Orange City Council
October 11, 2022

Prepared For:Mercy Housing CaliforniaPrepared By:California Housing Partnership CorporationVersion: 2.18 Revised: 9/2/2022Filename:

TABLE OF CONTENTS
Sources of Funds…………………………………………..………………………..……..…………………………………………..………………………..……..1 Cash Flow (Residential)…………………………………………..………………………..……..…………………………………………..………………………..……..11aUses of Funds…………………………………………..………………………..……..…………………………………………..………………………..……..2 Cash Flow (Commercial) …………………………………………..………………………..……..…………………………………………..………………………..……..11bDeveloper Fee Calculation…………………………………………..………………………..……..…………………………………………..………………………..……..3 Outstanding Debt & Reserves (Book)…………………………………………..………………………..……..…………………………………………..………………………..……..12aUnit Mix & Rental Income…………………………………………..………………………..……..…………………………………………..………………………..……..4 Outstanding Debt & Reserves (Tax)…………………………………………..………………………..……..…………………………………………..………………………..……..12bTax Credit Calculation…………………………………………..………………………..……..…………………………………………..………………………..……..5 Net Cash Flow Fee Accruals…………………………………………..………………………..……..…………………………………………..………………………..……..12cBase Year Income & Expense…………………………………………..………………………..……..…………………………………………..………………………..……..6 Schedule of Existing Debt…………………………………………..………………………..……..…………………………………………..………………………..……..12dMortgage Calculation & Bond Ratios…………………………………………..………………………..……..…………………………………………..………………………..……..7 Schedule of Deductions…………………………………………..………………………..……..…………………………………………..………………………..……..13Lease-up/Placed-in-Service Schedule…………………………………………..………………………..……..…………………………………………..………………………..……..8 Analysis of Taxable Income…………………………………………..………………………..……..…………………………………………..………………………..……..14Net Syndication Proceeds…………………………………………..………………………..……..…………………………………………..………………………..……..9 Capital Account & Exit Tax Liability…………………………………………..………………………..……..…………………………………………..………………………..……..15TCAC Calculations…………………………………………..………………………..……..…………………………………………..………………………..……..10aInvestment Summary…………………………………………..………………………..……..…………………………………………..………………………..……..16TCAC Transfer Event Calculation…………………………………………..………………………..……..…………………………………………..………………………..……..10bNet Quarterly Benefits…………………………………………..………………………..……..…………………………………………..………………………..……..17

SOURCES OF FUNDS - PERMANENT
AMOUNT

TOTAL INTEREST COST
OID INTEREST RATEAMORT (Yr) COMMENTSTotal Permanent Debt:- Seller Carryback Loan (SJCO)5,705,0003.140%3.140%55.0 Accrued Deferred Interest - Seller Carryback Loan (SJCO)433,092Cal HFA SNHP 3,696,8933.000%1.788%55.0 Per Unit: 73,938 Accrued Deferred Interest - Cal HFA SNHP157,352County of Orange HOME Loan1,020,6003.000%1.788%55.0 Per Unit: 20,412 HCD - NPLH Non-Competitive2,000,0003.000%1.903%55.0 Per Unit: 40,000 HCD - NPLH Competitive3,641,7223.000%1.903%55.0 Per Unit: 72,834 County of Orange MHSA Loan1,400,0003.000%1.788%55.0 Per Unit: 28,000 City of Orange HOME Loan651,2443.000%1.788%55.0 1,600,000 total City LoansPer Unit: 13,025 City of Orange LMIHA Loan576,0003.000%1.788%55.0 Per Unit: 11,520 City of Orange In-Lieu Fees Loan372,7563.000%1.788%55.0 Per Unit: 7,455 Deferred Developer Fee710,2080.000%0.000%Capital Contributions General Partner (Developer Fee)0 Synd Costs 168,500 GP Capital 0 Net Equity for TCAC16,270,135 Limited Partners (Enterprise)16,438,635 Fed LIHTC:$0.9675State LIHTC:$0.80 TOTAL SOURCES 36,803,502Surplus/(Shortfall) 0 Investor:PERMANENT LOAN INTEREST RATETRANCHE ATRANCHE B INVESTOR EQUITY STACKOTHER ASSUMPTIONSBase Rate 4.100%4.100%Cushion 1.000%1.000% LIHTC Equity (Federal+State)16,438,635 Current AFR:3.14%MIP 0.000%0.000% Historic Tax Credit0 AFR Month:9/1/22GNMA/Servicing 0.000%0.000% Investment Tax Credit (Solar PV)0 AFR Cushion:0.00%Issuer 0.050%0.050%4,000Issuer min/yrSubtotal LP Equity16,438,635 Total U/W AFR:3.14%Trustee 0.000%0.000%2,000per annumRating 0.000%0.000%0per annum CA Certificated Credit Sale0Remarketing 0.000%0.000%0per annumTotal Investor Equity16,438,635Rebate Analyst 0.000%0.000%0per annumTotal 5.150%5.150%

SOURCES OF FUNDS - CONSTRUCTION
AMOUNTINTEREST RATETERM (Mos.) COMMENTSUmpqua providing 30-month term, conversion anticipated in 28 months##Umpqua Tax-Exempt Construction Loan17,925,0005.480%28 2,400,000supplemental request15.5%of original allocUmpqua Taxable Construction Loan4,538,2645.980%28Seller Carryback Loan (SJCO)5,705,0003.140%28 Accrued Deferred Interest - Seller Carryback Loan (SJCO)433,092Cal HFA SNHP 3,696,8933.000%28 Accrued Deferred Interest - Cal HFA SNHP157,352Costs Deferred Until Conversion1,272,173 See page 2 - right columnDeferred Developer Fee710,208Capital Contributions LP Equity - Construction Period General Partner (Developer Fee)0 LP Equity used for const.2,365,52014.39% GP Capital 0 LP Equity for bond collateral0 0.00% Limited Partners (Enterprise)2,365,520#REF! Total Equity During Const.2,365,52014.39% TOTAL SOURCES 36,803,502 Syndication Costs168,500Surplus/(Shortfall) 0 Net Equity for TCAC2,197,020Sources Less Deferred To Conversion:35,531,329 Less Costs Deferred to Conv.34,437,982

CONSTRUCTION LOAN INTEREST RATECONSTRUCTION LOAN VALUATIONTAX-EXEMPT BOND DATA Index Type: 30d SOFRRestricted NOI 130,03250% Test (see Page 7):52.60%Current Index: 2.28%OAR 5.00%Issuer Inducement: TBDSpread: 1.20%FMV per NOI 2,600,639CDLAC Allocation:17,925,000 Base Interest Rate (not including cushion):3.48%Agg. Credit Value @ 0.9716,438,635Percent of CDLAC Allocation Used:100.00%Cushion - Total 2.00%Perm-Only Soft Debt9,662,322Const-only portion:17,925,000Interest Rate (All-In) 5.48%Total Value 28,701,596LTV: 85.00% CDLAC Per-Unit Limit27,104,500 Bank underwriting cushion1.00%Max. Const. Loan Amount24,396,357 CDLAC 55% Limit18,743,000 Index increase to close cushion1.00%Commitment Amount TBD CDLAC 52% Target17,721,000

SELLER POSITION
Proceeds of Sale: Uses of Cash to Seller:Sales Price 5,820,000Incl. Reserves & Personal PropertyCash to Seller 115,000includes legal fee of $15KSeller Carryback Note(5,705,000) Repayment of Debt0Cash to Seller 115,000 Net Cash to Seller115,000 Mercy Villa St Joseph 2.18 pre-closing.xlsm
Villa St. Joseph

Uses of Funds Version:2.18
100.00%COST ALLOCATIONS LIHTC ELIGIBLE BASISOTHER BASIS & COST ALLOCATIONS100.00%Assuming 266 Election?Yes Deferred toDepreciable CompletionLand/BasisITC TaxTotal Total Non-Non- Constr./ or forCredit BasisTOTALResidentialResidentialDepreciableResidentialNon-Resid.ExpensedAmortizedRehabAcquisitionPerm Conv.50% Test(Solar PV) ACQUISITION COSTS Total Purchase Price - Real Estate:5,820,000 Building - VSJ 5,820,0005,820,0000 5,820,000 0 5,820,000 05,820,000Legal - Acquisition 10,00010,0000 0 10,000 0 10,000 010,000Off-site Improvements 0 0 0 0 0 0 0 0 0 0 HARD COSTS Total Construction Contract:18,549,721
NEW CONSTRUCTIONDemolition 684,952684,9520 0 684,952 0 0 684,952 0684,952Hard Costs-Unit Construction14,109,10514,109,1050 14,109,105 0 0 14,109,105 014,109,105Personal Property in Construction Contract286,548286,5480 286,548 0 0 286,548 0286,548Site Improvements/Landscape413,177413,1770 413,177 0 413,177 0413,177GC - General Conditions827,480827,4800 827,480 0 827,480 0827,480GC - Overhead & Profit1,013,8241,013,8240 1,013,824 0 1,013,824 01,013,824GC - Insurance 331,315331,3150 331,315 0 331,315 0331,3150.05 Contingency - Escalation883,320883,3200 883,320 0 883,320 0883,3200.1 Contingency - Owner's Construction1,854,9721,854,9720 1,854,972 0 1,854,972 01,854,972 SOFT COSTSArchitecture - Design634,650634,6500 634,650 0 634,650 0634,6500Architecture - Supervision143,175143,1750 143,175 0 143,175 0143,1750Design/Engineering - Civil90,05590,0550 90,055 0 90,055 090,0550Phase I/II/Toxics Report16,00016,0000 16,000 0 16,000 016,000Special Inspections/CASp/ADA25,00025,0000 25,000 0 25,000 025,000Prevailing Wage Monitor45,00045,0000 45,000 0 45,000 045,0000Owner's Rep / Construction Supervision142,000142,0000 142,000 0 142,000 0142,0000Local Development Impact Fees1,125,6211,125,6210 1,125,621 0 1,125,621 01,125,621Impact Fee Waiver 0 0 0 0Local Permits/Fees 300,000300,0000 300,000 0 300,000 0300,000Utilty Connection Fees150,000150,0000 150,000 0 150,000 0150,0000Security During Const 0 0 0 0 0 0 0 0 0 0Real Estate Taxes During Const109,313109,3130 63,766 045,547 63,766 0 063,766Insurance During Const400,520400,5200 400,520 0 0 400,520 0 0400,5200Appraisal 5,0005,000 0 5,000 0 0 5,000 0 5,000Market/Rent Comp Study13,50013,5000 13,500 0 0 0OC Supportive Housing Monitoring Fee4,2504,250 0 0 0 4,250 0 0 0Soft Cost Contingency350,868350,8680 350,868 0 350,868 0350,868Predev. Loan Interest/Fees 61,50061,5000 61,500 0 0 61,500 061,500Construction Loan Interest1,776,3081,776,3080 957,733 0818,575 957,733 0 0957,7330 Construction Loan Interest - Tail226,157226,1570 0 0226,157 0 0 0 0 Accrued Interest - Seller Carryback Loan (SJCO)433,092433,0920 0 0433,092 0 0 0 0Accrued Interest - Cal HFA SNHP157,352157,3520 100,400 056,952 100,400 0100,400Title/Recording/Escrow - Construction80,00080,0000 80,000 0 80,000 0 080,000Title/Recording/Escrow - Permanent40,00040,0000 40,000 40,000Legal (Owner): Construction Closing80,00080,0000 80,000 0 80,000 0 080,000 Syndication - LP45,00045,000022,500 22,500 0Syndication Consulting93,50093,500093,500 0 0 2,500Audit/Cost Certification30,00030,0000 30,000 0TCAC Application/Res/Monitoring Fee89,47089,4700 89,470 20,500Marketing 200,000200,0000 200,000 0Furnishings Not in Contract324,000324,0000 324,000 0 324,000 0324,000Start-up /Lease-up Reserve15,00015,000015,000 0 0Capitalized Operating Reserve (4 mos.)204,000204,0000204,000 204,000Capitalized HCD Subsidy Transistion Reserve289,256289,2560289,256 289,256Developer Fee 2,500,0002,500,0000 2,500,0000 2,500,000 0 715,9172,500,000- COSTS OF ISSUANCE/FINANCING FEESBond Counsel 50,00050,000050,000 0 0 0 0 0 0Issuer Application Fee2,5002,500 0 1,600 0 900 0 0 0 1,600Issuer Fee - Upfront 31,10931,1090 19,910 011,199 0 0 019,910Issuer Fee - Annual During Const.17,92517,9250 11,472 06,453 0 0 011,472Construction Lender Origination Fee152,933152,9330 107,550 045,383 0 107,550 0107,550Construction Lender Expenses25,00025,0000 25,000 0 0 25,000 025,000Construction Lender Counsel75,00075,0000 75,000 0 0 75,000 075,000Trustee Fee During Construction4,0004,000 0 2,560 01,440 0 0 0 2,560CDLAC Fee 6,2746,274 0 4,015 02,259 0 0 0 4,015CDIAC Fee 4,4814,481 0 2,868 01,613 0 0 0 2,868Subtotal - Financing/Costs of Issuance369,222369,222050,000249,975069,2470207,5500 0249,9750 TOTAL DEVELOPMENT COSTS36,803,50236,803,5020674,25634,079,95601,679,570369,72028,146,0315,891,5001,272,17334,079,9560TDC Per Unit 736,070100.00%TDC Net of accrued interest:36,213,058TDC TCAC 36,635,00236,635,002 Villa St. Joseph

