Attachment 2 - Richmond Village MOU-DG_HBZ Signatures with exhibit Final.pdf — Richmond City Council, September 13, 2022

20 Year Proforma
Richmond Village I (Easter Hill I) Date:
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Annual 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 I N C O M E Increase Stabilized Year
MARKET RATE RENTS 2.00% -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ SECT. 18 RENTS 2.00% 1,663,500 1,696,770 1,730,705 1,765,320 1,800,626 1,836,638 1,873,371 1,910,839 1,949,055 1,988,036 2,027,797 2,068,353 2,109,720 2,151,915 2,194,953 2,238,852 2,283,629 2,329,302 2,375,888 2,423,405 2,471,873 PBV RENTS 2.00% 1,255,032 1,280,133 1,305,735 1,331,850 1,358,487 1,385,657 1,413,370 1,441,637 1,470,470 1,499,879 1,529,877 1,560,475 1,591,684 1,623,518 1,655,988 1,689,108 1,722,890 1,757,348 1,792,495 1,828,345 1,864,912 RAD RENTS 2.00% 130,140 132,743 135,398 138,106 140,868 143,685 146,559 149,490 152,480 155,529 158,640 161,813 165,049 168,350 171,717 175,151 178,654 182,227 185,872 189,589 193,381 POTENTIAL GROSS INCOME 3,048,672 3,109,645 3,171,838 3,235,275 3,299,981 3,365,980 3,433,300 3,501,966 3,572,005 3,643,445 3,716,314 3,790,640 3,866,453 3,943,782 4,022,658 4,103,111 4,185,173 4,268,877 4,354,254 4,441,339 4,530,166 Less: Vacancy Loss & Gain/Loss to Lease (calc) (76,217) (77,741) (79,296) (80,882) (82,500) (84,150) (85,832) (87,549) (89,300) (91,086) (92,908) (94,766) (96,661) (98,595) (100,566) (102,578) (104,629) (106,722) (108,856) (111,033) (113,254) Miscellaneous Income 2.00% 6,384 6,512 6,642 6,775 6,910 7,048 7,189 7,333 7,480 7,629 7,782 7,938 8,096 8,258 8,424 8,592 8,764 8,939 9,118 9,300 9,486 EFFECTIVE GROSS INCOME 2,978,839 3,038,416 3,099,184 3,161,168 3,224,391 3,288,879 3,354,657 3,421,750 3,490,185 3,559,989 3,631,188 3,703,812 3,777,888 3,853,446 3,930,515 4,009,125 4,089,308 4,171,094 4,254,516 4,339,606 4,426,398

E X P E N S E S

PAYROLL - - - - - - - - - - - - - - - - - - - - - UTILITIES 3.00% 347,353 357,774 368,507 379,562 390,949 402,677 414,758 427,200 440,016 453,217 466,813 480,818 495,242 510,100 525,403 541,165 557,400 574,122 591,345 609,086 627,358 ADVERTISING & MARKETING 3.00% 2,213 2,279 2,348 2,418 2,491 2,565 2,642 2,722 2,803 2,887 2,974 3,063 3,155 3,250 3,347 3,448 3,551 3,658 3,767 3,881 3,997 ADMINISTRATION AND OTHER PROPERTY OP 3.00% 274,702 282,943 291,431 300,174 309,179 318,455 328,008 337,849 347,984 358,424 369,176 380,252 391,659 403,409 415,511 427,976 440,816 454,040 467,661 481,691 496,142 REDECORATION 3.00% 13,344 13,744 14,157 14,581 15,019 15,469 15,933 16,411 16,904 17,411 17,933 18,471 19,025 19,596 20,184 20,790 21,413 22,056 22,717 23,399 24,101 REPAIRS/MAINTENANCE/SECURITY 3.00% 232,763 239,746 246,938 254,346 261,977 269,836 277,931 286,269 294,857 303,703 312,814 322,198 331,864 341,820 352,075 362,637 373,516 384,722 396,263 408,151 420,396 GROUNDS MAINTENANCE 3.00% 39,964 41,163 42,398 43,670 44,980 46,329 47,719 49,151 50,625 52,144 53,708 55,320 56,979 58,688 60,449 62,263 64,130 66,054 68,036 70,077 72,179 MANAGEMENT FEES 3.00% 181,594 187,042 192,653 198,433 204,386 210,517 216,833 223,338 230,038 236,939 244,047 251,369 258,910 266,677 274,677 282,918 291,405 300,147 309,152 318,426 327,979 TAXES 3.00% 87,509 90,134 92,838 95,623 98,492 101,447 104,490 107,625 110,854 114,179 117,605 121,133 124,767 128,510 132,365 136,336 140,426 144,639 148,978 153,448 158,051 INSURANCE 3.00% 100,313 103,322 106,422 109,615 112,903 116,290 119,779 123,372 127,074 130,886 134,812 138,857 143,022 147,313 151,732 156,284 160,973 165,802 170,776 175,899 181,176 MISCELLANEOUS 3.00% 19,102 19,675 20,265 20,873 21,499 22,144 22,809 23,493 24,198 24,924 25,671 26,442 27,235 28,052 28,893 29,760 30,653 31,573 32,520 33,495 34,500 REPLACEMENT RESERVE 2.00% 86,288 190,944 194,763 198,658 202,631 206,684 210,818 215,034 219,335 223,721 228,196 232,760 237,415 242,163 247,006 251,947 256,985 262,125 267,368 272,715 278,169 TOTAL EXPENSES $11,839 1,385,144 1,528,767 1,572,720 1,617,954 1,664,506 1,712,415 1,761,721 1,812,464 1,864,688 1,918,435 1,973,751 2,030,681 2,089,274 2,149,578 2,211,644 2,275,523 2,341,269 2,408,938 2,478,584 2,550,268 2,624,049 NET OPERATING INCOME 1,593,695 1,509,649 1,526,464 1,543,214 1,559,885 1,576,464 1,592,936 1,609,286 1,625,497 1,641,554 1,657,438 1,673,131 1,688,614 1,703,868 1,718,871 1,733,602 1,748,038 1,762,156 1,775,931 1,789,338 1,802,349 RR Beg Balc 12/31/2020 207,595 244,546 214,097 278,350 342,749 404,904 466,892 534,342 606,025 654,626 729,986 819,546 946,670 1,094,365 1,251,025 1,405,628 1,570,153 1,741,583 1,945,971 2,147,727 2,241,548 Initial Deposit -
Deposits 86,288 190,944 194,763 198,658 202,631 206,684 210,818 215,034 219,335 223,721 228,196 232,760 237,415 242,163 247,006 251,947 256,985 262,125 267,368 272,715 278,169 Withdrawals 2021 PCNA (49,337) (221,393) (130,509) (134,259) (140,477) (144,696) (143,368) (143,351) (170,734) (148,361) (138,635) (105,635) (89,720) (85,503) (92,404) (87,422) (85,555) (57,738) (65,611) (178,894) (467,120) RR End Bal 244,546 214,097 278,350 342,749 404,904 466,892 534,342 606,025 654,626 729,986 819,546 946,670 1,094,365 1,251,025 1,405,628 1,570,153 1,741,583 1,945,971 2,147,727 2,241,548 2,052,598

BASE DEBT SERVICE - - - - - - - - - - - - - - - - - - - - - (Outstanding Principal) - - - - - - - - - - - - - - - - - - - - - BASE DEBT SVC COVERAGE 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% SURPLUS CASH 1,593,695 1,509,649 1,526,464 1,543,214 1,559,885 1,576,464 1,592,936 1,609,286 1,625,497 1,641,554 1,657,438 1,673,131 1,688,614 1,703,868 1,718,871 1,733,602 1,748,038 1,762,156 1,775,931 1,789,338 1,802,349 1 Operating Reserve - New 461,715 461,715 461,715 2 Community Services & Security Fund 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 3 Priority Payment to RHA 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 25,000 25,000 25,000 25,000 25,000 25,000 4 Priority Payment to LP 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Subtotal 926,980 842,935 859,749 1,338,214 1,354,885 1,371,464 1,387,936 1,404,286 1,420,497 1,436,554 1,452,438 1,468,131 1,483,614 1,498,868 1,513,871 1,528,602 1,543,038 1,557,156 1,570,931 1,584,338 1,597,349 5 Repayment of withdrawals from ACC Reserve
during year
Will be NA after
RAD Conversion
Used for Calc Below 392,768 400,623 408,636 416,808 425,144 433,647 442,320 451,167 460,190 469,394 478,782 488,357 498,124 508,087 518,249 528,614 539,186 549,970 560,969 572,188 583,632 Used for Repayment Calc Below 275,000 682,669 614,254 626,504 1,008,050 1,020,137 1,032,124 1,044,001 1,055,754 1,067,369 1,078,834 1,090,133 1,101,251 1,112,173 1,122,881 1,133,360 1,143,590 1,153,553 1,163,230 1,172,600 1,181,642 1,190,334 6 Repayment of Easter Hill Housing Corp.

Subordinate Debt -65% of first $275k increased
2% annually; 80% excess of $275k increased
2% annually
Easter Hill Housing Corp.- 1st 6,896,374 682,669 614,254 626,504 1,008,050 1,020,137 1,032,124 1,044,001 868,635 Redevelopment Agency of City of Richmond -
2nd 1,840,321 187,119 1,067,369 585,833 Bank of the West - 3rd 463,970 463,970 Bank of the West - 4th 670,000 29,031 640,969 RHA - Contingent Rent 449,164 1,101,251 1,112,173 1,122,881 1,133,360 1,143,590 1,153,553 1,163,230 1,172,600 1,181,642 1,190,334 Subtotal 244,311 228,680 233,245 330,164 334,749 339,340 343,935 348,532 353,128 357,720 362,305 366,880 371,442 375,987 380,512 385,012 389,486 393,927 398,332 402,696 407,015

11.1(a)(i)
Payment of any outstanding Excess IP Loan,
then IP Loans and GP Loans (prorata) -
4TH AMENDMENT TO A&R LPA DATED
2/11/2011 - SECTION 1(c) - SA Solar Savings
Pmt
Will be NA after
RAD Conversion - - - - - - - - - - - - - - - - - - - - Subtotal 244,311 228,680 233,245 330,164 334,749 339,340 343,935 348,532 353,128 357,720 362,305 366,880 371,442 375,987 380,512 385,012 389,486 393,927 398,332 402,696 407,015

11.1(a)(ii)
Until the MGP Asset Management Fees has
been paid in full, 100% to MGP Asset
Management Fee 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 25,000 25,000 25,000 25,000 25,000 25,000

11.1(a)(iii)
100% to LP Asset Management Fee, including
interest 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Subtotal 214,311 198,680 203,245 300,164 304,749 309,340 313,935 318,532 323,128 327,720 332,305 336,880 341,442 345,987 350,512 355,012 359,486 363,927 368,332 372,696 377,015

11.1(a)(iv)
Operating Deficit Loans (see this section of
Pship Agreement) - - - - - - - - - - - - - - - - - - - - 1 Used for Calc Below 155,851 162,085 168,568 175,311 182,323 189,616 197,201 205,089 213,293 221,824 230,697 239,925 249,522 259,503 269,883 280,679 291,906 303,582 315,725 328,354 341,488

