstanding indebtedness secured by each Crown Unit Home (other than indebtedness incurred within the 5-year period ending on the date of the sale to a qualified tenantthe tenants), plus b. all Federal, State, and local taxes attributable to such sale.. 4832-2926-6180.1 Model Crown ▇▇▇▇ 4. The It is the intent of the Owner shall to establish a “Rent to Own” program under which a qualified tenant can purchase a Home at the end of the Development’s 15-year compliance period. The Owner will establish a separate tenant escrow account for each tenant. The tenant escrow will account shall be held in an interest bearing account and will be utilized as discussed in Section 1.2 above. The funds can specific utilization of these monies will be used for the following: (i) down- down-payment, (ii) closing cost assistance, and/or (iii) and any physical upgrades as set forth in Section 6 which may be required on a replacement basis. 5. The Owner will provide NIFA copies of all bank statements related to the tenant escrow accounts described above, as requested throughout the term of the Development’s 15-year compliance period. 6. The Owner will, on an as needed basis, renovate a the Home prior to the sale to a qualified tenant. Renovations These renovations will include, but are not limited to: a. Repair or replacement of the roof.‌roof. b. Replacement of all appliances. c. Replacement of all floor coverings (vinyl and carpet). d. Complete repainting of all interior rooms. e. Replacement of a garage door. 7. Estimated The estimated costs for renovation are estimated to be at $ Funding for renovations include the following this renovation will be funded from three sources:. a. Any remaining replacement reserves. b. Operating reserve. c. Any needed short term financing until the home is sold. per Home. 8. The replacement reserve will be established by the Owner, and will be used to repair or replacement items as set forth in Section 6. During the Development’s 15-year compliance period, $ will be set-aside for the replacement reserve ($ per year). 9. The operating reserve will be established by the Owner, and will be used to fund any operating and/or debt-service shortfalls during the Development’s 15-year compliance period. The amount of the required operating reserve for this Development totals $ . This amount was taken from the Final Cost Certification Documentation submitted to NIFA on , 20 .

Development Specific CROWN Requirements. 1. The Owner has constructed (list the number of dwelling housing units) units (the “Home(s)”), and at the end of the Development’s 15-year compliance period the Owner will make these Home(s) Homes available for sale to qualified tenants. 2. The cost per Home is $ (average cost, based on Final Cost Certification Documentation submitted to NIFA on , 20 ). 3. The Home(s) Homes will be sold for a price determined under Section 42(i)(7) of the Internal Revenue Code of 1986, as amended. The minimum purchase price under this subparagraph is an amount equal to the sum of: a. the principal amount of outstanding indebtedness secured by each Crown Unit Home (other than indebtedness incurred within the 5-year period ending on the date of the sale to a qualified tenant), plus b. all Federal, State, and local taxes attributable to such sale. NIFA encourages the purchase price to result in a monthly mortgage payment that does not exceed the amount of the tenant’s rent at the time of the sale, to the greatest extent possible or 75% of the appraised value whichever is lower. 4. The Owner shall establish a “Rent to Own” program under which a qualified tenant can purchase a Home at the end of the Development’s 15-year compliance period. The Owner will establish a separate tenant escrow account for each tenant. The tenant escrow will funds shall be held in an interest interest-bearing account and will be utilized as discussed set out in Section 1.2 above. The specific utilization of these funds can be used for the following: (i) down- down-payment, (ii) closing cost assistance, and/or (iii) payment of hardship debt, moving expenses, and any physical upgrades as beyond those set forth in Section 6 which may be required on a replacement basis6. 5. The Owner will provide NIFA copies of all bank statements related to evidence that the tenant escrow accounts described above, as requested throughout the term of the Development’s 15-year compliance period. 6. The Owner will, on an as needed basis, renovate a following has been completed for each Home prior to the sale to a qualified tenant. Renovations include, but are not limited to: a. Repair or replacement of the roof.‌roof. b. Replacement of all appliances. c. Replacement of all floor coverings (vinyl and carpet). d. Complete repainting of all interior rooms. e. Replacement of a garage door. 76. Estimated The estimated costs for renovation the above renovations are estimated to at $ per Home. The expense for these renovations will be $ Funding for renovations include the following funded from three (3) sources: a. Any remaining replacement reserves. b. Operating reserve. c. Any needed short-term financing until the Home is sold.

Development Specific CROWN Requirements. 1. The Owner has constructed (list the number of dwelling units) units (the “Home(s)”), and at the end of the Development’s 15-year compliance period the Owner will make these Home(s) available for sale to qualified tenants. 2. The cost per Home is $ (average cost, based on Final Cost Certification Documentation submitted to NIFA on , 20 ). 3. The Home(s) will be sold for a price determined under Section 42(i)(7) of the Internal Revenue Code of 1986, as amended. The minimum purchase price under this subparagraph is an amount equal to the sum of: a. the principal amount of outstanding indebtedness secured by each Crown Unit (other than indebtedness incurred within the 5-year period ending on the date of the sale to a qualified tenant), plus b. all Federal, State, and local taxes attributable to such sale. 4. The Owner shall establish a “Rent to Own” program under which a qualified tenant can purchase a Home at the end of the Development’s 15-year compliance period. The Owner will establish a separate tenant escrow account for each tenant. The tenant escrow will be held in an interest bearing account and will be utilized as discussed in Section 1.2 above. The funds can be used for the following: (i) down- payment, (ii) closing cost assistance, and/or (iii) any physical upgrades as set forth in Section 6 which may be required on a replacement basis. 5. The Owner will provide NIFA copies of all bank statements related to the tenant escrow accounts described above, as requested throughout the term of the Development’s 15-year compliance period. 6. The Owner will, on an as needed basis, renovate a Home prior to the sale to a qualified tenant. Renovations include, but are not limited to: a. Repair or replacement of the roof.‌roof. b. Replacement of all appliances. c. Replacement of all floor coverings (vinyl and carpet).carpet).‌ d. Complete repainting of all interior rooms. e. Replacement of a garage door. 7. Estimated costs for renovation are estimated to be $ per Home. Funding for renovations include the following sources: a. Any remaining replacement reserves.