Developer Fee Calculation Version: 2.18

MAXIMUM DEVELOPER FEE CALCULATION
CONST. ACQ. TOTAL
Fee per Base TCAC Formula3,846,905883,7254,730,630
Percent of Total81.32% 18.68%100.00%
Max. Allowable Fee per TCAC (prorated)3,846,905883,7254,730,630 Less: Development Consulting0 0
Net Allowable3,846,905883,7254,730,630
Less: Owner Reduction 0 0 0
Net Allowable3,846,905883,7254,730,630
Maximum Base Developer Fee per TCAC 4,730,630
Maximum Developer Fee per HCD N/A
Maximum Developer Fee per Local N/A
Maximum Developer Fee per Owner 2,500,000
Maximum Developer Fee at Max Cash Fee
Most Restrictive Maximum Developer Fee: 2,500,000
Maximum Cash Fee per TCAC(Lesser of Calc. or Reservation Amount)2,500,000 Maximum Cash Fee per HCDNPLH guidelines 2,000,000
Maximum Cash Fee per Local N/A
Maximum Cash Fee per Owner N/A
Most Restrictive Maximum Cash Fee: 2,000,000

ACTUAL DEVELOPER FEE PAYMENT SCHEDULE

Amount% of Cash Fee% of Total Fee
Construction Close 715,917 40.00% 28.64% Completion 357,958 20.00% 14.32% Conversion 615,917 34.41% 24.64% Final LP Pay-in 1 100,000 5.59% 4.00% Total: Cash Fee 1,789,792
Plus: Deferred Developer Fee 710,208 28.41%
Plus: GP Capital 0 0.00%
Total Developer Fee 2,500,000
Villa St. Joseph

Unit Mix & Rental Income Version:2.18
UTILITY ALLOWANCES0BR1BR2BR3BR4BR5BRAVERAGE AFFORDABILITY FOR VSJ 64 74 103 82 - - LIHTC UNITS (% of Median)33.88% 0 - - - - - - 0 - - - - - - RENT LIMITS AS OF YEAR:2022

RESIDENTIAL INCOME
LIHTC - Tier 1VSJ TCAC20%AMI % of Units:36.73% Section 8SUBSIDIZED Unit TypeNumberUnit Floor Area
Actual Rent TCAC AMI %
Per Unit Monthly Gross Rent
Per Unit Regulatory Net Rent
Per Unit Actual Net Rent
Total Monthly Net Rent
Total Annual Net Rent
Number of Subsidized Units
Per Unit Net Subsidy Rents
Per Unit Subsidy Increment
Total Monthly Subsidy
Total Annual Subsidy
Total Annual Income
1BR 1850020.0% 508 434 4347,81293,744 181,8501,41625,488305,856399,600 TOTAL18 PSH- NPLH units 7,81293,744 18 25,488305,856399,600 LIHTC - Tier 2VSJ TCAC30%AMI % of Units:12.24% NOTSUBSIDIZED Unit TypeNumberUnit Floor Area
Actual Rent TCAC AMI %
Per Unit Monthly Gross Rent
Per Unit Regulatory Net Rent
Per Unit Actual Net Rent
Total Monthly Net Rent
Total Annual Net Rent
Number of Subsidized Units
Per Unit Net Subsidy Rents
Per Unit Subsidy Increment
Total Monthly Subsidy
Total Annual Subsidy
Total Annual Income
0BR 2 37530.0% 712 648 6481,29615,552 0 0 0 0 015,5521BR 4 50030.0% 762 688 6882,75233,024 0 0 0 0 033,024 TOTAL6 4,04848,576 0 0 048,576
LIHTC - Tier 3VSJ TCAC40%AMI % of Units:26.53% NOTSUBSIDIZED Unit TypeNumberUnit Floor Area
Actual Rent TCAC AMI %
Per Unit Monthly Gross Rent
Per Unit Regulatory Net Rent
Per Unit Actual Net Rent
Total Monthly Net Rent
Total Annual Net Rent
Number of Subsidized Units
Per Unit Net Subsidy Rents
Per Unit Subsidy Increment
Total Monthly Subsidy
Total Annual Subsidy
Total Annual Income
0BR 2 37540.0% 949 885 8851,77021,240 0 0 0 0 021,2401BR 1150040.0% 1,016942 94210,362124,344 0 0 0 0 0124,344 TOTAL13 12,132145,584 0 0 0145,584
LIHTC - Tier 4VSJ TCAC50%AMI % of Units:24.49% NOTSUBSIDIZED Unit TypeNumberUnit Floor Area
Actual Rent TCAC AMI %
Per Unit Monthly Gross Rent
Per Unit Regulatory Net Rent
Per Unit Actual Net Rent
Total Monthly Net Rent
Total Annual Net Rent
Number of Subsidized Units
Per Unit Net Subsidy Rents
Per Unit Subsidy Increment
Total Monthly Subsidy
Total Annual Subsidy
Total Annual Income
0BR 2 37550.0% 1,1861,1221,1222,24426,928 0 0 0 0 026,9281BR 1050050.0% 1,2701,1961,19611,960143,520 0 0 0 0 0143,520 TOTAL12 14,204170,448 0 0 0170,448
Staff Units - Site 1VSJ
Unit TypeNumberUnit Floor Area
Actual Rent TCAC AMI %
Per Unit Monthly Gross Rent
Per Unit Regulatory Net Rent
Per Unit Actual Net Rent
Total Monthly Net Rent
Total Annual Net Rent
2BR 1 8000.0% 0 0 0 0 0
TOTAL1 0 0

TOTAL RESIDENTIAL INCOME
Number
Total Monthly Net Rent
Total Annual Net Rent
Monthly Section 8 Income
Annual Section 8 IncomeMonthly NA IncomeAnnual NA Income Monthly Test C Income
Annual Test C Income
Monthly Test D Income
Annual Test D Income
Grand Total IncomeTotal Floor AreaLIHTC 49 38,196 458,352 25,488 305,856 0 0 0 0 0 0 764,208 23,750 Non-LIHTC 0 0 0 0 0 0 0 0 0 0 0 0 0 Staff Units 1 0 0 0 0 0 0 0 0 0 0 0 800 TOTAL 50 38,196 458,352 25,488 305,856 0 0 0 0 0 0 764,208 24,550

MISCELLANEOUS INCOME SUBSIDIZED UNIT MIX SUMMARY
Per Unit Per MonthMonthly TotalAnnual Total
Laundry / Vending 5.00 250 3,000 Units With Section 8
Units Without SubsidyOther 0.00 0 0 Unit Type Units With Units With Units With Total UnitsParking 0.00 0 0 0BR 0 0 0 0 6 61BR 18 0 0 0 25 43TOTAL 5.00 250 3,000 2BR 0 0 0 0 1 1TOTAL 18 0 0 0 32 50

SCATTERED SITE UNIT MIX SUMMARY
LIHTC Non-LIHTC STAFF UNITS
Unit TypeVSJ0 0 0 0 VSJ0 0 0 0 VSJ0 0 0 00BR6 0 0 0 0 0 0 0 0 0 0 0 0 0 01BR43 0 0 0 0 0 0 0 0 0 0 0 0 0 02BR0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 TOTAL49 0 0 0 0 0 0 0 0 0 1 0 0 0 0

TOTAL ALL TYPES
Unit Type VSJ 0 0 0 00BR 6 0 0 0 01BR 43 0 0 0 02BR 1 0 0 0 0 TOTAL50 0 0 0 0
Villa St. Joseph

Calculation of Tax Credits Version: 2.18

FEDERAL CALIFORNIA

CONST/ CONST/

ACQUISITIONREHAB TOTALACQUISITIONREHAB TOTAL

TOTAL ELIGIBLE COSTS 5,891,50028,146,03134,037,531 0 0 0 Less:

Voluntary Reduction for Tie-Breaker 0 0 0 0 0 0

ELIGIBLE BASIS 5,891,50028,146,03134,037,531 0 0 0
Threshold Basis Limit 49,868,829
TBL: Exclude GP Cap/DDF for 4%/State 0
REQUESTED UNADJUSTED ELIGIBLE BASIS (For Tiebreaker)5,891,50028,146,03134,037,531 0 0 0 HIGH COST ADJUSTMENT (Y or N)Y 100.0% 130.0% 100.0% 100.0% DDA 2021-2022
ADJUSTED ELIGIBLE BASIS 5,891,50036,589,84142,481,341 0 0 0 APPLICABLE FRACTION* 100.0% 100.0% 100.0% 100.0%

QUALIFIED CREDIT BASIS 5,891,50036,589,84142,481,341 0 0 0 CREDIT RATE (TCAC UNDERWRITING)State - Total 13.00% 13.00% Federal Annual/Yr 1-3 State4.00% 4.00% 4.00% 4.00%
Year 4 - State 1.00% 1.00%
MAX. POTENTIAL FEDERAL CREDIT (No Vol Basic Reduct/Actual Rate) Credit Rates 4.00% 4.00%
Potential Credit235,6601,463,5941,699,254
Credit Rate Locked? NO
MAX. CREDIT AMOUNT PER TCAC UNDERWRITING
Federal Annual/Yr 1State235,6601,463,5941,699,254 0 0 0 Yr 2 State 0 0 0
Yr 3 State 0 0 0
Yr 4 State 0 0 0
Total 0 0 0
Federal Annual/Total StateN/A N/A N/A N/A N/A N/A

MAXIMUM ALLOWABLE CREDITS (Lesser of above)
Federal Annual/Total State235,6601,463,5941,699,254 0

MAXIMUM ALLOWABLE - TEN YEAR TOTAL 16,992,536 0
Villa St. Joseph

Base Year Income & Expense Version: 2.18

INCOME
Scheduled Gross Income - Residential 458,352
Total Gross Subsidy Income - Section 8 305,856
Misc. Income 3,000
Vacancy Loss - Residential 6.84% (31,556)
Vacancy Loss - Section 8 6.84% (20,921)
EFFECTIVE GROSS INCOME 714,731

EXPENSES - RESIDENTIAL
Administrative
Advertising 2,016
Legal 2,000
Accounting/Audit 15,828
Security 0
Other: Misc. Admin 18,473