11.1(a)(v)
50% of Remaining - Developer General Partner
(DGP) Asset Management Fee - Max Fee
$93,600 inflated 4% annually per AMF agrmt 93,600 107,156 99,340 101,623 150,082 152,374 154,670 156,968 159,266 161,564 163,860 166,152 168,440 170,721 172,993 175,256 177,506 179,743 181,963 184,166 186,348 188,507 Subtotal 107,156 99,340 101,623 150,082 152,374 154,670 156,968 159,266 161,564 163,860 166,152 168,440 170,721 172,993 175,256 177,506 179,743 181,963 184,166 186,348 188,506

11.1(a)(vi) Pro Rata as a distribution to partners
Dev. GP 0.008% 9 8 8 12 12 12 13 13 13 13 13 13 14 14 14 14 14 15 15 15 15 Managing GP 0.001% 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 LP - CHDC North Richmond 49.996% 53,574 49,666 50,807 75,035 76,181 77,329 78,478 79,627 80,776 81,923 83,070 84,213 85,354 86,490 87,621 88,746 89,864 90,974 92,076 93,167 94,246 LP - MBS Portion 49.995% 53,572 49,665 50,806 75,034 76,180 77,327 78,476 79,625 80,774 81,922 83,068 84,212 85,352 86,488 87,619 88,744 89,862 90,973 92,074 93,165 94,244 Remaining - - - - - - - - - - - - - - - - - - - - - August 8, 2022
Easter Hill I RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 1 Operating Budget
Richmond Village I (Easter Hill I) Date:

NSF Units Unit % NSF %
MARKET - 0 0.0% 0.0%
Sect. 18 56,967 57 48.7% 52.9%
PBV 40,986 46 39.3% 38.1% Hard Debt?
RAD/ PBV 9,686 14 12.0% 9.0% Easter Hill Housing Corp. Lender TOTAL 107,639 117 100.0% 100.0% 6,896,374$ Amount 12/31/2019 -$ Annual Payment REVENUE Annual Monthly Per Unit/Yr Per Unit/Mo 1/1/2064 Maturity Date MARKET -$ -$ - - 0.00% Interest Rate (%) Sect. 18 1,663,500 138,625 29,184 2,432 PBV 1,255,032 104,586 27,283 2,274 RAD/ PBV 130,140 10,845 9,296 775 TOTAL GROSS POTENTIAL 3,048,672 254,056 26,057 2,171 VACANCY & GAIN/LOSS TO LEASE: 2.5% (76,217) (6,351) (651) (54) OTHER INCOME 5$ per Unit/Mo 6,384 532 55 5 Redevelopment Agency of the City of Richmond, CA Lender $1,840,321 Amount
NET REVENUES 2,978,839$ 248,237$ 25,460$ 2,122$ 2/1/2069 Maturity Date 2% Interest rate (%)
EXPENSES Annual Monthly Per Unit/Yr Per Unit/Mo

PAYROLL - - - - UTILITIES 347,353$ 28,946$ 2,969$ 247$ Bank of the West Lender ADVERTISING & MARKETING 2,213 184 19 2 $463,970 Amount ADMINISTRATION AND OTHER PROPERTY OPERATIONS 274,702 22,892 2,348 196 1/1/2049 Maturity Date REDECORATION 13,344 1,112 114 10 0% Interest rate (%) REPAIRS/MAINTENANCE/SECURITY 232,763 19,397 1,989 166 GROUNDS MAINTENANCE 39,964 3,330 342 28 MANAGEMENT FEES 6.10% 181,594 15,133 1,552 129 TAXES 87,509 7,292 748 62 INSURANCE 100,313 8,359 857 71 - Bank of the West Lender MISCELLANEOUS 19,102 1,592 163 14 $670,000 Amount REPLACEMENT RESERVE 187,200 15,600 1,600 133 1/1/2049 Maturity Date 0% Interest rate (%)
OPERATING EXPENSES 1,486,057$ 123,838$ 12,701$ 1,058$ NET OPERATING INCOME 1,492,782$ 124,399$ 12,759$ 1,063$ 12/31/2020 End of Tax Cr Compliance
4th Subordinate
3rd Subordinate
August 8, 2022
Current Debt Stack
1st Mortgage
2nd Subordinate
Easter Hill I RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 2 Detailed Annual Expenses
Richmond Village I (Easter Hill I) Date: August 8, 2022 Units 117
GSF 134,548
Category Detail Per Unit Per GSF % Annual Total Notes
ADMINISTRATION AND OTHER PROPERTY OManager Salaries 280 0.24 32,710 ADMINISTRATION AND OTHER PROPERTY OOffice Salaries 516 0.45 60,375 ADVERTISING & MARKETING Marketing Personnel -
REPAIRS/MAINTENANCE/SECURITY Maintenance 757 0.66 88,517 REPAIRS/MAINTENANCE/SECURITY Housekeeper - - - ADMINISTRATION AND OTHER PROPERTY OEmployee Benefits 517 0.45 60,529 UTILITIES Electricity 199 0.17 23,235
UTILITIES Water 1,369 1.19 160,221
UTILITIES Sewer 27 0.02 3,128
UTILITIES Gas 536 0.47 62,680
UTILITIES Trash Removal 838 0.73 98,089 ADVERTISING & MARKETING Advertising 19 0.02 2,213 ADMINISTRATION AND OTHER PROPERTY OEmployee Apartment 226 0.20 26,386 ADMINISTRATION AND OTHER PROPERTY OComputer Costs 44 0.04 5,093 ADMINISTRATION AND OTHER PROPERTY OOffice Supplies 58 0.05 6,798 ADMINISTRATION AND OTHER PROPERTY OTelephone 114 0.10 13,364 ADMINISTRATION AND OTHER PROPERTY OCredit Investigation - - - ADMINISTRATION AND OTHER PROPERTY OEmployee Education 16 0.01 1,895 ADMINISTRATION AND OTHER PROPERTY OEviction/Legal 148 0.13 17,329 ADMINISTRATION AND OTHER PROPERTY OLicenses/Meetings/Dues - - - ADMINISTRATION AND OTHER PROPERTY OPostage/Express Mail/ Fax 1 0.00 164 ADMINISTRATION AND OTHER PROPERTY OAuto & Travel 17 0.01 2,000 ADMINISTRATION AND OTHER PROPERTY OCommunity Services - - - ADMINISTRATION AND OTHER PROPERTY ORent Expense - Equipment - - - ADMINISTRATION AND OTHER PROPERTY OBad Debt 256 0.22 30,000 ADMINISTRATION AND OTHER PROPERTY OConsulting - - - ADMINISTRATION AND OTHER PROPERTY OProfessional Audit Expenses 128 0.11 15,000 ADMINISTRATION AND OTHER PROPERTY OAccounting Services - - - ADMINISTRATION AND OTHER PROPERTY OComputer Services - - - ADMINISTRATION AND OTHER PROPERTY OOther Admin 26 0.02 3,059 ADMINISTRATION AND OTHER PROPERTY OOther Renting Exp - - - REDECORATION Carpet Installation / Repairs - - - REDECORATION Cleaning/Painting/ Decorating 109 0.09 12,744 REDECORATION Appliances 5 0.00 600
REPAIRS/MAINTENANCE/SECURITY Supplies 133 0.12 15,526 REPAIRS/MAINTENANCE/SECURITY Janitorial Supplies/ Contract 257 0.22 30,052 REPAIRS/MAINTENANCE/SECURITY General repairs/maint Contracts 563 0.49 65,860 REPAIRS/MAINTENANCE/SECURITY Snow Removal - - - REPAIRS/MAINTENANCE/SECURITY Pest Control 52 0.05 6,117 REPAIRS/MAINTENANCE/SECURITY HVAC Maintenance - - - REPAIRS/MAINTENANCE/SECURITY Security 140 0.12 16,388 REPAIRS/MAINTENANCE/SECURITY Pool 86 0.08 10,112 REPAIRS/MAINTENANCE/SECURITY Misc. Maintenance 2 0.00 191 GROUNDS MAINTENANCE Grounds Contract 342 0.30 39,964 GROUNDS MAINTENANCE Grounds Supplies - - - MANAGEMENT FEES Management Fee 1,552 1.35 181,594 TAXES Real Estate Taxes 748 0.65 87,509 CA Welfare Exemption - So long as we
maintain a non-profit managing GP, the welfare
exemption is retained for families below 80% of
AMI. - Increased to agree to 2020 expense
INSURANCE Property Casualty Insurance 857 0.75 100,313 MISCELLANEOUS Misc. 163 0.14 19,102
REPLACEMENT RESERVE Replacement Reserve 1,600 1.39 187,200

MISCELLANEOUS - -

MISCELLANEOUS

MISCELLANEOUS - -

MISCELLANEOUS
Total Total 12,701 11.04 $1,486,057
Easter Hill I RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 3 Rent Calculation
Richmond Village I (Easter Hill I) Date:

Rent Calc: Mkt Actual Net Rent/ Comp Rents %
# of Units Unit Type Fam Sz Rent SF Net SF per Mkt Study Variance 0 1W 1.5 65450% - 0% 0%
0 1R 1.5 62400% - 0% 0%
0 2W 3 81900% - 0% 0%
0 2R 3 84900% - 0% 0%
0 3W 4.5 90400% - 0% 0%
0 3R 4.5 108717% - 0% 0%
0 4R 6 125800% - 0% 0%
0 3L 4.5 0% - 0% 0%
0 3O 4.5 0% - 0% 0%
0 3E 4.5 0% - 0% 0%
0 Total -$ 0% -$ 0%
Rent Calc: PBV Gross Utility Maximum Actual % of Market Actual to # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio Utility Allowances 4 1W 1.5 - 1,700 0% - 0% 0 BR 2 1R 1.5 - 1,700 0% - 0% 1 BR 5 2W 3 - 2,261 0% - 0% 2 BR 21 2R 3 - 2,261 0% - 0% 3 BR 2 3W 4.5 - 2,500 0% - 0% 4 BR 10 3R 4.5 - 2,500 0% - 0% 5 BR 2 4R 6 - 2,800 0% - 0% 6 BR 0 3L 4.5 - 0% - 0%
0 3O 4.5 - 0% - 0%
0 3E 4.5 - 0% - 0%
46 Total -$ 104,586$ 0% -$ 0% Rent Calc: Tax Credit Gross Utility Maximum Actual % of Market Actual to Updated: DATE # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio High
HOME Low HOME
0 1W 1.5 - 0% 1,700 0% 0 BR
0 1R 1.5 - 0% 1,700 0% 1 BR
0 2W 3 - 0% 2,261 0% 2 BR
0 2R 3 - 0% 2,261 0% 3 BR
0 3W 4.5 - 0% 2,500 0% 4 BR
0 3R 4.5 - 0% 2,500 0% 5 BR
0 4R 6 - 0% 2,800 0% 6 BR
0 3L 4.5 - 0% - 0%
0 3O 4.5 - 0% - 0%
0 3E 4.5 - 0% - 0%
0 Total -$ 0% -$ 0%
Rent Calc: 50% Gross Utility Maximum Actual % of Market Actual to Updated: DATE # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio FMR PBV/PBRA RAD 0 1W 1.5 #VALUE! #VALUE! 0 #VALUE! - 0% 0 BR 0 1R 1.5 #VALUE! #VALUE! 0 #VALUE! - 0% 1 BR 0 2W 3 #VALUE! #VALUE! #VALUE! - 0% 2 BR
0 2R 3 #VALUE! #VALUE! #VALUE! - 0% 3 BR
0 3W 4.5 #VALUE! #VALUE! #VALUE! - 0% 4 BR
0 3R 4.5 #VALUE! #VALUE! #VALUE! - 0% 5 BR
0 4R 6 #VALUE! #VALUE! #VALUE! - 0% 6 BR
0 3L 4.5 #VALUE! #VALUE! #VALUE! - 0%
0 3O 4.5 #VALUE! #VALUE! #VALUE! - 0%
0 3E 4.5 #VALUE! #VALUE! #VALUE! - 0%
0 Total #VALUE! -$ 0% -$ 0% Rent Calc: Sect. 18/ FMR Gross Utility Maximum Actual % of Market Actual to # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio 0 1W 1.5 #VALUE! #VALUE! 1,700 #VALUE! - 0% 0 1R 1.5 #VALUE! #VALUE! 1,700 #VALUE! - 0% 2 2W 3 #VALUE! #VALUE! 2,261 #VALUE! - 0% 23 2R 3 #VALUE! #VALUE! 2,261 #VALUE! - 0% 1 3W 4.5 #VALUE! #VALUE! 2,500 #VALUE! - 0% 24 3R 4.5 #VALUE! #VALUE! 2,500 #VALUE! - 0% 7 4R 6 #VALUE! #VALUE! 2,800 #VALUE! - 0% 0 3L 4.5 #VALUE! #VALUE! #VALUE! - 0%
0 3O 4.5 #VALUE! #VALUE! #VALUE! - 0%
0 3E 4.5 #VALUE! #VALUE! #VALUE! - 0%
57 Total #VALUE! 138,625$ #VALUE! -$ 0% 103
Rent Calc: RAD Gross Utility Maximum Actual % of Market Actual to # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio 10 1W 1.5 738 0% - 0%
1 1R 1.5 738 0% - 0%
1 2W 3 909 0% - 0%
2 2R 3 909 0% - 0%
0 3W 4.5 1219 0% - 0%
0 3R 4.5 1219 0% - 0%
0 4R 6 1474 0% - 0%
0 3L 4.5 0% - 0%
0 3O 4.5 0% - 0%
0 3E 4.5 0% - 0%
14 Total -$ 10,845$ 0% -$ 0% 117
Total Rent as Calculated Here: -$ Total/Per Unit Imputed Market Rents on LIHTC Units -$ -$ Total Rent as Required by Operating Expenses 10,845$ Total/Per Unit Market Rents -$ -$ August 8, 2022
Note: Using 2020 RAD rents
Easter Hill I RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 4 Unit and Rent Mix
Richmond Village I (Easter Hill I) Date:

Percentage
BR Type Code NSF GSF Mkt PBV Tax Credit 50% Sect. 18/ FMR RAD TOTAL Of Project 1 Walkup 1W 655 818 4 10 14 11.97%
1 Row House 1R 624 780 2 1 3 2.56%
2 Walkup 2W 819 1024 5 2 1 8 6.84% RAD Sect. 18
2 Row House 2R 849 1061 21 23 2 46 39.32% 14 57
3 Walkup 3W 904 1130 2 1 0 3 2.56%
3 Row House 3R 1087 1359 10 24 0 34 29.06%
4 Row House 4R 1258 1573 2 7 0 9 7.69%
3 Live/Work 3L 0 0 0.00%
3 Other1 3O 0 0 0.00%
3 Elevator 3E 0 0 0.00%
Total 0 46 0 0 57 14 117 100.00%
NSF - 40,986 - - 56,967 9,686 107,639 GSF - 51,232 - - 71,209 12,108 134,548

MONTHLY
Code Total Units Mkt PBV Tax Credi 50% ect. 18/ FM RAD Net Gross Mkt PBV Tax Credit 50% Sect. 18/ FMR RAD TOTAL 1W 14 0 4 0 0 0 10 655 818 0 1700 0 0 1700 738 14,180 1R 3 0 2 0 0 0 1 624 780 0 1700 0 0 1700 738 4,138 2W 8 0 5 0 0 2 1 819 1,024 0 2261 0 0 2261 909 16,736 2R 46 0 21 0 0 23 2 849 1,061 0 2261 0 0 2261 909 101,302 3W 3 0 2 0 0 1 0 904 1,130 0 2500 0 0 2500 1219 7,500 3R 34 0 10 0 0 24 0 1,087 1,359 0 2500 0 0 2500 1219 85,000 4R 9 0 2 0 0 7 0 1,258 1,573 0 2800 0 0 2800 1474 25,200 3L 0 0 0 0 0 0 0 - - 0 0 0 0 0 0 - 3O 0 0 0 0 0 0 0 - - 0 0 0 0 0 0 - 3E 0 0 0 0 0 0 0 - - 0 0 0 0 0 0 - Total 117 0 46 0 0 57 14 Monthly Total: -$ 104,586$ -$ -$ 138,625$ 10,845$ 254,056$ Annual Total: 3,048,672$
775
August 8, 2022
Unit Mix
Rent Mix
Unit RentsUnits Sq Foot
Easter Hill I RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 5 20 Year Proforma - AMP 08 & 09 Combined
Richmond Village II (Easter Hill II) Date:
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Annual 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 I N C O M E Increase Stabilized Year
MARKET RATE RENTS 2.00% -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ SECT. 18 RENTS 2.00% 1,356,000$ 1,383,120 1,410,782 1,438,998 1,467,778 1,497,134 1,527,076 1,557,618 1,588,770 1,620,546 1,652,956 1,686,016 1,719,736 1,754,131 1,789,213 1,824,997 1,861,497 1,898,727 1,936,702 1,975,436 2,014,945 PBV RENTS 2.00% 598,800$ 610,776 622,992 635,451 648,160 661,124 674,346 687,833 701,590 715,621 729,934 744,533 759,423 774,612 790,104 805,906 822,024 838,465 855,234 872,339 889,785 RAD RENTS 2.00% 532,212$ 542,856 553,713 564,788 576,083 587,605 599,357 611,344 623,571 636,043 648,763 661,739 674,974 688,473 702,242 716,287 730,613 745,225 760,130 775,332 790,839 POTENTIAL GROSS INCOME 2,487,012 2,536,752 2,587,487 2,639,237 2,692,022 2,745,862 2,800,779 2,856,795 2,913,931 2,972,210 3,031,654 3,092,287 3,154,133 3,217,215 3,281,560 3,347,191 3,414,135 3,482,417 3,552,066 3,623,107 3,695,569 Less: Vacancy Loss & Gain/Loss to Lease (calc) (62,175) (63,419) (64,687) (65,981) (67,301) (68,647) (70,019) (71,420) (72,848) (74,305) (75,791) (77,307) (78,853) (80,430) (82,039) (83,680) (85,353) (87,060) (88,802) (90,578) (92,389) Miscellaneous Income 2.00% 8,757 8,932 9,111 9,293 9,479 9,668 9,862 10,059 10,260 10,465 10,675 10,888 11,106 11,328 11,555 11,786 12,021 12,262 12,507 12,757 13,012 EFFECTIVE GROSS INCOME 2,433,594 2,482,266 2,531,911 2,582,549 2,634,200 2,686,884 2,740,622 2,795,434 2,851,343 2,908,370 2,966,537 3,025,868 3,086,385 3,148,113 3,211,075 3,275,297 3,340,803 3,407,619 3,475,771 3,545,286 3,616,192