Total Administrative 38,317
Management Fee 41,160
Utilities
Gas 9,756
Electricity 14,400
Water/Sewer 18,000
Total Utilities 42,156
Payroll/Payroll Taxes
On-Site Manager/Office Admin 58,400
Maintenance Payroll 94,360
Payroll Taxes/Benefits 37,356
Total Payroll/Payroll Taxes 190,116
Insurance 68,304
Maintenance
Painting 6,192
Repairs 0
Trash Removal 17,112
Exterminating 6,582
Grounds 600
Supplies & Contracts 48,732
Total Maintenance 79,218
Other
Misc. Tax/License 1,500
Total Other 1,500
Resident Services
Tenant Services 91,692
Total Resident Services 91,692
Replacement Reserve 25,000
Real Estate Taxes 7,236
TOTAL EXPENSES - RESIDENTIAL 584,699
Per Unit Per Annum (incl. Reserves) 11,694
Per Unit Per Annum (w/o taxes/res/svc)) 9,215
TCAC Minimum (w/o taxes/res/svc) 4,700
NET AVAILABLE INCOME 130,032
Less: Mandatory Annual HCD Payment (Grossed Up for DSCR Factor) 1.15 (27,250) Less: Ground Lease - Minimum Payment (1)
Less: OCHCD Monitoring Fee (1,710)
ADJUSTED NET AVAILABLE INCOME: TOTAL 101,071
ADJUSTED NET AVAILABLE INCOME: NET OF OP SUBSIDY (183,864) Debt Service Coverage Ratio 1.15
AVAILABLE FOR DEBT SERVICE (NET OF OP SUBSIDY) (159,882) AVAILABLE FOR DEBT SERVICE (OP SUBSIDY OVERHANG) 247,770 NET AVAILABLE INCOME AFTER SENIOR DEBT SERVICE 101,071
Villa St. Joseph

Mortgage Calculation/Bond Ratios Version: 2.18

BOND / REHABILITATION RATIOS
Tax-Exempt Financing Ratio CDLAC Allocation Limit Effective Date Limits:6/9/20 Units Per-Unit LimitTotal Limit
Studio and SRO 6 522,000 3,132,000
One BR 43 544,000 23,392,000
Series A Bonds 0Two BR 1 580,500 580,500
Series B Bonds 0Three BR 0 638,500 0
Short Term Bonds (Construction Loan Portion)17,925,000Four BR or More 0 671,500 0 TOTAL TAX-EXEMPT FINANCING17,925,000
TOTAL27,104,500
TOTAL BASIS + LAND ALLOCATION34,079,956 Potential Bond Size17,925,000 Over/(Under)-9,179,500
Percent Tax-Exempt Financing 52.60%
Cushion to 50%: 885,022
Villa St. Joseph

Lease-Up / Placed-in-Service Schedule Version: 2.18

SCHEDULE
DatesMonths to MilestoneCumulative MonthsStart of ConstructionDecember 1, 20220 0Completion June 1, 202418 18100% OccupancyNovember 1, 20245 23Conversion April 1, 20255 28Form(s) 8609 October 1, 20256 34 LIHTC SCHEDULE LIHTC SCHEDULE -- 2/3 CREDITSOPERATIONS SCHEDULESINGLE BUILDING / MULTIPLE BUILDINGS - GROUP ASINGLE BLDG / MULTIPLE BLDGS - GROUP AYEAR1 1st Tax Credit Year:2024 1st Tax Credit Year (2/3 Units):2025 2024Total # Units:49 Completed Lease Up by MonthTotal QOTotal VacatedCumulativeCumulative MonthNo. UnitsPercent MonthNo. UnitsPercentMonthby Monthby MonthOccupancyOccupancy % Jan-250 0.0% Jan-24 0 0.0%Jan-24 0 0 0 0.00% Feb-250 0.0% Feb-24 0 0.0%Feb-24 0 0 0 0.00% Mar-250 0.0% Mar-24 0 0.0%Mar-24 0 0 0 0.00% Apr-250 0.0% Apr-24 0 0.0%Apr-24 0 0 0 0.00% May-250 0.0% May-24 0 0.0%May-24 0 0 0 0.00% Jun-250 0.0% Jun-24 1020.0%Jun-24 9 0 9 18.37% Jul-250 0.0% Jul-24 1020.0%Jul-24 10 0 19 38.78% Aug-250 0.0% Aug-24 1020.0%Aug-24 10 0 29 59.18% Sep-250 0.0% Sep-24 1020.0%Sep-24 10 0 39 79.59% Oct-250 0.0% Oct-24 1020.0%Oct-24 10 0 49100.00% Nov-250 0.0% Nov-24 0 0.0%Nov-24 0 0 49100.00% Dec-250 0.0% Dec-24 0 0.0%Dec-24 0 0 49100.00% Total0 0.0% Total 50100.0% 1st Year Occupancy: 202441.33% Total Avg % Qual. Occ.0.0% Total % Operating in First Year41.67% MULTIPLE BUILDINGS - GROUP B MULTIPLE BUILDINGS - GROUP BYEAR 2 (cumulative) 2025 1st Tax Credit Year:2025 1st Tax Credit Year (2/3 Units):2026Total # Units: 0Total QOTotal VacatedCumulativeCumulative MonthNo. UnitsPercent MonthNo. UnitsPercentMonthby Monthby MonthOccupancyOccupancy % Jan-260 0.0% Jan-25 50100.0%Jan-25 0 0 0 0.00% Feb-260 0.0% Feb-25 0 0.0%Feb-25 0 0 0 0.00% Mar-260 0.0% Mar-25 0 0.0%Mar-25 0 0 0 0.00% Apr-260 0.0% Apr-25 0 0.0%Apr-25 0 0 0 0.00% May-260 0.0% May-25 0 0.0%May-25 0 0 0 0.00% Jun-260 0.0% Jun-25 0 0.0%Jun-25 0 0 0 0.00% Jul-260 0.0% Jul-25 0 0.0%Jul-25 0 0 0 0.00% Aug-260 0.0% Aug-25 0 0.0%Aug-25 0 0 0 0.00% Sep-260 0.0% Sep-25 0 0.0%Sep-25 0 0 0 0.00% Oct-260 0.0% Oct-25 0 0.0%Oct-25 0 0 0 0.00% Nov-260 0.0% Nov-25 0 0.0%Nov-25 0 0 0 0.00% Dec-260 0.0% Dec-25 0 0.0%Dec-25 0 0 0 0.00% Total0 0.0% Total 50100.0% 1st Year Occupancy: 20250.00% Total Avg % Qual. Occ.0.0% Total % Operating in 2nd Year100.0% PIS SCHEDULE FOR ACQ BASIS DEPRECIATIONPIS SCHEDULE FOR REHAB/NC BASIS DEPRECIATIONPIS SCHEDULE FOR SITEWORK/PERS. PROP. DEPRECIATIONYEAR1 YEAR 1 YEAR 1Mid-Month Convention2024 Mid-Month Convention 2024 Mid-Year Convention 2024 Bldg. PIS by Month Bldg. PIS by Month Bldg. PIS by MonthMonthNo. UnitsDep. Percent MonthBuilding No.No. UnitsPercent MonthBuilding No.No. UnitsPercentJan-24 0 0.0% Jan-24 0 0 0.0% Jan-24 0 0 0.0%Feb-24 0 0.0% Feb-24 0 0 0.0% Feb-24 0 0 0.0%Mar-24 0 0.0% Mar-24 0 0 0.0% Mar-24 0 0 0.0%Apr-24 0 0.0% Apr-24 0 0 0.0% Apr-24 0 0 0.0%May-24 0 0.0% May-24 0 0 0.0% May-24 0 0 0.0%Jun-24 10 0.8% Jun-24 0 100.8% Jun-24 0 10 0.0%Jul-24 20 2.5% Jul-24 1 202.5% Jul-24 1 10 8.3%Aug-24 30 4.2% Aug-24 0 304.2% Aug-24 0 10 8.3%Sep-24 40 5.8% Sep-24 0 405.8% Sep-24 0 10 8.3%Oct-24 50 7.5% Oct-24 0 507.5% Oct-24 0 10 8.3%Nov-24 50 8.3% Nov-24 0 508.3% Nov-24 0 0 8.3%Dec-24 50 8.3% Dec-24 0 508.3% Dec-24 0 0 8.3%TOTAL 50 37.5% TOTAL 5037.5% TOTAL 5050.0% Total Avg % PIS Y1 37.5% Total Avg % PIS Y1 37.5% Total Avg % PIS Y1 50.0%YEAR 2 (cumulative) YEAR 2 (cumulative) YEAR 2 (non-cumulative) Jan-25 50 8.3% Jan-25 0 508.3% Jan-25 0 0 8.3%Feb-25 50 8.3% Feb-25 0 508.3% Feb-25 0 0 8.3%Mar-25 50 8.3% Mar-25 0 508.3% Mar-25 0 0 8.3%Apr-25 50 8.3% Apr-25 0 508.3% Apr-25 0 0 8.3%May-25 50 8.3% May-25 0 508.3% May-25 0 0 8.3%Jun-25 50 8.3% Jun-25 0 508.3% Jun-25 0 0 8.3%Jul-25 50 8.3% Jul-25 0 508.3% Jul-25 0 0 8.3%Aug-25 50 8.3% Aug-25 0 508.3% Aug-25 0 0 8.3%Sep-25 50 8.3% Sep-25 0 508.3% Sep-25 0 0 8.3%Oct-25 50 8.3% Oct-25 0 508.3% Oct-25 0 0 8.3%Nov-25 50 8.3% Nov-25 0 508.3% Nov-25 0 0 8.3%Dec-25 50 8.3% Dec-25 0 508.3% Dec-25 0 0 8.3%TOTAL 50 100.0% TOTAL 50100.0% TOTAL 0100.0% Total Avg % PIS Y2 100.0% Total Avg % PIS Y2 100.0% Total Avg % PIS Y2 100.0% Villa St. Joseph

TCAC Calculations & Scoring Version: 2.18

THRESHOLD BASIS LIMIT
County: Orange
9% or 4% credits: 4%
Year: 2022
Base Limits for Geographic RegionThreshold Basis Limit for This Project Per Unit
Unit Type 9% 4% Unit Type # Units Basis Limit Total
0 BR 308,882 308,882 0 BR 6 308,882 1,853,292
1 BR 356,138 356,138 1 BR 43 356,138 15,313,934
2 BR 429,600 429,600 2 BR 1 429,600 429,600
50 17,596,826
Energy/Resource Efficiency BoostsAdditional Basis Adjustments Boost for Prevailing Wage 20.0%
Renewables (50% tot./90% area)0%Boost for Project Labor Agreement 0.0% Renewables (75% CA/90% area)0%Boost for Parking beneath Units 0.0% Title 24 + 15% 0%Boost for Childcare 0.0%
Post-rehab improvement > 80% 0%Boost for 100% Special Needs 0.0% Greywater landscaping 0%Boost for elevator service 10.0% Community gardens > 60 s.f. 0%Subtotal Boost 30.0% 5,279,048 Natural flooring kitchens 0%Boost for Energy / Resource Efficiency 0.0% 0 Natural flooring common area 0%Toxic/Seismic Abatement Costs 0.0% 0 EPA Indoor Air Plus Program met0%Local Development Impact Fees 1,125,621 Type I Construction N 15% 0
Type III Construction N 10% 0
High Opportunity Area 0% 0
BONDS: Boost for units <= 50% AMI (excl. CA credit project)1.0% 8,974,381 Subtotal Efficiency (Max 10%) 0%BONDS: Boost for units <= 35% AMI (excl. CA credit project)2.0% 16,892,953 Total Threshold Basis Limit 49,868,829
Potential Eligible Basis 34,037,531
Eligible Basis Surplus / Deficit 15,831,298
Villa St. Joseph