E X P E N S E S

PAYROLL - - - - - - - - - - - - - - - - - - - - - UTILITIES 3.00% 294,083 302,905 311,993 321,352 330,993 340,923 351,150 361,685 372,536 383,712 395,223 407,080 419,292 431,871 444,827 458,172 471,917 486,074 500,657 515,676 531,147 ADVERTISING & MARKETING 3.00% 2,097 2,160 2,225 2,291 2,360 2,431 2,504 2,579 2,656 2,736 2,818 2,903 2,990 3,080 3,172 3,267 3,365 3,466 3,570 3,677 3,787 ADMINISTRATION AND OTHER PROPERTY OP 3.00% 256,116 263,799 271,713 279,865 288,261 296,909 305,816 314,990 324,440 334,173 344,198 354,524 365,160 376,115 387,398 399,020 410,991 423,321 436,020 449,101 462,574 REDECORATION 3.00% 17,350 17,871 18,407 18,959 19,528 20,113 20,717 21,338 21,978 22,638 23,317 24,016 24,737 25,479 26,243 27,031 27,842 28,677 29,537 30,423 31,336 REPAIRS/MAINTENANCE/SECURITY 3.00% 240,517 247,732 255,164 262,819 270,704 278,825 287,190 295,806 304,680 313,820 323,235 332,932 342,920 353,207 363,803 374,718 385,959 397,538 409,464 421,748 434,400 GROUNDS MAINTENANCE 3.00% 34,312 35,341 36,402 37,494 38,618 39,777 40,970 42,199 43,465 44,769 46,112 47,496 48,921 50,388 51,900 53,457 55,061 56,713 58,414 60,166 61,971 MANAGEMENT FEES 3.00% 182,070 187,532 193,158 198,953 204,921 211,069 217,401 223,923 230,641 237,560 244,687 252,027 259,588 267,376 275,397 283,659 292,169 300,934 309,962 319,261 328,839 TAXES 3.00% 86,764 89,367 92,048 94,809 97,654 100,583 103,601 106,709 109,910 113,207 116,604 120,102 123,705 127,416 131,238 135,175 139,231 143,408 147,710 152,141 156,705 INSURANCE 3.00% 101,038 104,069 107,191 110,407 113,719 117,131 120,644 124,264 127,992 131,831 135,786 139,860 144,056 148,377 152,829 157,414 162,136 167,000 172,010 177,170 182,486 MISCELLANEOUS 3.00% 19,853 20,449 21,062 21,694 22,345 23,015 23,706 24,417 25,149 25,904 26,681 27,481 28,306 29,155 30,029 30,930 31,858 32,814 33,798 34,812 35,857 REPLACEMENT RESERVE 2.00% 89,238 197,472 201,421 205,450 209,559 213,750 218,025 222,386 226,833 231,370 235,997 240,717 245,532 250,442 255,451 260,560 265,771 271,087 276,508 282,039 287,679 TOTAL EXPENSES $15,570 1,323,437 1,468,698 1,510,784 1,554,093 1,598,662 1,644,526 1,691,724 1,740,296 1,790,281 1,841,721 1,894,659 1,949,138 2,005,205 2,062,906 2,122,289 2,183,403 2,246,300 2,311,031 2,377,651 2,446,215 2,516,782 NET OPERATING INCOME 1,110,156 1,013,568 1,021,127 1,028,456 1,035,538 1,042,358 1,048,898 1,055,139 1,061,062 1,066,649 1,071,878 1,076,729 1,081,180 1,085,207 1,088,786 1,091,893 1,094,503 1,096,588 1,098,120 1,099,071 1,099,411 RR Beg Balc 12/31/2020 197,215 235,316 178,779 238,694 302,037 371,479 433,864 502,566 593,151 675,259 837,485 1,002,911 1,179,150 1,369,298 1,574,444 1,747,035 1,770,738 1,878,179 2,021,579 2,127,723 2,121,254 Initial Deposit -
Deposits 89,238 197,472 201,421 205,450 209,559 213,750 218,025 222,386 226,833 231,370 235,997 240,717 245,532 250,442 255,451 260,560 265,771 271,087 276,508 282,039 287,679 Withdrawls 2021 PCNA (51,137) (254,008) (141,507) (142,107) (140,117) (151,364) (149,323) (131,801) (144,725) (69,144) (70,572) (64,478) (55,384) (45,295) (82,861) (236,857) (158,330) (127,686) (170,364) (288,509) (769,525) RR End Bal 235,316 178,779 238,694 302,037 371,479 433,864 502,566 593,151 675,259 837,485 1,002,911 1,179,150 1,369,298 1,574,444 1,747,035 1,770,738 1,878,179 2,021,579 2,127,723 2,121,254 1,639,409 BASE DEBT SERVICE $2,075,369 - - - - - - - - - - - - - - - - - - - - - (Outstanding Principal) - - - - - - - - - - - - - - - - - - - - - BASE DEBT SVC COVERAGE 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% SURPLUS CASH 1,110,156 1,013,568 1,021,127 1,028,456 1,035,538 1,042,358 1,048,898 1,055,139 1,061,062 1,066,649 1,071,878 1,076,729 1,081,180 1,085,207 1,088,786 1,091,893 1,094,503 1,096,588 1,098,120 1,099,071 1,099,411 1 Operating Reserve - New 441,146 441,146 441,146 2 Community Services & Security Fund 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 3 Priority Payment to RHA 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 25,000 25,000 25,000 25,000 25,000 25,000 Building Rent Payment - $6,250 Annually for 24
yrs 112,500 112,500 6,250 6,250 6,250 6,250 6,250 6,250 4 Priority Payment to LP 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Subtotal 351,511 361,172 368,731 817,206 824,288 831,108 837,648 850,139 856,062 861,649 866,878 871,729 876,180 880,207 883,786 886,893 889,503 891,588 893,120 894,071 894,411 5 Repayment of withdrawals from ACC Reserve
during year
Will be NA after
RAD Conversion
Used for Calc Below 392,768 400,623 408,636 416,808 425,144 433,647 442,320 451,167 460,190 469,394 478,782 488,357 498,124 508,087 518,249 528,614 539,186 549,970 560,969 572,188 583,632 Used for Repayment Calc Below 275,000 228,482 234,762 239,675 591,243 595,659 599,839 603,770 612,436 615,821 618,910 621,686 624,130 626,225 627,952 629,292 630,223 630,724 630,775 630,351 629,429 627,984 6 Repayment of HACR Subordinate Debt -65% of
first $275k increased 2% annually; 80% excess of
$275k increased 2% annually
Housing Auth. of Richmond - 1st 2,075,369 228,482 234,762 239,675 591,243 595,659 185,548 Easter Hill Housing Corp. - 2nd 1,250,000 414,292 603,770 231,938 Redev. Agency of City of Richmond - 3rd 1,696,000 380,498 615,821 699,681 RHA - 4th 1,000,000 (80,771) 621,686 459,085 RHA - Contingent Rent 165,045 626,225 627,952 629,292 630,223 630,724 630,775 630,351 629,429 627,984 Subtotal 123,029 126,410 129,056 225,962 228,629 231,269 233,878 237,703 240,241 242,739 245,193 247,599 249,955 252,254 254,495 256,671 258,778 260,813 262,769 264,642 266,427

11.1(a)(i)
Payment of any outstanding Excess IP Loan,
then IP Loans and GP Loans (prorata) -
4TH AMENDMENT TO A&R LPA DATED
2/11/2011 - SECTION 1(c) - SA Solar Savings
Pmt
Will be NA after
RAD Conversion - - - - - - - - - - - - - - - - - - - - Subtotal 123,029 126,410 129,056 225,962 228,629 231,269 233,878 237,703 240,241 242,739 245,193 247,599 249,955 252,254 254,495 256,671 258,778 260,813 262,769 264,642 266,427

11.1(a)(ii)
Until the MGP Asset Management Fees has been
paid in full, 100% to MGP Asset Management
Fee 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 25,000 25,000 25,000 25,000 25,000 25,000

11.1(a)(iii)
100% to LP Asset Management Fee, including
interest 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Subtotal 93,029 96,410 99,056 195,962 198,629 201,269 203,878 207,703 210,241 212,739 215,193 217,599 219,955 222,254 224,495 226,671 228,778 230,813 232,769 234,642 236,427

11.1(a)(iv)
Operating Deficit Loans (see this section of Pship
Agreement) - - - - - - - - - - - - - - - - - - - - 1 Used for Calc Below 155,851 162,085 168,568 175,311 182,323 189,616 197,201 205,089 213,293 221,824 230,697 239,925 249,522 259,503 269,883 280,679 291,906 303,582 315,725 328,354 341,488

11.1(a)(v)
50% of Remaining - Developer General Partner
(DGP) Asset Management Fee - Max Fee
$93,600 inflated 4% annually per AMF agrmt 93,600 46,514 48,205 49,528 97,981 99,315 100,634 101,939 103,851 105,120 106,369 107,596 108,800 109,977 111,127 112,247 113,335 114,389 115,406 116,385 117,321 118,213 Subtotal 46,514 48,205 49,528 97,981 99,315 100,634 101,939 103,851 105,120 106,369 107,596 108,800 109,977 111,127 112,247 113,335 114,389 115,406 116,385 117,321 118,212

11.1(a)(vi) Pro Rata as a distribution to partners
Dev. GP 0.008% 4 4 4 8 8 8 8 8 8 9 9 9 9 9 9 9 9 9 9 9 9 Managing GP 0.001% 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 LP - CHDC North Richmond 49.996% 23,255 24,101 24,762 48,987 49,653 50,313 50,965 51,922 52,556 53,180 53,794 54,396 54,984 55,559 56,119 56,663 57,190 57,699 58,188 58,656 59,102 LP - MBS Portion 49.995% 23,255 24,100 24,761 48,986 49,652 50,312 50,964 51,920 52,555 53,179 53,793 54,394 54,983 55,558 56,118 56,662 57,189 57,697 58,187 58,655 59,100 Remaining - - - - - - - - - - - - - - - - - - - - - August 8, 2022
Easter Hill II RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 1 20 Year Proforma - AMP 08
Richmond Village II (Easter Hill II) Date:
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Annual 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 I N C O M E Increase Stabilized Year
MARKET RATE RENTS 2.00% -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ SECT. 18 RENTS 2.00% 1,356,000 1,383,120 1,410,782 1,438,998 1,467,778 1,497,134 1,527,076 1,557,618 1,588,770 1,620,546 1,652,956 1,686,016 1,719,736 1,754,131 1,789,213 1,824,997 1,861,497 1,898,727 1,936,702 1,975,436 2,014,945 PBV RENTS 2.00% 598,800 610,776 622,992 635,451 648,160 661,124 674,346 687,833 701,590 715,621 729,934 744,533 759,423 774,612 790,104 805,906 822,024 838,465 855,234 872,339 889,785 RAD RENTS 2.00% 102,612 104,664 106,758 108,893 111,071 113,292 115,558 117,869 120,226 122,631 125,083 127,585 130,137 132,740 135,394 138,102 140,864 143,682 146,555 149,486 152,476 POTENTIAL GROSS INCOME 2,057,412 2,098,560 2,140,531 2,183,342 2,227,009 2,271,549 2,316,980 2,363,320 2,410,586 2,458,798 2,507,974 2,558,133 2,609,296 2,661,482 2,714,711 2,769,006 2,824,386 2,880,873 2,938,491 2,997,261 3,057,206 Less: Vacancy Loss & Gain/Loss to Lease (calc) (51,435) (52,464) (53,513) (54,584) (55,675) (56,789) (57,925) (59,083) (60,265) (61,470) (62,699) (63,953) (65,232) (66,537) (67,868) (69,225) (70,610) (72,022) (73,462) (74,932) (76,430) Miscellaneous Income 2.00% 6,152 6,275 6,400 6,528 6,659 6,792 6,928 7,066 7,208 7,352 7,499 7,649 7,802 7,958 8,117 8,279 8,445 8,614 8,786 8,962 9,141 EFFECTIVE GROSS INCOME 2,012,128 2,052,371 2,093,418 2,135,287 2,177,992 2,221,552 2,265,983 2,311,303 2,357,529 2,404,680 2,452,773 2,501,829 2,551,865 2,602,903 2,654,961 2,708,060 2,762,221 2,817,465 2,873,815 2,931,291 2,989,917

E X P E N S E S

PAYROLL - - - - - - - - - - - - - - - - - - - - - UTILITIES 3.00% 206,587 212,785 219,168 225,743 232,516 239,491 246,676 254,076 261,699 269,549 277,636 285,965 294,544 303,380 312,482 321,856 331,512 341,457 351,701 362,252 373,120 ADVERTISING & MARKETING 3.00% 1,473 1,517 1,563 1,610 1,658 1,708 1,759 1,812 1,866 1,922 1,980 2,039 2,100 2,163 2,228 2,295 2,364 2,435 2,508 2,583 2,661 ADMINISTRATION AND OTHER PROPERTY OPERATIONS3.00% 179,916 185,314 190,873 196,599 202,497 208,572 214,829 221,274 227,912 234,750 241,792 249,046 256,517 264,213 272,139 280,304 288,713 297,374 306,295 315,484 324,949 REDECORATION 3.00% 12,188 12,554 12,930 13,318 13,718 14,129 14,553 14,990 15,439 15,903 16,380 16,871 17,377 17,899 18,435 18,989 19,558 20,145 20,749 21,372 22,013 REPAIRS/MAINTENANCE/SECURITY 3.00% 168,958 174,027 179,248 184,625 190,164 195,869 201,745 207,797 214,031 220,452 227,066 233,878 240,894 248,121 255,564 263,231 271,128 279,262 287,640 296,269 305,157 GROUNDS MAINTENANCE 3.00% 24,103 24,827 25,571 26,339 27,129 27,943 28,781 29,644 30,534 31,450 32,393 33,365 34,366 35,397 36,459 37,552 38,679 39,839 41,035 42,266 43,534 MANAGEMENT FEES 3.00% 127,900 131,737 135,690 139,760 143,953 148,272 152,720 157,301 162,020 166,881 171,887 177,044 182,355 187,826 193,461 199,265 205,243 211,400 217,742 224,274 231,002 TAXES 3.00% 60,950 62,778 64,662 66,602 68,600 70,658 72,777 74,961 77,210 79,526 81,912 84,369 86,900 89,507 92,192 94,958 97,807 100,741 103,763 106,876 110,082 INSURANCE 3.00% 70,977 73,106 75,300 77,558 79,885 82,282 84,750 87,293 89,912 92,609 95,387 98,249 101,196 104,232 107,359 110,580 113,897 117,314 120,834 124,459 128,192 MISCELLANEOUS 3.00% 13,946 14,365 14,796 15,240 15,697 16,168 16,653 17,152 17,667 18,197 18,743 19,305 19,884 20,481 21,095 21,728 22,380 23,051 23,743 24,455 25,189 REPLACEMENT RESERVE 2.00% 62,688 138,720 141,494 144,324 147,211 150,155 153,158 156,221 159,346 162,533 165,783 169,099 172,481 175,931 179,449 183,038 186,699 190,433 194,241 198,126 202,089 TOTAL EXPENSES $10,937 929,687 1,031,730 1,061,295 1,091,718 1,123,027 1,155,245 1,188,401 1,222,522 1,257,635 1,293,771 1,330,959 1,369,229 1,408,615 1,449,149 1,490,864 1,533,796 1,577,979 1,623,452 1,670,251 1,718,416 1,767,987 NET OPERATING INCOME 1,082,441 1,020,641 1,032,124 1,043,568 1,054,966 1,066,307 1,077,582 1,088,781 1,099,894 1,110,909 1,121,815 1,132,599 1,143,250 1,153,753 1,164,096 1,174,264 1,184,242 1,194,014 1,203,564 1,212,875 1,221,930 RR Beg Balc 138,539 165,304 128,841 173,427 220,243 262,869 306,041 345,358 398,415 448,644 567,406 689,373 816,276 959,488 1,109,388 1,222,251 1,303,547 1,382,150 1,489,531 1,583,227 1,558,509 Initial Deposit
Deposits 62,688 138,720 141,494 144,324 147,211 150,155 153,158 156,221 159,346 162,533 165,783 169,099 172,481 175,931 179,449 183,038 186,699 190,433 194,241 198,126 202,089 Withdrawls 2021 PCNA (35,923) (175,183) (96,908) (97,508) (104,586) (106,982) (113,841) (103,164) (109,117) (43,770) (43,816) (42,196) (29,269) (26,030) (66,586) (101,742) (108,096) (83,051) (100,546) (222,845) (572,587) RR End Bal 165,304 128,841 173,427 220,243 262,869 306,041 345,358 398,415 448,644 567,406 689,373 816,276 959,488 1,109,388 1,222,251 1,303,547 1,382,150 1,489,531 1,583,227 1,558,509 1,188,011 BASE DEBT SERVICE $2,075,369 - - - - - - - - - - - - - - - - - - - - - (Outstanding Principal) - - - - - - - - - - - - - - - - - - - - - BASE DEBT SVC COVERAGE 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% SURPLUS CASH 1,082,441 1,020,641 1,032,124 1,043,568 1,054,966 1,066,307 1,077,582 1,088,781 1,099,894 1,110,909 1,121,815 1,132,599 1,143,250 1,153,753 1,164,096 1,174,264 1,184,242 1,194,014 1,203,564 1,212,875 1,221,930 1 Operating Reserve - New 431,907 441,146 441,146 - - - - - - - - - - - - - - - - - - 2 Community Services & Security Fund 156,523 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 175,000 1 Priority Payment to RHA 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 25,000 25,000 25,000 25,000 25,000 Building Rent Payment - $6,250 Annually for 24
yrs 112,500 6,250 6,250 6,250 6,250 6,250 6,250 - - - - - - - - - - - - - - 4 Priority Payment to LP 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Subtotal 513,033 548,243 559,725 1,012,314 1,023,711 1,035,051 1,046,325 1,063,773 1,074,885 1,085,899 1,096,804 1,107,587 1,118,237 1,128,739 1,139,081 1,149,248 1,159,225 1,168,996 1,178,545 1,187,855 1,196,909 5 Repayment of withdrawals from ACC Reserve
during year
Will be NA after
RAD Conversion
6 Repayment of HACR Subordinate Debt -65% of
first $275k increased 2% annually; 80% excess
of $275k increased 2% annually 228,482 234,762 239,675 591,243 595,659 599,839 603,770 612,436 615,821 618,910 621,686 624,130 626,225 627,952 629,292 630,223 630,724 630,775 630,351 629,429 627,984 Subtotal 284,551 313,481 320,050 421,071 428,052 435,211 442,555 451,337 459,064 466,989 475,118 483,457 492,012 500,787 509,790 519,025 528,500 538,221 548,194 558,427 568,925

11.1(a)(i)
Payment of any outstanding Excess IP Loan,
then IP Loans and GP Loans (prorata) -
4TH AMENDMENT TO A&R LPA DATED
2/11/2011 - SECTION 1(c) - SA Solar Savings
Pmt
Will be NA after
RAD Conversion - - - - - - - - - - - - - - - - - - - - - Subtotal 284,551 313,481 320,050 421,071 428,052 435,211 442,555 451,337 459,064 466,989 475,118 483,457 492,012 500,787 509,790 519,025 528,500 538,221 548,194 558,427 568,925

11.1(a)(iii)
100% to LP Asset Management Fee, including
interest 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Subtotal 254,551 283,481 290,050 391,071 398,052 405,211 412,555 421,337 429,064 436,989 445,118 453,457 462,012 470,787 479,790 489,025 498,500 508,221 518,194 528,427 538,925

11.1(a)(iv)
Operating Deficit Loans (see this section of
Pship Agreement) - - - - - - - - - - - - - - - - - - - - 1

11.1(a)(v)
50% of Remaining - Developer General Partner
(DGP) Asset Management Fee - Max Fee
$93,600 inflated 4% annually per AMF agrmt 46,514 48,205 49,528 97,981 99,315 100,634 101,939 103,851 105,120 106,369 107,596 108,800 109,977 111,127 112,247 113,335 114,389 115,406 116,385 117,321 118,213 Subtotal 208,036 235,276 240,522 293,090 298,737 304,577 310,616 317,486 323,943 330,619 337,522 344,657 352,034 359,660 367,542 375,690 384,111 392,815 401,810 411,105 420,711

11.1(a)(vi)Pro Rata as a distribution to partners
Dev. GP 0.008% 17 19 19 23 24 24 25 25 26 26 27 28 28 29 29 30 31 31 32 33 34 Managing GP 0.001% 2 2 2 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 LP - CHDC North Richmond 49.996% 104,010 117,629 120,251 146,533 149,356 152,276 155,296 158,730 161,959 165,296 168,747 172,315 176,003 179,816 183,757 187,830 192,040 196,392 200,889 205,536 210,338 LP 49.995% 104,008 117,626 120,249 146,530 149,353 152,273 155,293 158,727 161,955 165,293 168,744 172,312 176,000 179,812 183,753 187,826 192,036 196,388 200,885 205,532 210,334 Remaining - - - - - - - - - - - - - - - - - - - - - August 8, 2022
Easter Hill II RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 1 Operating Budget - AMP 08
Richmond Village II (Easter Hill II) Date:

70.247934%
NSF Units Unit % NSF %
MARKET - 0 0.0% 0.0%
Sect. 18 50,602 50 58.8% 62.5%
PBV 21,886 23 27.1% 27.0% Hard Debt?
RAD/ PBV 8,515 12 14.1% 10.5% Housing Authority of the City of Richmond Lender TOTAL 81,003 85 100.0% 100.0% 2,075,369$ Amount 12/31/2019 -$ Annual Payment REVENUE Annual Monthly Per Unit/Yr Per Unit/Mo 11/1/2049 Maturity Date MARKET -$ -$ - - 4.70% Interest Rate (%) Sect. 18 1,356,000 113,000 27,120 2,260 PBV 598,800 49,900 26,035 2,170 RAD/ PBV 102,612 8,551 8,551 713 TOTAL GROSS POTENTIAL 2,057,412 171,451 24,205 2,017 VACANCY & GAIN/LOSS TO LEASE 2.5% (51,435) (4,286) (605) (50) OTHER INCOME 6$ per Unit/Mo 6,152 513 72 6 Easter Hill Housing Corp. Lender $1,250,000 Amount
NET REVENUES 2,012,128$ 167,677$ 23,672$ 1,973$ 1/1/2051 Maturity Date 0% Interest rate (%)
EXPENSES Annual Monthly Per Unit/Yr Per Unit/Mo