15-Year Cash Flow Version:2.18
Assumptions Rent Increase: Residential Tenant Rents2.00% Rent Increase - Section 82.00% Perm Loan - % Debt Svc Yr -10.0% Rent Increase: Commercial Rents2.00% Rent Increase - NA2.00% Perm Loan - % Debt Svc Yr 00.0% Expenses Increase: 3.00% Rent Increase - Test C2.00% Perm Loan - % Debt Svc Yr 10.0% Reserve Increase: 0.00% Rent Increase - Test D2.00% Perm Loan - % Debt Svc Yr 275.0%Perm Loan - % Debt Svc Yr 3100.0% Credit Period Year:(1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 20222023 2024 2025 202620272028202920302031203220332034203520362037203820392040Aggregrate Annual Rent Increase #DIV/0!142.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%2.00%GROSS POTENTIAL INCOME - RESIDENTIAL 0 0190,980462,172471,415480,843490,460500,269510,275520,480530,890541,508552,338563,385574,652586,145597,868609,826622,022Incremental Income: Section 8 0 0127,440308,405314,573320,864327,282333,827340,504347,314354,260361,345368,572375,944383,463391,132398,954406,934415,072Misc. Income 0 0 1,2503,0253,0863,1473,2103,2743,3403,4073,4753,5443,6153,6873,7613,8363,9133,9914,071Vacancy Loss - Residential 6.8% 0 0 (13,149)(31,819)(32,456)(33,105)(33,767)(34,442)(35,131)(35,834)(36,551)(37,282)(38,027)(38,788)(39,563)(40,355)(41,162)(41,985)(42,825)Vacancy Loss - Section 8 6.8% 0 0 (8,717)(21,095)(21,517)(21,947)(22,386)(22,834)(23,290)(23,756)(24,231)(24,716)(25,210)(25,715)(26,229)(26,753)(27,288)(27,834)(28,391) GROSS EFFECTIVE INCOME 0 0297,805720,687735,101749,803764,799780,095795,697811,611827,843844,400861,288878,514896,084914,005932,286950,931969,950 Operating Expenses w/ Standard Inflator3.0% 0 0191,988466,531480,527494,942509,791525,084540,837557,062573,774590,987608,717626,978645,788665,161685,116705,669726,840Operating Expenses w/ Alternate Inflators:Tenant Services2.5% 0 0 38,20592,64794,96397,33799,771102,265104,822107,442110,128112,882115,704118,596121,561124,600127,715130,908134,181Real Estate Taxes2.0% 0 0 3,0157,2967,4427,5917,7437,8988,0568,2178,3818,5498,7208,8949,0729,2539,4399,6279,820 TOTAL EXPENSES 0 0233,208566,474582,932599,871617,304635,247653,714672,721692,283712,417733,140754,468776,421799,015822,270846,205870,840 NET OPERATING INCOME 0 0 64,597154,213152,169149,932147,495144,848141,982138,890135,560131,982128,148124,045119,663114,991110,016104,72799,110 REPLACEMENT RESERVE 25,000 0 0 10,41725,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,000Mandatory Annual HCD Payment 0.42% 0 0 0 17,77123,69523,69523,69523,69523,69523,69523,69523,69523,69523,69523,69523,69523,69523,69523,695Ground Lease - Minimum Payment 1 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1OCHCD Monitoring Fee 1,710 0 0 1,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,710 NET REMAINING INCOME 0 0 52,470109,731101,76299,52697,08894,44191,57688,48385,15381,57677,74273,63969,25764,58559,61054,32048,704 NET CASH FLOW 0 0 52,470109,731101,76299,52697,08894,44191,57688,48385,15381,57677,74273,63969,25764,58559,61054,32048,704 Expense Coverage Ratio (No Debt) N/A N/A 1.28 1.27 1.26 1.25 1.24 1.23 1.22 1.21 1.20 1.19 1.17 1.16 1.15 1.14 1.13 1.12 1.11

DISTRIBUTION OF CASH FLOW
LP AMF 1 Annual Amt:5,000 0 0 2,0835,1505,3055,4645,6285,7965,9706,1496,3346,5246,7206,9217,1297,3437,5637,7908,024Inflator:3.00%DDF Annual Amt:0 0 0 0104,58196,45894,06291,46188,64585,60682,33467,061 0 0 0 0 0 0 0 0DDF Note Interest Rate:0.00%GP PM Fee Annual Amt:25,000 0 0 10,417 0 0 0 0 0 0 0 11,75875,05271,02266,71862,12857,24252,04746,53040,680Inflator:3.00%Residual Receipts LoansTotal %100.00%Note: Seller Carryback Loan is paid from GP's 50% share of Residual ReceiptsSeller Carryback Loan (SJCO) 50.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Cal HFA SNHP 13.84% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0County of Orange HOME Loan 3.82% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0HCD - NPLH Non-Competitive 7.48% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0HCD - NPLH Competitive 13.63% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0County of Orange MHSA Loan 5.24% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0City of Orange HOME Loan 2.44% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0City of Orange LMIHA Loan 2.15% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0City of Orange In-Lieu Fees Loan 1.40% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 General Partner 0.01% 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Limited Partner 99.99% 0 0 39,966 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Villa St. Joseph
Villa St. Joseph Page X-6
First Year Full Cash Flow Version:2.18
REVENUE MULTIPLIERYEAR 1YEAR 2YEAR 3YEAR 4YEAR 5YEAR 6YEAR 7YEAR 8YEAR 9YEAR 10YEAR 11YEAR 12YEAR 13YEAR 14YEAR 15Gross Rent 1.020 $458,352$467,519$476,869$486,407$496,135$506,058$516,179$526,502$537,032$547,773$558,729$569,903$581,301$592,927$604,786Less Vacancy 6.84% -31,351-31,978-32,618-33,270-33,936-34,614-35,307-36,013-36,733-37,468-38,217-38,981-39,761-40,556-41,367Rental Subsidy 1.020 305,856$311,973$318,213$324,577$331,068$337,690$344,444$351,332$358,359$365,526$372,837$380,293$387,899$395,657$403,570Less Vacancy 6.84% -20,921-21,339-21,766-22,201-22,645-23,098-23,560-24,031-24,512-25,002-25,502-26,012-26,532-27,063-27,604Miscellaneous Income1.020 3,000 $3,060 $3,121 $3,184 $3,247 $3,312 $3,378 $3,446 $3,515 $3,585 $3,657 $3,730 $3,805 $3,881 $3,958Less Vacancy 6.84% -205 -209 -213 -218 -222 -227 -231 -236 -240 -245 -250 -255 -260 -265 -271Total Revenue $714,731$729,026$743,606$758,478$773,648$789,121$804,903$821,001$837,421$854,170$871,253$888,678$906,452$924,581$943,072 EXPENSESOperating Expenses:1.030
Administrative $38,317$39,467$40,651$41,870$43,126$44,420$45,753$47,125$48,539$49,995$51,495$53,040$54,631$56,270$57,958Management 41,160$42,395$43,667$44,977$46,326$47,716$49,147$50,622$52,140$53,704$55,316$56,975$58,684$60,445$62,258Utilities 42,156$43,421$44,723$46,065$47,447$48,870$50,336$51,847$53,402$55,004$56,654$58,354$60,104$61,908$63,765Payroll & Payroll Taxes 190,116$195,819$201,694$207,745$213,977$220,397$227,008$233,819$240,833$248,058$255,500$263,165$271,060$279,192$287,568Insurance 68,304$70,353$72,464$74,638$76,877$79,183$81,559$84,005$86,525$89,121$91,795$94,549$97,385$100,307$103,316Maintenance 79,218$81,595$84,042$86,564$89,161$91,835$94,590$97,428$100,351$103,362$106,462$109,656$112,946$116,334$119,824Other Operating Expenses (specify):1,500 $1,545 $1,591 $1,639 $1,688 $1,739 $1,791 $1,845 $1,900 $1,957 $2,016 $2,076 $2,139 $2,203 $2,269Total Operating Expenses $460,771$474,594$488,832$503,497$518,602$534,160$550,185$566,690$583,691$601,202$619,238$637,815$656,949$676,658$696,957 Service Amenities 1.025 91,692 93,984 96,334 98,742101,211103,741106,335108,993111,718114,511117,374120,308123,316126,398129,558Replacement Reserve 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000Real Estate Taxes 1.020 7,236 7,381 7,528 7,679 7,832 7,989 8,149 8,312 8,478 8,648 8,821 8,997 9,177 9,361 9,548Other (Specify): Ground Lease Payment1.000 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1Other (Specify): OC Monitoring1.000 1,710 1,710 1,710 1,710 1,710 1,710 1,710 1,710 1,710 1,710 1,710 1,710 1,710 1,710 1,710 Total Expenses $586,410$602,670$619,405$636,629$654,356$672,601$691,379$710,706$730,598$751,071$772,143$793,831$816,153$839,128$862,775 Cash Flow Prior to Debt Service$128,321$126,355$124,201$121,849$119,292$116,520$113,524$110,295$106,823$103,099$99,110$94,847$90,299$85,453$80,298 MUST PAY DEBT SERVICEMandatory Annual HCD Payment23,695 23,695 23,695 23,695 23,695 23,695 23,695 23,695 23,695 23,695 23,695 23,695 23,695 23,695 23,695Total Debt Service $23,695$23,695$23,695$23,695$23,695$23,695$23,695$23,695$23,695$23,695$23,695$23,695$23,695$23,695$23,695 Cash Flow After Debt Service$104,626$102,660$100,506$98,154$95,596$92,824$89,829$86,600$83,128$79,403$75,415$71,152$66,604$61,758$56,602HCD Transition Reserve Sizing289,255Percent of Gross Revenue 13.64%13.12%12.59%12.06%11.51%10.96%10.40% 9.83% 9.25% 8.66% 8.06% 7.46% 6.85% 6.22% 5.59%25% Debt Service Test 441.55%433.25%424.16%414.23%403.44%391.74%379.10%365.47%350.82%335.10%318.27%300.28%281.08%260.63%238.88%Debt Coverage Ratio 5.415 5.333 5.242 5.142 5.034 4.917 4.791 4.655 4.508 4.351 4.183 4.003 3.811 3.606 3.389Income/Expense Ratio 1.17 1.16 1.16 1.15 1.14 1.13 1.13 1.12 1.11 1.10 1.09 1.09 1.08 1.07 1.06