PAYROLL - - - - UTILITIES 206,587$ 17,216$ 2,430$ 203$ Redevelopment Agency of the city of Richmond , CA Lender ADVERTISING & MARKETING 1,473 123 17 1 $1,696,000 Amount ADMINISTRATION AND OTHER PROPERTY OPERATIONS 179,916 14,993 2,117 176 11/1/2052 Maturity Date REDECORATION 12,188 1,016 143 12 2% Interest rate (%) REPAIRS/MAINTENANCE/SECURITY 168,958 14,080 1,988 166 GROUNDS MAINTENANCE 24,103 2,009 284 24 MANAGEMENT FEES 6.36% 127,900 10,658 1,505 125 TAXES 60,950 5,079 717 60 INSURANCE 70,977 5,915 835 70 - RHA Housing Corp. Lender MISCELLANEOUS 13,946 1,162 164 14 $1,000,000 Amount REPLACEMENT RESERVE 136,000 11,333 1,600 133 5/31/2052 Maturity Date 0% Interest rate (%)
OPERATING EXPENSES 1,003,000$ 83,583$ 11,800$ 983$ NET OPERATING INCOME 1,009,128$ 84,094$ 11,872$ 989$ 12/31/2021 End of Tax Cr Compliance
4th Subordinate
3rd Subordinate
August 8, 2022
Current Debt Stack
1st Mortgage
2nd Subordinate
Easter Hill II RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 3 Detailed Annual Expenses - AMP 08
Richmond Village II (Easter Hill II) Date: August 8, 2022 Units 85
GSF 101,254
Category Detail Per Unit Per GSF % Annual Total Notes
ADMINISTRATION AND OTHER PROPERTY OManager Salaries 281 0.24 23,916 ADMINISTRATION AND OTHER PROPERTY OOffice Salaries 519 0.44 44,144 ADVERTISING & MARKETING Marketing Personnel -
REPAIRS/MAINTENANCE/SECURITY Maintenance 761 0.64 64,719 REPAIRS/MAINTENANCE/SECURITY Housekeeper - - - ADMINISTRATION AND OTHER PROPERTY OEmployee Benefits 519 0.44 44,154 UTILITIES Electricity 176 0.15 14,982
UTILITIES Water 927 0.78 78,763
UTILITIES Sewer 1 0.00 85
UTILITIES Gas 510 0.43 43,349
UTILITIES Trash Removal 817 0.69 69,408 ADVERTISING & MARKETING Advertising 17 0.01 1,473 ADMINISTRATION AND OTHER PROPERTY OEmployee Apartment 169 0.14 14,370 ADMINISTRATION AND OTHER PROPERTY OComputer Costs 37 0.03 3,143 ADMINISTRATION AND OTHER PROPERTY OOffice Supplies 49 0.04 4,154 ADMINISTRATION AND OTHER PROPERTY OTelephone 15 0.01 1,284 ADMINISTRATION AND OTHER PROPERTY OCredit Investigation - - - ADMINISTRATION AND OTHER PROPERTY OEmployee Education 5 0.00 434 ADMINISTRATION AND OTHER PROPERTY OEviction/Legal 121 0.10 10,291 ADMINISTRATION AND OTHER PROPERTY OLicenses/Meetings/Dues - - - ADMINISTRATION AND OTHER PROPERTY OPostage/Express Mail/ Fax 1 0.00 56 ADMINISTRATION AND OTHER PROPERTY OAuto & Travel 2 0.00 152 ADMINISTRATION AND OTHER PROPERTY OCommunity Services - - - ADMINISTRATION AND OTHER PROPERTY ORent Expense - Equipment - - - ADMINISTRATION AND OTHER PROPERTY OBad Debt 207 0.17 17,562 ADMINISTRATION AND OTHER PROPERTY OConsulting - - - ADMINISTRATION AND OTHER PROPERTY OProfessional Audit Expenses 155 0.13 13,201 ADMINISTRATION AND OTHER PROPERTY OAccounting Services - - - ADMINISTRATION AND OTHER PROPERTY OComputer Services - - - ADMINISTRATION AND OTHER PROPERTY OOther Admin 36 0.03 3,056 ADMINISTRATION AND OTHER PROPERTY OOther Renting Exp - - - REDECORATION Carpet Installation / Repairs - - - REDECORATION Cleaning/Painting/ Decorating 139 0.12 11,823 REDECORATION Appliances 4 0.00 365
REPAIRS/MAINTENANCE/SECURITY Supplies 127 0.11 10,817 REPAIRS/MAINTENANCE/SECURITY Janitorial Supplies/ Contract 239 0.20 20,291 REPAIRS/MAINTENANCE/SECURITY General repairs/maint Contracts 600 0.50 50,965 REPAIRS/MAINTENANCE/SECURITY Snow Removal - - - REPAIRS/MAINTENANCE/SECURITY Pest Control 50 0.04 4,252 REPAIRS/MAINTENANCE/SECURITY HVAC Maintenance - - - REPAIRS/MAINTENANCE/SECURITY Security 126 0.11 10,679 REPAIRS/MAINTENANCE/SECURITY Pool 84 0.07 7,101 REPAIRS/MAINTENANCE/SECURITY Misc. Maintenance 2 0.00 134 GROUNDS MAINTENANCE Grounds Contract 263 0.22 22,347 GROUNDS MAINTENANCE Grounds Supplies 21 0.02 1,756 MANAGEMENT FEES Management Fee 1,505 1.26 127,900 TAXES Real Estate Taxes 717 0.60 60,950 CA Welfare Exemption - So long as we
maintain a non-profit managing GP, the welfare
exemption is retained for families below 80% of
AMI. - Increased to agree to 2020 expense
INSURANCE Property Casualty Insurance 835 0.70 70,977 MISCELLANEOUS Misc. 164 0.14 13,946
REPLACEMENT RESERVE Replacement Reserve 1,600 1.34 136,000

MISCELLANEOUS - -

MISCELLANEOUS

MISCELLANEOUS - -

MISCELLANEOUS
Total Total 11,800 9.91 $1,003,000
Easter Hill II RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 4 Rent Calculation - AMP 08
Richmond Village II (Easter Hill II) Date:

Rent Calc: Mkt Actual Net Rent/ Comp Rents %
# of Units Unit Type Fam Sz Rent SF Net SF per Mkt Study Variance 0 1W 1.5 61700% - 0% 0%
0 2W 3 83700% - 0% 0%
0 2R 3 91400% - 0% 0%
0 3W 4.5 106700% - 0% 0%
0 3R 4.5 107500% - 0% 0%
0 4R 6 141500% - 0% 0%
0 4R 6 0% - 0% 0%
0 3L 4.5 0% - 0% 0%
0 3O 4.5 0% - 0% 0%
0 3E 4.5 0% - 0% 0%
0 Total -$ 0% -$ 0%
Rent Calc: PBV Gross Utility Maximum Projected % of Market Actual to # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio Utility Allowances 4 1W 1.5 - 1,700 0% - 0% 0 BR 1 2W 3 - 2,100 0% - 0% 1 BR 9 2R 3 - 2,100 0% - 0% 2 BR 0 3W 4.5 - 2,500 0% - 0% 3 BR 7 3R 4.5 - 2,500 0% - 0% 4 BR 2 4R 6 - 2,300 0% - 0% 5 BR 0 4R 6 - 0% - 0% 6 BR
0 3L 4.5 - 0% - 0%
0 3O 4.5 - 0% - 0%
0 3E 4.5 - 0% - 0%
23 Total -$ 49,900$ 0% -$ 0% Rent Calc: Tax Credit Gross Utility Maximum Actual % of Market Actual to Updated: DATE # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio High
HOME Low HOME
0 1W 1.5 - 1,700 0% 1,700 100% 0 BR 0 2W 3 - 2,100 0% 2,100 100% 1 BR 0 2R 3 - 2,100 0% 2,100 100% 2 BR 0 3W 4.5 - 2,500 0% 2,500 100% 3 BR 0 3R 4.5 - 2,500 0% 2,500 100% 4 BR 0 4R 6 - 2,300 0% 2,300 100% 5 BR 0 4R 6 - 0% - 0% 6 BR
0 3L 4.5 - 0% - 0%
0 3O 4.5 - 0% - 0%
0 3E 4.5 - 0% - 0%
0 Total -$ -$ 0% -$ 0% Rent Calc: Sect. 18 Gross Utility Maximum Actual % of Market Actual to Updated: DATE # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio FMR PBV/PBRA RAD 0 1W 1.5 #VALUE! #VALUE! 1,700 #VALUE! - 0% 0 BR 0 2W 3 #VALUE! #VALUE! 2,100 #VALUE! - 0% 1 BR 28 2R 3 #VALUE! #VALUE! 2,100 #VALUE! - 0% 2 BR 0 3W 4.5 #VALUE! #VALUE! 2,500 #VALUE! - 0% 3 BR 18 3R 4.5 #VALUE! #VALUE! 2,500 #VALUE! - 0% 4 BR 4 4R 6 #VALUE! #VALUE! 2,300 #VALUE! - 0% 5 BR 0 4R 6 #VALUE! #VALUE! #VALUE! - 0% 6 BR
0 3L 4.5 #VALUE! #VALUE! #VALUE! - 0%
0 3O 4.5 #VALUE! #VALUE! #VALUE! - 0%
0 3E 4.5 #VALUE! #VALUE! #VALUE! - 0%
50 Total #VALUE! 113,000$ #VALUE! -$ 0% Rent Calc: RAD -CA010000008 Gross Utility Maximum Actual % of Market Actual to # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio 8 1W 1.5 - 731 0% - 0%
1 2W 3 - 0% - 0%
3 2R 3 - 901 0% - 0%
0 3W 4.5 - 0% - 0%
0 3R 4.5 - 1208 0% - 0%
0 4R 6 - 1460 0% - 0%
0 4R 6 - 0% - 0%
0 3L 4.5 - 0% - 0%
0 3O 4.5 - 0% - 0%
0 3E 4.5 - 0% - 0%
12 Total -$ 8,551$ 0% -$ 0% 85 Rent Calc: RAD -CA010000009 Gross Utility Maximum Actual % of Market Actual to # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio 0 1W 1.5 721 0% - 0%
0 2W 3 0% - 0%
0 2R 3 889 0% - 0%
0 3W 4.5 0% - 0%
0 3R 4.5 1192 0% - 0%
0 4R 6 1440 0% - 0%
0 4R 6 0% - 0%
0 3L 4.5 0% - 0%
0 3O 4.5 0% - 0%
0 3E 4.5 0% - 0%
0 Total -$ -$ 0% -$ 0% 85 Total Rent as Calculated Here: -$ Total/Per Unit Imputed Market Rents on LIHTC Units -$ -$ Total Rent as Required by Operating Expenses 8,551$ Total/Per Unit Market Rents -$ -$ August 8, 2022
Note: Using 2020 RAD rents
Easter Hill II RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 5 Unit and Rent Mix - AMP 08
Richmond Village II (Easter Hill II) Date:

Percentage
BR Type Code NSF GSF Mkt PBV Tax Credit Sect. 18
RAD -
CA010000008
RAD -
CA010000009 TOTAL Of Project
1 Walkup 1W 617 771 4 8 12 14.12%
2 Walkup 2W 837 1046 1 1 2 2.35%
2 Row House 2R 914 1143 9 28 3 40 47.06% RAD Sect. 18
3 Walkup 3W 1067 1334 0 0.00% 12 50
3 Row House 3R 1075 1344 7 18 25 29.41%
4 Row House 4R 1415 1769 2 4 6 7.06%
4 Row House 4R 0 0 0.00%
3 Live/Work 3L 0 0 0.00%
3 Other1 3O 0 0 0.00%
3 Elevator 3E 0 0 0.00%
Total 0 23 0 50 12 0 85 100.00%
NSF - 21,886 - 50,602 8,515 - 81,003 GSF - 27,358 - 63,253 10,644 - 101,254

MONTHLY
Code Total Units Mkt PBV Tax Credit Sect. 18 -CA01000D -CA010000 Net Gross Mkt PBV Tax Credit Sect. 18 AD -CA0100000D -CA010000 TOTAL 1W 12 0 4 0 0 8 0 617 771 0 1700 1700 1700 731 721 12,648 2W 2 0 1 0 0 1 0 837 1,046 0 2100 2100 2100 0 0 2,100 2R 40 0 9 0 28 3 0 914 1,143 0 2100 2100 2100 901 889 80,403 3W 0 0 0 0 0 0 0 1,067 1,334 0 2500 2500 2500 0 0 - 3R 25 0 7 0 18 0 0 1,075 1,344 0 2500 2500 2500 1208 1192 62,500 4R 6 0 2 0 4 0 0 1,415 1,769 0 2300 2300 2300 1460 1440 13,800 4R 0 0 0 0 0 0 0 - - 0 0 0 0 0 0 - 3L 0 0 0 0 0 0 0 - - 0 0 0 0 0 0 - 3O 0 0 0 0 0 0 0 - - 0 0 0 0 0 0 - 3E 0 0 0 0 0 0 0 - - 0 0 0 0 0 0 - Total 85 0 23 0 50 12 0 Monthly Total: -$ 49,900$ -$ 113,000$ 8,551$ -$ 171,451$ Annual Total: 2,057,412$
#DIV/0!
August 8, 2022
Unit Mix
Rent Mix
Unit RentsUnits Sq Foot
Easter Hill II RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 6 20 Year Proforma - AMP 09
Richmond Village II (Easter Hill II) Date:
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Annual 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 I N C O M E Increase Stabilized Year
MARKET RATE RENTS 2.00% -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TAX CREDIT 2.00% -$ - - - - - - - - - - - - - - - - - - - PBV RENTS 2.00% -$ - - - - - - - - - - - - - - - - - - - RAD RENTS 2.00% 429,600$ 438,192 446,956 455,895 465,013 474,313 483,799 493,475 503,345 513,412 523,680 534,154 544,837 555,733 566,848 578,185 589,749 601,544 613,575 625,846 POTENTIAL GROSS INCOME 429,600 438,192 446,956 455,895 465,013 474,313 483,799 493,475 503,345 513,412 523,680 534,154 544,837 555,733 566,848 578,185 589,749 601,544 613,575 625,846 Less: Vacancy Loss & Gain/Loss to Lease (calc) (10,740) (10,955) (11,174) (11,397) (11,625) (11,858) (12,095) (12,337) (12,584) (12,835) (13,092) (13,354) (13,621) (13,893) (14,171) (14,455) (14,744) (15,039) (15,339) (15,646) Miscellaneous Income 2.00% 2,605 2,657 2,711 2,765 2,820 2,877 2,934 2,993 3,053 3,114 3,176 3,239 3,304 3,370 3,438 3,507 3,577 3,648 3,721 3,796 EFFECTIVE GROSS INCOME 421,465 429,895 438,493 447,262 456,208 465,332 474,638 484,131 493,814 503,690 513,764 524,039 534,520 545,210 556,115 567,237 578,582 590,153 601,956 613,995