Schedule of Outstanding Debt and Reserves - Book Basis Version:2.18 Credit Period Year:(1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 19042022202320242025202620272028202920302031203220332034203520362037203820392040 Seller Carryback Loan (SJCO)Beginning Balance 5,705,000 5,705,0005,719,9285,899,5346,084,7796,275,8416,472,9036,676,1526,885,7837,101,9977,324,9997,555,0047,792,2318,036,9078,289,2668,549,5498,818,0059,094,8909,380,4709,675,017Interest Accrued @ 3.140% 14,928179,606185,245191,062197,061203,249209,631216,214223,003230,005237,227244,676252,359260,283268,456276,885285,580294,547303,796Residual Receipts PaymentCOMPOUND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment- 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ending Balance 5,719,9285,899,5346,084,7796,275,8416,472,9036,676,1526,885,7837,101,9977,324,9997,555,0047,792,2318,036,9078,289,2668,549,5498,818,0059,094,8909,380,4709,675,0179,978,812 Cal HFA SNHP PERM SOURCE ONLY?:NBeginning Balance 3,696,893 3,696,8933,706,1353,817,0423,927,9494,038,8564,149,7624,260,6694,371,5764,482,4834,593,3904,704,2964,815,2034,926,1105,037,0175,147,9245,258,8305,369,7375,480,6445,591,551Interest Accrued @ 3.000% 9,242110,907110,907110,907110,907110,907110,907110,907110,907110,907110,907110,907110,907110,907110,907110,907110,907110,907110,907Residual Receipts PaymentSIMPLE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ending Balance CONSTRUCT AOB:100% 3,706,1353,817,0423,927,9494,038,8564,149,7624,260,6694,371,5764,482,4834,593,3904,704,2964,815,2034,926,1105,037,0175,147,9245,258,8305,369,7375,480,6445,591,5515,702,457 County of Orange HOME LoanPERM SOURCE ONLY?YBeginning Balance 1,020,600 0 0 0 01,043,5641,074,1821,104,8001,135,4181,166,0361,196,6541,227,2721,257,8901,288,5081,319,1261,349,7441,380,3621,410,9801,441,5981,472,216Interest Accrued @ 3.000% 0 0 0 22,96430,61830,61830,61830,61830,61830,61830,61830,61830,61830,61830,61830,61830,61830,61830,618Residual Receipts PaymentSIMPLE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance CONSTRUCT AOB:0% 0 0 01,043,5641,074,1821,104,8001,135,4181,166,0361,196,6541,227,2721,257,8901,288,5081,319,1261,349,7441,380,3621,410,9801,441,5981,472,2161,502,834 HCD - NPLH Non-CompetitivePERM SOURCE ONLY?YBeginning Balance 2,000,000 0 0 0 02,038,7002,090,3002,141,9002,193,5002,245,1002,296,7002,348,3002,399,9002,451,5002,503,1002,554,7002,606,3002,657,9002,709,5002,761,100Interest Accrued @ 3.000% 0 0 0 45,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,00060,000Residual Receipts PaymentSIMPLE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.42% 0 0 0 (6,300)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)Ending Balance CONSTRUCT AOB:0% 0 0 02,038,7002,090,3002,141,9002,193,5002,245,1002,296,7002,348,3002,399,9002,451,5002,503,1002,554,7002,606,3002,657,9002,709,5002,761,1002,812,700 HCD - NPLH CompetitivePERM SOURCE ONLY?YBeginning Balance 3,641,722 0 0 0 03,712,1893,806,1463,900,1023,994,0594,088,0154,181,9714,275,9284,369,8844,463,8414,557,7974,651,7544,745,7104,839,6664,933,6235,027,579Interest Accrued @ 3.000% 0 0 0 81,939109,252109,252109,252109,252109,252109,252109,252109,252109,252109,252109,252109,252109,252109,252109,252Residual Receipts PaymentSIMPLE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.42% 0 0 0 (11,471)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)Ending Balance CONSTRUCT AOB:0% 0 0 03,712,1893,806,1463,900,1023,994,0594,088,0154,181,9714,275,9284,369,8844,463,8414,557,7974,651,7544,745,7104,839,6664,933,6235,027,5795,121,536 County of Orange MHSA LoanPERM SOURCE ONLY?YBeginning Balance 1,400,000 0 0 0 01,431,5001,473,5001,515,5001,557,5001,599,5001,641,5001,683,5001,725,5001,767,5001,809,5001,851,5001,893,5001,935,5001,977,5002,019,500Interest Accrued @ 3.000% 0 0 0 31,50042,00042,00042,00042,00042,00042,00042,00042,00042,00042,00042,00042,00042,00042,00042,000Residual Receipts PaymentSIMPLE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance CONSTRUCT AOB:100% 0 0 01,431,5001,473,5001,515,5001,557,5001,599,5001,641,5001,683,5001,725,5001,767,5001,809,5001,851,5001,893,5001,935,5001,977,5002,019,5002,061,500 City of Orange HOME LoanPERM SOURCE ONLY?YBeginning Balance 651,244 0 0 0 0 665,897685,434704,972724,509744,046763,584783,121802,658822,196841,733861,270880,808900,345919,882939,419Interest Accrued @ 3.000% 0 0 0 14,65319,53719,53719,53719,53719,53719,53719,53719,53719,53719,53719,53719,53719,53719,53719,537Residual Receipts PaymentSIMPLE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance CONSTRUCT AOB:65% 0 0 0 665,897685,434704,972724,509744,046763,584783,121802,658822,196841,733861,270880,808900,345919,882939,419958,957 City of Orange LMIHA LoanPERM SOURCE ONLY?YBeginning Balance 576,000 0 0 0 0 588,960606,240623,520640,800658,080675,360692,640709,920727,200744,480761,760779,040796,320813,600830,880Interest Accrued @ 3.000% 0 0 0 12,96017,28017,28017,28017,28017,28017,28017,28017,28017,28017,28017,28017,28017,28017,28017,280Residual Receipts PaymentSIMPLE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance CONSTRUCT AOB:65% 0 0 0 588,960606,240623,520640,800658,080675,360692,640709,920727,200744,480761,760779,040796,320813,600830,880848,160 City of Orange In-Lieu Fees LoanPERM SOURCE ONLY?YBeginning Balance 372,756 0 0 0 0 381,143392,326403,508414,691425,874437,056448,239459,422470,604481,787492,970504,152515,335526,518537,701Interest Accrued @ 3.000% 0 0 0 8,38711,18311,18311,18311,18311,18311,18311,18311,18311,18311,18311,18311,18311,18311,18311,183Residual Receipts PaymentSIMPLE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance CONSTRUCT AOB:65% 0 0 0 381,143392,326403,508414,691425,874437,056448,239459,422470,604481,787492,970504,152515,335526,518537,701548,883 Villa St. Joseph

Schedule of Outstanding Debt and Reserves - Book Basis Version:2.18 Credit Period Year:(1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 19042022202320242025202620272028202920302031203220332034203520362037203820392040 Villa St. Joseph
TOTAL OUTSTANDING DEBT (BOOK BASIS) 9,426,0639,716,57610,012,72820,176,65020,750,79221,331,12321,917,83522,511,13023,111,21423,718,30024,332,60824,954,36625,583,80626,221,17026,866,70727,520,67428,183,33428,854,96229,535,839 LP AMF 1 Accruals 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0DDF Accruals 0 0 0 605,627509,169415,107323,647235,001149,39567,061 0 0 0 0 0 0 0 0 0GP PM FEE Accruals 0 0 0 25,75052,27379,591107,728136,710166,562197,308217,220174,787137,363105,25178,76758,23844,00636,42535,862 TOTAL OUTSTANDING DEBT+ACCRUALS (BOOK BASIS) 9,426,0639,716,57610,012,72820,808,02721,312,23421,825,82122,349,21022,882,84223,427,17123,982,67024,549,82825,129,15225,721,16826,326,42126,945,47427,578,91228,227,34028,891,38729,571,701

RESERVE BALANCES
Capitalized Replacement ReserveDeed-Secured?YPrevious Balance 0 0 0 10,41735,62561,33887,564114,316141,602169,434197,823226,779256,315286,441317,170348,513380,483413,093446,355Deposit to Reserve 0 0 10,41725,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,00025,000Interest on Reserve 2.0% 0 0 0 208 713 1,2271,7512,2862,8323,3893,9564,5365,1265,7296,3436,9707,6108,2628,927Withdrawal from Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance 0 0 0 10,41735,62561,33887,564114,316141,602169,434197,823226,779256,315286,441317,170348,513380,483413,093446,355480,282 Capitalized Operating Reserve (4 mos.)Deed-Secured?YPrevious Balance 0 0 0 204,000208,080212,242216,486220,816225,232229,737234,332239,019243,799248,675253,648258,721263,896269,174274,557Deposit to Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Interest on Reserve 2.0% 0 0 0 4,0804,1624,2454,3304,4164,5054,5954,6874,7804,8764,9735,0735,1745,2785,3835,491Withdrawal from Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance 204,000 0 0 0 208,080212,242216,486220,816225,232229,737234,332239,019243,799248,675253,648258,721263,896269,174274,557280,048 Capitalized HCD Subsidy Transistion ReserveDeed-Secured?YPrevious Balance 0 0 0 289,256295,041300,942306,961313,100319,362325,749332,264338,910345,688352,601359,653366,847374,183381,667389,300Deposit to Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Interest on Reserve 2.0% 0 0 0 5,7855,9016,0196,1396,2626,3876,5156,6456,7786,9147,0527,1937,3377,4847,6337,786Withdrawal from Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance 289,256 0 0 0 295,041300,942306,961313,100319,362325,749332,264338,910345,688352,601359,653366,847374,183381,667389,300397,087

Schedule of Outstanding Debt - Tax Basis Version:2.18
Credit Period Year:(1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 0 2022 202320242025202620272028202920302031203220332034203520362037203820392040 Seller Carryback Loan (SJCO)Beginning Balance 5,705,000 5,705,0005,719,9285,899,5346,084,7796,275,8416,472,9036,676,1526,885,7837,101,9977,324,9997,555,0047,792,2318,036,9078,289,2668,549,5498,818,0059,094,8909,380,4709,675,017Interest Accrued @ 3.140% 14,928179,606185,245191,062197,061203,249209,631216,214223,003230,005237,227244,676252,359260,283268,456276,885285,580294,547303,796Residual Receipts PaymentCOMPOUND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment- 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ending Balance 5,719,9285,899,5346,084,7796,275,8416,472,9036,676,1526,885,7837,101,9977,324,9997,555,0047,792,2318,036,9078,289,2668,549,5498,818,0059,094,8909,380,4709,675,0179,978,812 Cal HFA SNHP PERM SOURCE ONLY?:NBeginning Balance 3,696,893 3,696,8933,702,4013,768,5893,835,9613,904,5373,974,3394,045,3894,117,7094,191,3224,266,2514,342,5204,420,1524,499,1724,579,6044,661,4754,744,8094,829,6334,915,9735,003,857Interest Accrued @ 1.788% 5,50866,18867,37268,57669,80271,05072,32073,61374,92976,26977,63279,02080,43381,87083,33484,82486,34087,88489,455Residual Receipts PaymentCOMPOUND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ending Balance CONSTRUCT AOB:100% 3,702,4013,768,5893,835,9613,904,5373,974,3394,045,3894,117,7094,191,3224,266,2514,342,5204,420,1524,499,1724,579,6044,661,4754,744,8094,829,6334,915,9735,003,8575,093,311 County of Orange HOME LoanPERM SOURCE ONLY?YBeginning Balance 1,020,600 0 0 0 01,034,2841,052,7741,071,5951,090,7521,110,2511,130,1001,150,3031,170,8671,191,7991,213,1051,234,7921,256,8661,279,3351,302,2061,325,486Interest Accrued @ 1.788% 0 0 0 13,68418,49018,82119,15719,50019,84820,20320,56420,93221,30621,68722,07522,46922,87123,28023,696Residual Receipts PaymentCOMPOUND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance CONSTRUCT AOB:0% 0 0 01,034,2841,052,7741,071,5951,090,7521,110,2511,130,1001,150,3031,170,8671,191,7991,213,1051,234,7921,256,8661,279,3351,302,2061,325,4861,349,182 HCD - NPLH Non-CompetitivePERM SOURCE ONLY?YBeginning Balance 2,000,000 0 0 0 02,022,2502,052,3412,083,0052,114,2522,146,0942,178,5422,211,6072,245,3022,279,6392,314,6282,350,2842,386,6192,423,6452,461,3752,499,824Interest Accrued @ 1.903% 0 0 0 28,55038,49139,06439,64740,24240,84841,46642,09542,73643,39044,05644,73445,42646,13146,84947,581Residual Receipts PaymentCOMPOUND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.42% 0 0 0 (6,300)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)(8,400)Ending Balance CONSTRUCT AOB:0% 0 0 02,022,2502,052,3412,083,0052,114,2522,146,0942,178,5422,211,6072,245,3022,279,6392,314,6282,350,2842,386,6192,423,6452,461,3752,499,8242,539,005 HCD - NPLH CompetitivePERM SOURCE ONLY?YBeginning Balance 3,641,722 0 0 0 03,682,2373,737,0283,792,8623,849,7593,907,7393,966,8224,027,0304,088,3834,150,9054,214,6174,279,5414,345,7014,413,1204,481,8234,551,833Interest Accrued @ 1.903% 0 0 0 51,98670,08671,12972,19273,27574,37875,50376,64977,81779,00780,21981,45582,71483,99885,30586,638Residual Receipts PaymentCOMPOUND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.42% 0 0 0 (11,471)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)(15,295)Ending Balance CONSTRUCT AOB:0% 0 0 03,682,2373,737,0283,792,8623,849,7593,907,7393,966,8224,027,0304,088,3834,150,9054,214,6174,279,5414,345,7014,413,1204,481,8234,551,8334,623,175 County of Orange MHSA LoanPERM SOURCE ONLY?YBeginning Balance 1,400,000 0 0 0 01,418,7711,444,1351,469,9521,496,2301,522,9791,550,2051,577,9191,606,1271,634,8401,664,0671,693,8161,724,0961,754,9181,786,2911,818,225Interest Accrued @ 1.788% 0 0 0 18,77125,36425,81726,27926,74827,22727,71328,20928,71329,22629,74930,28130,82231,37331,93432,505Residual Receipts PaymentCOMPOUND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance CONSTRUCT AOB:100% 0 0 01,418,7711,444,1351,469,9521,496,2301,522,9791,550,2051,577,9191,606,1271,634,8401,664,0671,693,8161,724,0961,754,9181,786,2911,818,2251,850,730 City of Orange HOME LoanPERM SOURCE ONLY?YBeginning Balance 651,244 0 0 0 0659,976671,774683,784696,008708,451721,116734,007747,129760,486774,081787,919802,005816,343830,937845,792Interest Accrued @ 1.788% 0 0 0 8,73211,79912,00912,22412,44312,66512,89213,12213,35713,59513,83814,08614,33814,59414,85515,120Residual Receipts PaymentCOMPOUND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance CONSTRUCT AOB:65% 0 0 0659,976671,774683,784696,008708,451721,116734,007747,129760,486774,081787,919802,005816,343830,937845,792860,912 City of Orange LMIHA LoanPERM SOURCE ONLY?YBeginning Balance 576,000 0 0 0 0583,723594,158604,780615,592626,597637,799649,201660,807672,620684,645696,884709,342722,023734,931748,070Interest Accrued @ 1.788% 0 0 0 7,72310,43510,62210,81211,00511,20211,40211,60611,81312,02512,24012,45812,68112,90813,13913,373Residual Receipts PaymentCOMPOUND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance CONSTRUCT AOB:65% 0 0 0583,723594,158604,780615,592626,597637,799649,201660,807672,620684,645696,884709,342722,023734,931748,070761,443 City of Orange In-Lieu Fees LoanPERM SOURCE ONLY?YBeginning Balance 372,756 0 0 0 0381,143392,577404,355416,485428,980441,849455,105468,758482,821497,305512,224527,591543,419559,721576,513Interest Accrued @ 3.000% 0 0 0 8,38711,43411,77712,13112,49512,86913,25513,65314,06314,48514,91915,36715,82816,30316,79217,295Residual Receipts PaymentCOMPOUND 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Mandatory Minimum Payment0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Ending Balance CONSTRUCT AOB:65% 0 0 0381,143392,577404,355416,485428,980441,849455,105468,758482,821497,305512,224527,591543,419559,721576,513593,808 Villa St. Joseph

Schedule of Outstanding Debt - Tax Basis Version:2.18
Credit Period Year:(1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 0 2022 202320242025202620272028202920302031203220332034203520362037203820392040 Villa St. Joseph
TOTAL OUTSTANDING DEBT (TAX BASIS)9,422,3299,668,1239,920,74019,962,76320,392,03020,831,87321,282,57021,744,40922,217,68322,702,69523,199,75723,709,18824,231,31824,766,48425,315,03425,877,32626,453,72827,044,61627,650,379 LP AMF 1 Accruals 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0DDF Accruals 0 0 0605,627509,169415,107323,647235,001149,39567,061 0 0 0 0 0 0 0 0 0GP PM FEE Accruals 0 0 0 25,75052,27379,591107,728136,710166,562197,308217,220174,787137,363105,25178,76758,23844,00636,42535,862 TOTAL OUTSTANDING DEBT+ACCRUALS (TAX BASIS)9,422,3299,668,1239,920,74020,594,14020,953,47221,326,57121,713,94522,116,12022,533,64022,967,06523,416,97623,883,97524,368,68024,871,73525,393,80125,935,56526,497,73427,081,04127,686,242

Net Cash Flow Fee Accruals Version:2.18
Credit Period Year:(1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1904 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 LP AMF 1
Beginning Accrual Balance - - - - - - - - - - - - - - - - - - - Current Year LP AMF 1 - - 2,083 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 7,790 8,024 Total Payment - - (2,083) (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) (7,790) (8,024) Ending Accrual Balance - - - - - - - - - - - - - - - - - - - Inflator:Potential LP AMF 1:5,0003.00% 0 0 2,083 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 7,790 8,024 DDF Beginning Accrual Balance - - - 710,208 605,627 509,169 415,107 323,647 235,001 149,395 67,061 - - - - - - - - Current Year DDF Interest - - - - - - - - - - - - - - - - - - - Total Payment - - - (104,581) (96,458) (94,062) (91,461) (88,645) (85,606) (82,334) (67,061) - - - - - - - - Ending Accrual Balance - - - 605,627 509,169 415,107 323,647 235,001 149,395 67,061 - - - - - - - - - Interest Rate:Potential DDF: 0 0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 GP PM FEE Beginning Accrual Balance - - - - 25,750 52,273 79,591 107,728 136,710 166,562 197,308 217,220 174,787 137,363 105,251 78,767 58,238 44,006 36,425 Current Year GP PM Fee - - 10,417 25,750 26,523 27,318 28,138 28,982 29,851 30,747 31,669 32,619 33,598 34,606 35,644 36,713 37,815 38,949 40,118 Total Payment - - (10,417) - - - - - - - (11,758) (75,052) (71,022) (66,718) (62,128) (57,242) (52,047) (46,530) (40,680) Ending Accrual Balance - - - 25,750 52,273 79,591 107,728 136,710 166,562 197,308 217,220 174,787 137,363 105,251 78,767 58,238 44,006 36,425 35,862 Inflator:Potential GP PM Fee:25,0003.00% 0 0 10,417 25,750 26,523 27,318 28,138 28,982 29,851 30,747 31,669 32,619 33,598 34,606 35,644 36,713 37,815 38,949 40,118 TOTAL Cumulative to GP: 0 0 10,417 30,870 42,395 43,667 44,977 46,326 47,716 49,147 62,380 127,193 124,726 122,033 119,103 115,926 112,492 108,789 104,806 TOTAL Cumulative to LP: 0 0 2,083 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 7,790 8,024 Max to GP: 0 0 20,833 51,500 53,045 54,636 56,275 57,964 59,703 61,494 63,339 65,239 67,196 69,212 71,288 73,427 75,629 77,898 80,235 Excess GP Fees: 0 0 0 0 0 0 0 0 0 0 0 61,954 57,531 52,822 47,815 42,499 36,862 30,890 24,571

SCHEDULE OF RESERVE BALANCES
Capitalized Replacement ReserveDeed-Secured?YPrevious Balance 0 0 0 10,417 35,625 61,338 87,564 114,316 141,602 169,434 197,823 226,779 256,315 286,441 317,170 348,513 380,483 413,093 446,355 Deposit to Reserve 0 0 10,417 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 Interest on Reserve 2.0% 0 0 0 208 713 1,227 1,751 2,286 2,832 3,389 3,956 4,536 5,126 5,729 6,343 6,970 7,610 8,262 8,927 Withdrawal from Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ending Balance 0 0 0 10,417 35,625 61,338 87,564 114,316 141,602 169,434 197,823 226,779 256,315 286,441 317,170 348,513 380,483 413,093 446,355 480,282 Capitalized Operating Reserve (4 mos.)Deed-Secured?YPrevious Balance 0 0 0 204,000 208,080 212,242 216,486 220,816 225,232 229,737 234,332 239,019 243,799 248,675 253,648 258,721 263,896 269,174 274,557 Deposit to Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on Reserve 2.0% 0 0 0 4,080 4,162 4,245 4,330 4,416 4,505 4,595 4,687 4,780 4,876 4,973 5,073 5,174 5,278 5,383 5,491 Withdrawal from Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ending Balance 204,000 0 0 0 208,080 212,242 216,486 220,816 225,232 229,737 234,332 239,019 243,799 248,675 253,648 258,721 263,896 269,174 274,557 280,048 Capitalized HCD Subsidy Transistion ReserveDeed-Secured?YPrevious Balance 0 0 0 289,256 295,041 300,942 306,961 313,100 319,362 325,749 332,264 338,910 345,688 352,601 359,653 366,847 374,183 381,667 389,300 Deposit to Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on Reserve 2.0% 0 0 0 5,785 5,901 6,019 6,139 6,262 6,387 6,515 6,645 6,778 6,914 7,052 7,193 7,337 7,484 7,633 7,786 Withdrawal from Reserve 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Ending Balance 289,256 0 0 0 295,041 300,942 306,961 313,100 319,362 325,749 332,264 338,910 345,688 352,601 359,653 366,847 374,183 381,667 389,300 397,087 Villa St. Joseph

Schedule of Deductions Version:2.18
Depreciation Assumptions Building: ResidentialBuilding: CommercialSite ImprovementsPersonal PropertyProrationAsset LifeMethod Asset LifeMethod Asset LifeMethod Asset LifeMethodSoft Costs Prorated into ADS 100.0%30.0straight line30.0straight line90.0%20 Yr SL 90.0%9 Yr SLNC/Rehab, Sitework, and PPMACRS 0.0% 27.5straight line27.5straight line10.0%15 Yr 150% DB10.0%5 Yr DDBClasses?Y DEPRECIATION SCHEDULECredit Period Year:(1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Beginning Basis20212022202320242025202620272028202920302031203220332034203520362037203820392040 30 years straight line - Res - Building5,891,500 0 0 73,644196,383196,383196,383196,383196,383196,383196,383196,383196,383196,383196,383196,383196,383196,383196,383196,383 30 years straight line - Res - Rehab27,000,060 0 0337,501900,002900,002900,002900,002900,002900,002900,002900,002900,002900,002900,002900,002900,002900,002900,002900,002 Site Improvements (20 yr SL.)492,055 0 0 12,30124,60324,60324,60324,60324,60324,60324,60324,60324,60324,60324,60324,60324,60324,60324,60324,603 Site Improvements (15 yr 150% decl. bal.)54,673 0 0 33,8972,0781,8701,6831,5151,3631,2911,2911,2911,2911,2911,2911,2911,2911,291 646 0 Personal Property (9 yr SL)632,851 0 0 35,15870,31770,31770,31770,31770,31770,31770,31770,31735,158 0 0 0 0 0 0 0 Personal property (5 yr 200% decl. bal.)70,317 0 0 47,8159,0015,4003,2403,2401,620 0 0 0 0 0 0 0 0 0 0 0 SUBTOTAL 34,141,4560 0 0540,3171,202,3831,198,5751,196,2281,196,0601,194,2881,192,5961,192,5961,192,5961,157,4381,122,2791,122,2791,122,2791,122,2791,122,2791,121,6341,120,988

AMORTIZATION SCHEDULE
TCAC Application/Res/Monitoring Fee89,470 0 0 5,9655,9655,9655,9655,9655,9655,9655,9655,9655,9655,9655,9655,9655,9655,965 0 0Costs of Issuance 0 0 0 0190,948 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Title/Recording/Escrow - Permanent40,000 0 0 0 857 1,1431,1431,1431,1431,1431,1431,1431,1431,1431,1431,1431,1431,1431,1431,143Market/Rent Comp Study13,500 0 0 1,3501,3501,3501,3501,3501,3501,3501,3501,3501,350 0 0 0 0 0 0 0 SUBTOTAL 142,970 0 0 0 7,315199,1208,4588,4588,4588,4588,4588,4588,4588,4587,1087,1087,1087,1087,1081,1431,143 EXPENSED COSTS Audit/Cost Certification 30,000 0 0 30,000 0 0Marketing 0 0 0 0 0 0LP AMF 1 0 0 2,0835,1505,3055,4645,6285,7965,9706,1496,3346,5246,7206,9217,1297,3437,5637,7908,024GP PM Fee 0 0 10,417 0 0 0 0 0 0 0 11,75875,05271,02266,71862,12857,24252,04746,53040,680Ground Lease - Minimum Payment 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1OCHCD Monitoring Fee 0 0 1,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,7101,710 SUBTOTAL 30,000 0 0 0 44,2106,8617,0167,1757,3397,5077,6817,86019,80383,28779,45375,35070,96866,29661,32156,03150,415 NOTE: PMF/CMF not expensed INTEREST DEDUCTIONS Interest - Seller Carryback Loan (SJCO)Seller Carryback Loan (SJCO)0 0108,060191,062197,061203,249209,631216,214223,003230,005237,227244,676252,359260,283268,456276,885285,580294,547303,796Interest - Cal HFA SNHPCal HFA SNHP 0 0 39,30068,57669,80271,05072,32073,61374,92976,26977,63279,02080,43381,87083,33484,82486,34087,88489,455Interest - County of Orange HOME LoanCounty of Orange HOME Loan0 0 0 13,68418,49018,82119,15719,50019,84820,20320,56420,93221,30621,68722,07522,46922,87123,28023,696Interest - HCD - NPLH Non-CompetitiveHCD - NPLH Non-Competitive0 0 0 28,55038,49139,06439,64740,24240,84841,46642,09542,73643,39044,05644,73445,42646,13146,84947,581Interest - HCD - NPLH CompetitiveHCD - NPLH Competitive0 0 0 51,98670,08671,12972,19273,27574,37875,50376,64977,81779,00780,21981,45582,71483,99885,30586,638Interest - County of Orange MHSA LoanCounty of Orange MHSA Loan0 0 0 18,77125,36425,81726,27926,74827,22727,71328,20928,71329,22629,74930,28130,82231,37331,93432,505Interest - City of Orange HOME LoanCity of Orange HOME Loan0 0 0 8,73211,79912,00912,22412,44312,66512,89213,12213,35713,59513,83814,08614,33814,59414,85515,120Interest - City of Orange LMIHA LoanCity of Orange LMIHA Loan0 0 0 7,72310,43510,62210,81211,00511,20211,40211,60611,81312,02512,24012,45812,68112,90813,13913,373Interest - City of Orange In-Lieu Fees LoanCity of Orange In-Lieu Fees Loan0 0 0 8,38711,43411,77712,13112,49512,86913,25513,65314,06314,48514,91915,36715,82816,30316,79217,295Interest- Expensed Constr. Period Interest 0 0573,003245,573 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 SUBTOTAL 0 0 0720,363643,045452,963463,538474,393485,534496,969508,708520,757533,127545,825558,861572,246585,987600,096614,583629,459 TOTAL DEDUCTIONS 0 0 01,312,2052,051,4091,667,0111,675,3981,686,2481,695,7871,705,7041,717,6221,741,6141,782,3091,754,6641,763,5981,772,6011,781,6701,790,8041,793,3911,802,004 Villa St. Joseph