E X P E N S E S

PAYROLL - - - - - - - - - - - - - - - - - - - - UTILITIES 3.00% 87,496 90,121 92,824 95,609 98,477 101,432 104,475 107,609 110,837 114,162 117,587 121,115 124,748 128,490 132,345 136,316 140,405 144,617 148,956 153,424 ADVERTISING & MARKETING 3.00% 624 643 662 682 702 723 745 767 790 814 838 864 890 916 944 972 1,001 1,031 1,062 1,094 ADMINISTRATION AND OTHER PROPERTY OPERATIONS3.00% 76,200 78,486 80,840 83,266 85,764 88,336 90,987 93,716 96,528 99,423 102,406 105,478 108,643 111,902 115,259 118,717 122,278 125,947 129,725 133,617 REDECORATION 3.00% 5,162 5,317 5,476 5,641 5,810 5,984 6,164 6,349 6,539 6,735 6,937 7,145 7,360 7,581 7,808 8,042 8,283 8,532 8,788 9,052 REPAIRS/MAINTENANCE/SECURITY 3.00% 71,559 73,706 75,917 78,194 80,540 82,956 85,445 88,008 90,649 93,368 96,169 99,054 102,026 105,086 108,239 111,486 114,831 118,276 121,824 125,479 GROUNDS MAINTENANCE 3.00% 10,209 10,515 10,830 11,155 11,490 11,834 12,190 12,555 12,932 13,320 13,719 14,131 14,555 14,992 15,441 15,905 16,382 16,873 17,379 17,901 MANAGEMENT FEES 3.00% 54,170 55,795 57,469 59,193 60,968 62,797 64,681 66,622 68,620 70,679 72,799 74,983 77,233 79,550 81,936 84,394 86,926 89,534 92,220 94,987 TAXES 3.00% 25,814 26,589 27,386 28,208 29,054 29,926 30,823 31,748 32,701 33,682 34,692 35,733 36,805 37,909 39,046 40,217 41,424 42,667 43,947 45,265 INSURANCE 3.00% 30,061 30,963 31,892 32,848 33,834 34,849 35,894 36,971 38,080 39,223 40,399 41,611 42,860 44,145 45,470 46,834 48,239 49,686 51,177 52,712 MISCELLANEOUS 3.00% 5,907 6,084 6,266 6,454 6,648 6,847 7,053 7,264 7,482 7,707 7,938 8,176 8,422 8,674 8,934 9,202 9,478 9,763 10,056 10,357 REPLACEMENT RESERVE 2.00% 26,550 58,752 59,927 61,126 62,348 63,595 64,867 66,164 67,488 68,837 70,214 71,618 73,051 74,512 76,002 77,522 79,072 80,654 82,267 83,912 TOTAL EXPENSES $4,632 393,750 436,968 449,489 462,375 475,635 489,280 503,323 517,774 532,645 547,950 563,700 579,909 596,590 613,757 631,425 649,608 668,321 687,579 707,400 727,800 NET OPERATING INCOME 27,715 (7,073) (10,997) (15,112) (19,427) (23,949) (28,684) (33,643) (38,832) (44,260) (49,936) (55,870) (62,070) (68,547) (75,310) (82,371) (89,739) (97,426) (105,444) (113,804) RR Beg Balc 58,676 70,011 49,938 65,267 81,794 108,610 127,823 157,208 194,735 226,616 270,079 313,538 362,874 409,810 465,057 524,784 467,191 496,028 532,047 544,496 Initial Deposit
Deposits 26,550 58,752 59,927 61,126 62,348 63,595 64,867 66,164 67,488 68,837 70,214 71,618 73,051 74,512 76,002 77,522 79,072 80,654 82,267 83,912 Withdrawls 2021 PCNA (15,214) (78,825) (44,598) (44,598) (35,532) (44,382) (35,482) (28,637) (35,607) (25,374) (26,755) (22,282) (26,115) (19,265) (16,275) (135,115) (50,235) (44,635) (69,818) (65,664) RR End Bal 70,011 49,938 65,267 81,794 108,610 127,823 157,208 194,735 226,616 270,079 313,538 362,874 409,810 465,057 524,784 467,191 496,028 532,047 544,496 562,745 BASE DEBT SERVICE $2,075,369 - - - - - - - - - - - - - - - - - - - - (Outstanding Principal) - - - - - - - - - - - - - - - - - - - - BASE DEBT SVC COVERAGE 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% SURPLUS CASH 27,715 (7,073) (10,997) (15,112) (19,427) (23,949) (28,684) (33,643) (38,832) (44,260) (49,936) (55,870) (62,070) (68,547) (75,310) (82,371) (89,739) (97,426) (105,444) (113,804) 1 Operating Reserve - New 9,238
2 Community Services & Security Fund 18,477
3 Priority Payment to RHA - - - - - - - - - - - - - - - - - - - - Building Rent Payment - $6,250 Annually for 24
yrs
4 Priority Payment to LP - - - - - - - - - - - - - - - - - - - - Subtotal - - - - - - - - - - - - - - - - - - - - 5 Repayment of withdrawals from ACC Reserve
during year
Will be NA after
RAD Conversion
6 Repayment of HACR Subordinate Debt -65% of
first $275k increased 2% annually; 80% excess
of $275k increased 2% annually - - - - - - - - - - - - - - - - - - - - Subtotal - - - - - - - - - - - - - - - - - - - -

11.1(a)(ii)
Until the MGP Asset Management Fees has
been paid in full, 100% to MGP Asset
Management Fee 1,488 - - - - - - - - - - - - - - - - - - - -

11.1(a)(iii)
100% to LP Asset Management Fee, including
interest 1,488 - - - - - - - - - - - - - - - - - - - - Subtotal - - - - - - - - - - - - - - - - - - - -

11.1(a)(iv)
Operating Deficit Loans (see this section of
Pship Agreement) - - - - - - - - - - - - - - - - - - - -

11.1(a)(v)
50% of Remaining - Developer General Partner
(DGP) Asset Management Fee - Max Fee
$93,600 inflated 4% annually per AMF agrmt - - - - - - - - - - - - - - - - - - - - Subtotal - - - - - - - - - - - - - - - - - - - -

11.1(a)(vi)Pro Rata as a distribution to partners
Dev. GP 0.008% - - - - - - - - - - - - - - - - - - - - Managing GP 0.001% - - - - - - - - - - - - - - - - - - - - LP - CHDC North Richmond 49.996% - - - - - - - - - - - - - - - - - - - - LP 49.995% - - - - - - - - - - - - - - - - - - - - Remaining - - - - - - - - - - - - - - - - - - - - August 8, 2022
Easter Hill II RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 1 Operating Budget - AMP 09
Richmond Village II (Easter Hill II) Date:

29.752066%
NSF Units Unit % NSF % BEDROOM %
MARKET - 0 0.0% 0.0% 0.0%
TAX CREDIT - 0 0.0% 0.0% 0.0%
PBV - 0 0.0% 0.0% 0.0% Hard Debt?
RAD/ PBV 34,922 36 100.0% 100.0% 100.0% Housing Authority of the City of Richmond Lender TOTAL 34,922 36 100.0% 100.0% 100% 2,075,369$ Amount 12/31/2019 -$ Annual Payment REVENUE Annual Monthly Per Unit/Yr Per Unit/Mo 11/1/2049 Maturity Date MARKET -$ -$ - - 4.70% Interest Rate (%)

TAX CREDIT - - - -

PBV - - - - RAD/ PBV 429,600 35,800 11,933 994 TOTAL GROSS POTENTIAL 429,600 35,800 11,933 994 VACANCY & GAIN/LOSS TO LEASE: 2.5% (10,740) (895) (298) (25) OTHER INCOME 6$ per Unit/Mo 2,605 217 72 6 Easter Hill Housing Corp. Lender $1,250,000 Amount
NET REVENUES 421,465$ 35,122$ 11,707$ 976$ 1/1/2051 Maturity Date 0% Interest rate (%)
EXPENSES Annual Monthly Per Unit/Yr Per Unit/Mo