Analysis of Taxable Income Version:2.18 AssumptionsMarginal Tax Rate - Federal 21.0% Loss Reallocation (year 12):Marginal Tax Rate - State 0.0% GP Share:90.00% CombinedEffective Combined Marginal Tax Rate21.0% LP Share:10.00% Number of LP Capital Contributions4 Credit Period Year:(1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 2022202320242025202620272028202920302031203220332034203520362037203820392040LOSSESNet Operating Income 0 0 64,597154,213152,169149,932147,495144,848141,982138,890135,560131,982128,148124,045119,663114,991110,016104,72799,110Interest Income from Reserves 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Total Deductions 0 01,312,2052,051,4091,667,0111,675,3981,686,2481,695,7871,705,7041,717,6221,741,6141,782,3091,754,6641,763,5981,772,6011,781,6701,790,8041,793,3911,802,004 Total Taxable Income (Loss) 0 0(1,247,608)(1,897,196)(1,514,842)(1,525,466)(1,538,754)(1,550,939)(1,563,722)(1,578,732)(1,606,054)(1,650,327)(1,626,517)(1,639,553)(1,652,937)(1,666,679)(1,680,788)(1,688,665)(1,702,895) Special Allocation of GP-Related Op Ex (see below)Years 1-11Years 12-150 0 (7,731)(16,536)(17,032)(17,543)(18,069)(18,611)(19,169)(19,744)(21,513)(28,452)(28,678)(28,894)(29,102)(29,300)(29,488)(29,665)(29,830)General Partner Share of Losses per LPA (pre-704(b))0.01%90.00%0 0 (7,855)(16,724)(17,182)(17,694)(18,221)(18,764)(19,324)(19,900)(21,671)(28,614)(28,837)(1,478,487)(1,490,554)(1,502,941)(1,515,658)(1,522,765)(1,535,588)Limited Partner Share of Losses per LPA (pre-704(b))99.99%10.00%0 0(1,239,753)(1,880,472)(1,497,660)(1,507,773)(1,520,533)(1,532,175)(1,544,398)(1,558,832)(1,584,383)(1,621,712)(1,597,679)(161,066)(162,384)(163,738)(165,130)(165,900)(167,306) AFTER-TAX VALUE OF LOSSESYears 1-11Years 12-15Total Losses Allocated to GP (post-704(b))0.01%90.00%0 0 (7,855)(16,724)(17,182)(17,694)(18,221)(18,764)(19,324)(19,900)(21,671)(28,614)(28,837)(1,478,487)(1,490,554)(1,502,941)(1,515,658)(1,688,665)(1,702,895)Total Losses Allocated to LP (post-704(b))99.99%10.00%0 0(1,239,753)(1,880,472)(1,497,660)(1,507,773)(1,520,533)(1,532,175)(1,544,398)(1,558,832)(1,584,383)(1,621,712)(1,597,679)(161,066)(162,384)(163,738)(165,130)0 0 After Tax Value of Losses 21.0% 0 0261,998398,411318,117320,348323,138325,697328,382331,534337,271346,569341,568344,306347,117350,003352,966354,620357,608After-Tax Value of General Partner Losses 0 0 1,6503,5123,6083,7163,8263,9414,0584,1794,5516,0096,056310,482313,016315,618318,288354,620357,608After-Tax Value of Limited Partner Losses 0 0260,348394,899314,509316,632319,312321,757324,324327,355332,720340,560335,51333,82434,10134,38534,677 0 0Limited Partner Share of Losses Per LPA 99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%10.00%10.00%10.00%10.00%10.00%10.00% TAX CREDITS Fed Tax Credits-Acq - Building A or Credit Year 1100.0% 0 0 97,390235,660235,660235,660235,660235,660235,660235,660235,660235,660138,270 0 0 0Fed Tax Credits-Rehab- Building A or Credit Year 1100.0% 0 0604,8521,463,5941,463,5941,463,5941,463,5941,463,5941,463,5941,463,5941,463,5941,463,594858,741 0 0 0 TOTAL TAX CREDITS 0 0702,2431,699,2541,699,2541,699,2541,699,2541,699,2541,699,2541,699,2541,699,2541,699,254997,011 0 0 0 0 0 0General Partner Share 0.01% 0 0 70 170 170 170 170 170 170 170 170 170 100 0 0 0 0 0 0Limited Partner Share 99.99% 0 0702,1721,699,0841,699,0841,699,0841,699,0841,699,0841,699,0841,699,0841,699,0841,699,084996,911 0 0 0 0 0 0(less) Reduction due to LP Capital Account Adjustment0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL AFTER-TAX BENEFITS 0 0964,2402,097,6652,017,3702,019,6022,022,3922,024,9512,027,6352,030,7872,036,5252,045,8221,338,580344,306347,117350,003352,966354,620357,608 General Partner Share 0.01% 0 0 1,7203,6823,7783,8863,9964,1104,2284,3494,7216,1796,156310,482313,016315,618318,288354,620357,608Limited Partner Share 99.99% 0 0962,5202,093,9832,013,5922,015,7162,018,3962,020,8402,023,4072,026,4382,031,8042,039,6431,332,42433,82434,10134,38534,677 0 0 OPERATING EXPENSE REALLOCATIONS-GP-RELATED (Beginning at start of operations) Base Year: 2022 2022202320242025202620272028202920302031203220332034203520362037203820392040Administrative 18,473 0 0 8,16620,18620,79221,41522,05822,71923,40124,10324,82625,57126,33827,12827,94228,78029,64430,53331,449Management Fee 41,160 0 0 18,19444,97746,32647,71649,14750,62252,14053,70455,31656,97558,68460,44562,25864,12666,05068,03170,072Resident Services 91,692 0 0 40,532100,194103,200106,296109,485112,770116,153119,637123,226126,923130,731134,653138,692142,853147,139151,553156,099GP PMF (Manually Link to Res Cash Flow Page)25,000 0 0 10,417 0 0 0 0 0 0 0 11,75875,05271,02266,71862,12857,24252,04746,53040,680TOTAL 151,325 0 0 77,309165,357170,318175,427180,690186,111191,694197,445215,126284,521286,775288,944291,021293,001294,879296,648298,301 Seller Note Loan Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Total Related Party Loan Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Percent Reallocated to GP 10.0%
TOTAL EXPENSE REALLOCATION TO GP 0 0 7,73116,53617,03217,54318,06918,61119,16919,74421,51328,45228,67828,89429,10229,30029,48829,66529,830Note: Begins @ Operations Start Villa St. Joseph

Capital Account Analysis and Tax Liability - Sale Price Equals Debt Version:2.18 LIMITED PARTNER Credit Period Year:(1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 2022202320242025202620272028202920302031203220332034203520362037203820392040 SUMMARY OF LP ACCOUNTS AND LOSSESTotal Losses Allocated to LP 0 0 1,239,753 1,880,472 1,497,660 1,507,773 1,520,533 1,532,175 1,544,398 1,558,832 1,584,383 1,621,712 1,597,679 161,066 162,384 163,738 165,130 0 0 Ending LP Capital Account Balance 1,643,864 1,643,864 917,301 13,109,945 11,612,284 10,104,511 8,583,979 7,051,804 5,507,406 3,948,574 2,364,191 742,479 (855,200)(1,016,266)(1,178,650)(1,342,388)(1,507,518)(1,507,518)(1,507,518)Ending LP Minimum Gain Balance 0 0 0 0 0 0 0 0 0 0 0 46,503 793,636 794,039 794,377 794,649 794,849 961,474 1,129,429 MINIMUM GAIN ANALYSISAdjusted Basis 34,079,95634,079,95633,539,63932,337,25631,138,68129,942,45328,746,39427,552,10626,359,50925,166,91323,974,31722,816,87921,694,60020,572,32019,450,04118,327,76117,205,48216,083,84814,962,860Deed-Secured Cash Reserves 0 0 10,417538,746574,521611,011648,232686,196724,920764,419804,707845,801887,717930,472974,0811,018,5631,063,9341,110,2131,157,417Total Adjusted Basis plus Cash 34,079,95634,079,95633,550,05632,876,00231,713,20230,553,46529,394,62528,238,30227,084,43025,931,33224,779,02423,662,68022,582,31721,502,79220,424,12219,346,32418,269,41617,194,06116,120,277Outstanding Nonrecourse Debt 9,422,3299,668,1239,920,74019,962,76320,392,03020,831,87321,282,57021,744,40922,217,68322,702,69523,199,75723,709,18824,231,31824,766,48425,315,03425,877,32626,453,72827,044,61627,650,379Outstanding Nonrecourse Debt (Related Party) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Minimum Gain - Partnership 0 0 0 0 0 0 0 0 0 0 0 46,5081,649,0013,263,6924,890,9136,531,0038,184,3129,850,55511,530,103Annual Change in Minimum Gain 0 0 0 0 0 0 0 0 0 0 0 46,5081,602,4931,614,6911,627,2201,640,0901,653,3091,666,2431,679,548Minimum Gain - Partner (GP) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 POTENTIAL LIMITED PARTNER LOSSESLP Share of Losses per LPA 99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%99.99%10.00%10.00%10.00%10.00%10.00%10.00%Annual Potential Losses Allocated to LP 0 0(1,239,753)(1,880,472)(1,497,660)(1,507,773)(1,520,533)(1,532,175)(1,544,398)(1,558,832)(1,584,383)(1,621,712)(1,597,679)(161,066)(162,384)(163,738)(165,130)(165,900)(167,306)(less) Related Party Losses Reallocated to GP 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Adjusted Potential LP Losses 0 0(1,239,753)(1,880,472)(1,497,660)(1,507,773)(1,520,533)(1,532,175)(1,544,398)(1,558,832)(1,584,383)(1,621,712)(1,597,679)(161,066)(162,384)(163,738)(165,130)(165,900)(167,306) LP LOSS ANALYSIS -- CAPITAL ACCOUNT SHAREBeginning LP Capital Account Balance 01,643,8641,643,864917,30113,109,94511,612,28410,104,5118,583,9797,051,8045,507,4063,948,5742,364,191742,479(855,200)(1,016,266)(1,178,650)(1,342,388)(1,507,518)(1,507,518)LP Capital Contributions 1,643,8640721,65614,073,1150 0 0 0 0 0 0 0 0 0 0 0 0 0 0(less) LP Cash Flow Distributions 0 0 (39,966)0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0(less) Historic Tax Credits 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0(less) Investment Tax Credits (Solar) 0 0 0 0 0LP Capital Account Balance Available for Losses1,643,8641,643,8642,325,55414,990,41613,109,94511,612,28410,104,5118,583,9797,051,8045,507,4063,948,5742,364,191742,479 0 0 0 0 0 0 Adjusted Potential LP Losses 0 0(1,239,753)(1,880,472)(1,497,660)(1,507,773)(1,520,533)(1,532,175)(1,544,398)(1,558,832)(1,584,383)(1,621,712)(1,597,679)(161,066)(162,384)(163,738)(165,130)(165,900)(167,306)Allowable LP Capital Account Losses (1,643,864)(1,643,864)(2,325,554)(14,990,416)(13,109,945)(11,612,284)(10,104,511)(8,583,979)(7,051,804)(5,507,406)(3,948,574)(2,364,191)(742,479)0 0 0 0 0 0Actual Losses Allocated to LP (Capital Account Share)0 0(1,239,753)(1,880,472)(1,497,660)(1,507,773)(1,520,533)(1,532,175)(1,544,398)(1,558,832)(1,584,383)(1,621,712)(742,479)0 0 0 0 0 0LP DRO? Y Y Y YCumulative DRO Amount 0 0 0 0 LP LOSS ANALYSIS -- MINIMUM GAIN SHARELP Minimum Gain Balance Available for Losses0 0 0 0 0 0 0 0 0 0 0 46,5031,648,836955,105956,761958,386959,980961,4741,129,429 Adjusted Potential LP Losses less Cap Acct Losses0 0 0 0 0 0 0 0 0 0 0 0(855,200)(161,066)(162,384)(163,738)(165,130)(165,900)(167,306)Allowable LP Minimum Gain Account Losses 0 0 0 0 0 0 0 0 0 0 0 (46,503)(1,648,836)(955,105)(956,761)(958,386)(959,980)(961,474)(1,129,429)Actual Losses Allocated to LP (Minimum Gain Share)0 0 0 0 0 0 0 0 0 0 0 0(855,200)(161,066)(162,384)(163,738)(165,130)0 0 TOTAL LOSSES ALLOCATED TO LP 0 0(1,239,753)(1,880,472)(1,497,660)(1,507,773)(1,520,533)(1,532,175)(1,544,398)(1,558,832)(1,584,383)(1,621,712)(1,597,679)(161,066)(162,384)(163,738)(165,130)0 0 LIMITED PARTNER CREDIT DELIVERY ANALYSISLP 704(b) Capital Available for Losses 1,643,8641,643,8642,325,55414,990,41613,109,94511,612,28410,104,5118,583,9797,051,8045,507,4063,948,5742,410,6952,391,315955,105956,761958,386959,980961,4741,129,429LP Share of Depreciation per LPA 0 0540,2631,202,2631,198,4551,196,1081,195,9401,194,1691,192,4771,192,4771,192,4771,157,3221,122,167112,228112,228112,228112,228112,163112,099Reduction in LP LIHTC due to 704(b) Capital Shortfall 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%0.00%0.00%0.00%0.00%0.00% LIMITED PARTNER CAPITAL ACCOUNTBeginning Capital Account Balance 01,643,8641,643,864917,30113,109,94511,612,28410,104,5118,583,9797,051,8045,507,4063,948,5742,364,191742,479(855,200)(1,016,266)(1,178,650)(1,342,388)(1,507,518)(1,507,518)LP Capital Contributions 1,643,8640721,65614,073,1150 0 0 0 0 0 0 0 0 0 0 0 0 0 0(less) Syndication Expenses 0 0(168,500)0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0(less) LP Cash Flow Distributions 0 0 (39,966)0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0(less) Total Losses Allocated to LP 0 0(1,239,753)(1,880,472)(1,497,660)(1,507,773)(1,520,533)(1,532,175)(1,544,398)(1,558,832)(1,584,383)(1,621,712)(1,597,679)(161,066)(162,384)(163,738)(165,130)0 0End of Year Capital Account Balance 1,643,8641,643,864917,30113,109,94511,612,28410,104,5118,583,9797,051,8045,507,4063,948,5742,364,191742,479(855,200)(1,016,266)(1,178,650)(1,342,388)(1,507,518)(1,507,518)(1,507,518) LIMITED PARTNER MINIMUM GAIN BALANCEBeginning Minimum Gain Account Balance 0 0 0 0 0 0 0 0 0 0 0 0 46,503793,636794,039794,377794,649794,849961,474LP Share of Annual Change in Minimum Gain 0 0 0 0 0 0 0 0 0 0 0 46,5031,602,333161,469162,722164,009165,331166,624167,955(less) Minimum Gain Chargeback (Losses allocated to LP)0 0 0 0 0 0 0 0 0 0 0 0(855,200)(161,066)(162,384)(163,738)(165,130)0 0End of Year Minimum Gain Balance 0 0 0 0 0 0 0 0 0 0 0 46,503793,636794,039794,377794,649794,849961,4741,129,429 Villa St. Joseph

Capital Account Analysis and Tax Liability - Sale Price Equals Debt Version:2.18 LIMITED PARTNER Credit Period Year:(1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 2022202320242025202620272028202920302031203220332034203520362037203820392040 Villa St. Joseph
LIMITED PARTNER EXIT BENEFIT/LIABILITY ANALYSISMarginal Tax Rate 21.00%End of Year Capital Account Balance 1,643,8641,643,864917,30113,109,94511,612,28410,104,5118,583,9797,051,8045,507,4063,948,5742,364,191742,479(855,200)(1,016,266)(1,178,650)(1,342,388)(1,507,518)(1,507,518)(1,507,518)(plus) Syndication Expenses 0 0168,500168,500168,500168,500168,500168,500168,500168,500168,500168,500168,500168,500168,500168,500168,500168,500168,500Tax Benefit/(Liability) on Sale @ $1 345,211345,211228,0182,788,4732,473,9652,157,3321,838,0211,516,2641,191,940864,586531,865191,306(144,207)(178,031)(212,131)(246,516)(281,194)(281,194)(281,194)Gross-Up Factor for Taxes on Gain due to Tax Payment79.00%Total GP Obligation on Sale: LP Tax Liability + Gross-Up0 0 0 0 0 0 0 0 0 0 0 0(182,541)(225,356)(268,521)(312,046)(355,941)(355,941)(355,941) GENERAL PARTNER Credit Period Year:(1) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 2022202320242025202620272028202920302031203220332034203520362037203820392040 Minimum Gain - Partnership 0 0 0 0 0 0 0 0 0 0 0 46,5081,649,0013,263,6924,890,9136,531,0038,184,3129,850,55511,530,103Minimum Gain - Partnership - GP Share 0 0 0 0 0 0 0 0 0 0 0 5 1652,937,3234,401,8215,877,9027,365,8818,865,50010,377,092Minimum Gain - Partner (GP) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0GP Share of Losses per LPA 0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%90.00%90.00%90.00%90.00%90.00%90.00% CAPITAL ACCOUNTBeg. of Yr Capital Account Balance 0 0 0 (7,859)(24,583)(41,764)(59,458)(77,679)(96,443)(115,767)(135,667)(157,338)(185,953)(214,790)(1,693,277)(3,183,831)(4,686,772)(6,202,430)(7,891,095)Capital Contributions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Annual GP Losses @ LPA Share 0 0 (7,855)(16,724)(17,182)(17,694)(18,221)(18,764)(19,324)(19,900)(21,671)(28,614)(28,837)(1,478,487)(1,490,554)(1,502,941)(1,515,658)(1,522,765)(1,535,588)LP Losses Re-allocated to GP (Related Party) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0LP Losses Re-allocated to GP (Capital Account Shortfall)0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0(165,900)(167,306)Cash Flow 0 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0End of Year Capital Account 0 0 (7,859)(24,583)(41,764)(59,458)(77,679)(96,443)(115,767)(135,667)(157,338)(185,953)(214,790)(1,693,277)(3,183,831)(4,686,772)(6,202,430)(7,891,095)(9,593,990)

Investment Summary - LIHTC Investor Version: 2.18
Assumptions
Marginal Tax Rate 21.0%

CUMULATIVE

TOTAL TOTAL TOTAL TOTAL TAX TOTAL RATIO OF

LIMITED AFTER- LTD PTR LTD PTR LTD PTR LTD PTR BENEFIT/ LTD PTR BENEFITS

PARTNER TAX VALUE FEDERALCALIFORNIA ENERGY HISTORIC (LIABILITY) TAXTO LTD PTR

YEAR PAY-INS OF LOSSES LIHTC LIHTC CREDITS CREDITSUPON SALE BENEFITS PAY-INS Credit Year
2022 1,643,864 0 0 0 0 0 0 0.00(1)
2023 0 0 0 0 0 0 0 0.000
2024 721,656 260,348 702,172 0 0 0 962,520 0.411
2025 14,073,115 394,899 1,699,084 0 0 0 2,093,983 0.192 2026 0 314,509 1,699,084 0 0 0 2,013,592 0.313
2027 316,632 1,699,084 0 0 0 2,015,716 0.434
2028 319,312 1,699,084 0 0 0 2,018,396 0.555
2029 321,757 1,699,084 0 0 0 2,020,840 0.686
2030 324,324 1,699,084 2,023,407 0.807
2031 327,355 1,699,084 2,026,438 0.928
2032 332,720 1,699,084 2,031,804 1.059
2033 340,560 1,699,084 2,039,643 1.1710
2034 335,513 996,911 1,332,424 1.2511
2035 33,824 0 33,824 1.2512
2036 34,101 0 0 34,101 1.2613
2037 34,385 0 0 34,385 1.2614
2038 34,677 0 0 34,677 1.2615
2039 0 0 (281,194) (281,194) 1.2416
2040 0 0 0 0 1.2417
TOTAL 16,438,635 3,724,914 16,990,837 0 0 0 20,434,558 Villa St. Joseph
Villa St. Joseph Page 17a
Net Quarterly Benefit ScheduleVersion: 2.18

LP EQUITY PAY-IN SCHEDULE

AMOUNT DATETHRESHOLD
LP Admission (Const. Portion)1,643,86412/01/22Initial Closing Completion Payment 721,65607/01/24Const. Completion
Stabilization Payment 0 04/01/25Stabilization
Conversion Payment 13,973,11504/01/25Perm Conversion
Final Payment #1 100,00010/01/258609
TOTAL LP CONTRIBUTIONS16,438,635

NET QUARTERLY BENEFITS
Internal Rate of Return:5.49%

TOTAL NET
QUART.QUART.

YEARINVESTMENTBENEFITSBENEFITSTHRESHOLD
2022 0 0
0 0
0 0
-1,643,864 0 -1,643,864LP Admission
2023 0 0
0 0
0 0
0 0
2024 0 0
0 0
-721,656481,260 -240,396Completion
481,260 481,260
2025 523,496 523,496
-13,973,115523,496 -13,449,619Stabilization / Perm Conversion 523,496 523,496
-100,000523,496 423,496Form 8609
2026 503,398 503,398
503,398 503,398
503,398 503,398
503,398 503,398
2027 0 503,929 503,929
0 503,929 503,929
0 503,929 503,929
0 503,929 503,929
2028 0 504,599 504,599
0 504,599 504,599
0 504,599 504,599
0 504,599 504,599
2029 0 505,210 505,210
0 505,210 505,210
0 505,210 505,210
0 505,210 505,210
2030 505,852 505,852
505,852 505,852
505,852 505,852
505,852 505,852
2031 506,610 506,610
506,610 506,610
506,610 506,610
506,610 506,610
2032 507,951 507,951
507,951 507,951
507,951 507,951
507,951 507,951
2033 509,911 509,911
509,911 509,911
509,911 509,911
509,911 509,911
2034 333,106 333,106
333,106 333,106
333,106 333,106
333,106 333,106
2035 8,456 8,456
8,456 8,456
8,456 8,456
8,456 8,456
2036 8,525 8,525
8,525 8,525
8,525 8,525
8,525 8,525
2037 8,596 8,596
8,596 8,596
8,596 8,596
8,596 8,596
2038 8,669 8,669
8,669 8,669
8,669 8,669
8,669 8,669
2039 (281,194)-281,194
0 0
0 0
0 0
2040 0 0
0 0
0 0
0 0
TOTAL 16,438,63520,434,558 3,995,923