PAYROLL - - - - UTILITIES 87,496 7,291$ 2,430$ 203$ Redevelopment Agency of the city of Richmond , CA Lender ADVERTISING & MARKETING 624 52 17 1 $1,696,000 Amount ADMINISTRATION AND OTHER PROPERTY OPERATIONS 76,200 6,350 2,117 176 11/1/2052 Maturity Date REDECORATION 5,162 430 143 12 2% Interest rate (%) REPAIRS/MAINTENANCE/SECURITY 71,559 5,963 1,988 166 GROUNDS MAINTENANCE 10,209 851 284 24 MANAGEMENT FEES 12.85% 54,170 4,514 1,505 125 TAXES 25,814 2,151 717 60 INSURANCE 30,061 2,505 835 70 - RHA Housing Corp. Lender MISCELLANEOUS 5,907 492 164 14 $1,000,000 Amount REPLACEMENT RESERVE 57,600 4,800 1,600 133 5/31/2052 Maturity Date 0% Interest rate (%)
OPERATING EXPENSES 424,800$ 35,400$ 11,800$ 983$ NET OPERATING INCOME (3,335)$ (278)$ (93)$ (8)$ 12/31/2021 End of Tax Cr Compliance
4th Subordinate
August 8, 2022
Current Debt Stack
1st Mortgage
2nd Subordinate
3rd Subordinate
Easter Hill II RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 8 Detailed Annual Expenses - AMP 09
Richmond Village II (Easter Hill II) Date: August 8, 2022 Units 36
GSF 43,653
Category Detail Per Unit Per GSF % Annual Total Notes
ADMINISTRATION AND OTHER PROPERTY OManager Salaries 281 0.23 10,129 ADMINISTRATION AND OTHER PROPERTY OOffice Salaries 519 0.43 18,696 ADVERTISING & MARKETING Marketing Personnel -
REPAIRS/MAINTENANCE/SECURITY Maintenance 761 0.63 27,411 REPAIRS/MAINTENANCE/SECURITY Housekeeper - - - ADMINISTRATION AND OTHER PROPERTY OEmployee Benefits 519 0.43 18,700 UTILITIES Electricity 176 0.15 6,345
UTILITIES Water 927 0.76 33,359
UTILITIES Sewer 1 0.00 36
UTILITIES Gas 510 0.42 18,359
UTILITIES Trash Removal 817 0.67 29,397 ADVERTISING & MARKETING Advertising 17 0.01 624 ADMINISTRATION AND OTHER PROPERTY OEmployee Apartment 169 0.14 6,086 ADMINISTRATION AND OTHER PROPERTY OComputer Costs 37 0.03 1,331 ADMINISTRATION AND OTHER PROPERTY OOffice Supplies 49 0.04 1,760 ADMINISTRATION AND OTHER PROPERTY OTelephone 15 0.01 544 ADMINISTRATION AND OTHER PROPERTY OCredit Investigation - - - ADMINISTRATION AND OTHER PROPERTY OEmployee Education 5 0.00 184 ADMINISTRATION AND OTHER PROPERTY OEviction/Legal 121 0.10 4,358 ADMINISTRATION AND OTHER PROPERTY OLicenses/Meetings/Dues - - - ADMINISTRATION AND OTHER PROPERTY OPostage/Express Mail/ Fax 1 0.00 24 ADMINISTRATION AND OTHER PROPERTY OAuto & Travel 2 0.00 64 ADMINISTRATION AND OTHER PROPERTY OCommunity Services - - - ADMINISTRATION AND OTHER PROPERTY ORent Expense - Equipment - - - ADMINISTRATION AND OTHER PROPERTY OBad Debt 207 0.17 7,438 ADMINISTRATION AND OTHER PROPERTY OConsulting - - - ADMINISTRATION AND OTHER PROPERTY OProfessional Audit Expenses 155 0.13 5,591 ADMINISTRATION AND OTHER PROPERTY OAccounting Services - - - ADMINISTRATION AND OTHER PROPERTY OComputer Services - - - ADMINISTRATION AND OTHER PROPERTY OOther Admin 36 0.03 1,294 ADMINISTRATION AND OTHER PROPERTY OOther Renting Exp - - - REDECORATION Carpet Installation / Repairs - - - REDECORATION Cleaning/Painting/ Decorating 139 0.11 5,007 REDECORATION Appliances 4 0.00 155
REPAIRS/MAINTENANCE/SECURITY Supplies 127 0.10 4,581 REPAIRS/MAINTENANCE/SECURITY Janitorial Supplies/ Contract 239 0.20 8,594 REPAIRS/MAINTENANCE/SECURITY General repairs/maint Contracts 600 0.49 21,585 REPAIRS/MAINTENANCE/SECURITY Snow Removal - - - REPAIRS/MAINTENANCE/SECURITY Pest Control 50 0.04 1,801 REPAIRS/MAINTENANCE/SECURITY HVAC Maintenance - - - REPAIRS/MAINTENANCE/SECURITY Security 126 0.10 4,523 REPAIRS/MAINTENANCE/SECURITY Pool 84 0.07 3,007 REPAIRS/MAINTENANCE/SECURITY Misc. Maintenance 2 0.00 57 GROUNDS MAINTENANCE Grounds Contract 263 0.22 9,465 GROUNDS MAINTENANCE Grounds Supplies 21 0.02 744 MANAGEMENT FEES Management Fee 1,505 1.24 54,170 TAXES Real Estate Taxes 717 0.59 25,814 CA Welfare Exemption - So long as we
maintain a non-profit managing GP, the welfare
exemption is retained for families below 80% of
AMI. - Increased to agree to 2020 expense
INSURANCE Property Casualty Insurance 835 0.69 30,061 MISCELLANEOUS Misc. 164 0.14 5,907
REPLACEMENT RESERVE Replacement Reserve 1,600 1.32 57,600

MISCELLANEOUS - -

MISCELLANEOUS

MISCELLANEOUS - -

MISCELLANEOUS
Total Total 11,800 9.73 $424,800
Easter Hill II RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 9 Rent Calculation - AMP 09
Richmond Village II (Easter Hill II) Date:

Rent Calc: Mkt Actual Net Rent/ Comp Rents %
# of Units Unit Type Fam Sz Rent SF Net SF per Mkt Study Variance 0 1W 1.5 61700% - 0% 0%
0 2W 3 83700% - 0% 0%
0 2R 3 91400% - 0% 0%
0 3W 4.5 106700% - 0% 0%
0 3R 4.5 107500% - 0% 0%
0 4R 6 141500% - 0% 0%
0 4R 6 0% - 0% 0%
0 3L 4.5 0% - 0% 0%
0 3O 4.5 0% - 0% 0%
0 3E 4.5 0% - 0% 0%
0 Total -$ 0% -$ 0%
Rent Calc: PBV Gross Utility Maximum Projected % of Market Actual to # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio Utility Allowances 0 1W 1.5 - 0% - 0% 0 BR
0 2W 3 - 0% - 0% 1 BR
0 2R 3 - 0% - 0% 2 BR
0 3W 4.5 - 0% - 0% 3 BR
0 3R 4.5 - 0% - 0% 4 BR
0 4R 6 - 0% - 0% 5 BR
0 4R 6 - 0% - 0% 6 BR
0 3L 4.5 - 0% - 0%
0 3O 4.5 - 0% - 0%
0 3E 4.5 - 0% - 0%
0 Total -$ -$ 0% -$ 0% Rent Calc: Tax Credit Gross Utility Maximum Actual % of Market Actual to Updated: DATE # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio High
HOME Low HOME
0 1W 1.5 - 0% - 0% 0 BR
0 2W 3 - 0% - 0% 1 BR
0 2R 3 - 0% - 0% 2 BR
0 3W 4.5 - 0% - 0% 3 BR
0 3R 4.5 - 0% - 0% 4 BR
0 4R 6 - 0% - 0% 5 BR
0 4R 6 - 0% - 0% 6 BR
0 3L 4.5 - 0% - 0%
0 3O 4.5 - 0% - 0%
0 3E 4.5 - 0% - 0%
0 Total -$ -$ 0% -$ 0% Rent Calc: Sect. 18 Gross Utility Maximum Actual % of Market Actual to Updated: DATE # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio FMR PBV/PBRA RAD 0 1W 1.5 #VALUE! #VALUE! 0 #VALUE! - 0% 0 BR 0 2W 3 #VALUE! #VALUE! 0 #VALUE! - 0% 1 BR
28 2R 3 #VALUE! #VALUE! #VALUE! - 0% 2 BR
0 3W 4.5 #VALUE! #VALUE! #VALUE! - 0% 3 BR
18 3R 4.5 #VALUE! #VALUE! #VALUE! - 0% 4 BR 4 4R 6 #VALUE! #VALUE! #VALUE! - 0% 5 BR
0 4R 6 #VALUE! #VALUE! #VALUE! - 0% 6 BR
0 3L 4.5 #VALUE! #VALUE! #VALUE! - 0%
0 3O 4.5 #VALUE! #VALUE! #VALUE! - 0%
0 3E 4.5 #VALUE! #VALUE! #VALUE! - 0%
50 Total #VALUE! -$ #VALUE! -$ 0% Rent Calc: RAD -CA010000008 Gross Utility Maximum Actual % of Market Actual to # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio 0 1W 1.5 - 0% - 0%
0 2W 3 - 0% - 0%
0 2R 3 - 0% - 0%
0 3W 4.5 - 0% - 0%
0 3R 4.5 - 0% - 0%
0 4R 6 - 0% - 0%
0 4R 6 - 0% - 0%
0 3L 4.5 - 0% - 0%
0 3O 4.5 - 0% - 0%
0 3E 4.5 - 0% - 0%
0 Total -$ -$ 0% -$ 0% 50 Rent Calc: RAD -CA010000009 Gross Utility Maximum Actual % of Market Actual to # of Units Unit Type Fam Sz Rent Allowance Rent Rent Maximum Rent Market Ratio 2 1W 1.5 721 0% - 0%
0 2W 3 0% - 0%
22 2R 3 889 0% - 0%
0 3W 4.5 0% - 0%
10 3R 4.5 1192 0% - 0%
2 4R 6 1440 0% - 0%
0 4R 6 0% - 0%
0 3L 4.5 0% - 0%
0 3O 4.5 0% - 0%
0 3E 4.5 0% - 0%
36 Total -$ 35,800$ 0% -$ 0% 86 Total Rent as Calculated Here: -$ Total/Per Unit Imputed Market Rents on LIHTC Units -$ -$ Total Rent as Required by Operating Expenses 8,551$ Total/Per Unit Market Rents -$ -$ August 8, 2022
Note: Using 2020 RAD rents
Easter Hill II RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 10 Unit and Rent Mix - AMP 09
Richmond Village II (Easter Hill II) Date:

Percentage
BR Type Code NSF GSF Mkt PBV Tax Credit 50%
RAD -
CA010000008
RAD -
CA010000009 TOTAL Of Project
1 Walkup 1W 617 771 2 2 5.56%
2 Walkup 2W 837 1046 0 0.00%
2 Row House 2R 914 1143 22 22 61.11%
3 Walkup 3W 1067 1334 0 0.00%
3 Row House 3R 1075 1344 10 10 27.78%
4 Row House 4R 1415 1769 2 2 5.56%
4 Row House 4R 0 0 0.00%
3 Live/Work 3L 0 0 0.00%
3 Other1 3O 0 0 0.00%
3 Elevator 3E 0 0 0.00%
Total 0 0 0 0 0 36 36 100.00%
NSF - - - - - 34,922 34,922 GSF - - - - - 43,653 43,653

MONTHLY
Code Total Units Mkt PBV Tax Credit 50% -CA01000D -CA010000 Net Gross Mkt PBV Tax Credit 50% AD -CA0100000D -CA010000 TOTAL 1W 2 0 0 0 0 0 2 617 771 0 1700 1700 1700 731 721 1,442 2W 0 0 0 0 0 0 0 837 1,046 0 2100 2100 2100 0 0 - 2R 22 0 0 0 0 0 22 914 1,143 0 2100 2100 2100 901 889 19,558 3W 0 0 0 0 0 0 0 1,067 1,334 0 2500 2500 2500 0 0 - 3R 10 0 0 0 0 0 10 1,075 1,344 0 2500 2500 2500 1208 1192 11,920 4R 2 0 0 0 0 0 2 1,415 1,769 0 2300 2300 2300 1460 1440 2,880 4R 0 0 0 0 0 0 0 - - 0 0 0 0 0 0 - 3L 0 0 0 0 0 0 0 - - 0 0 0 0 0 0 - 3O 0 0 0 0 0 0 0 - - 0 0 0 0 0 0 - 3E 0 0 0 0 0 0 0 - - 0 0 0 0 0 0 - Total 36 0 0 0 0 0 36 Monthly Total: -$ -$ -$ -$ -$ 35,800$ 35,800$ Annual Total: 429,600$
994
August 8, 2022
Unit Mix
Rent Mix
Units Sq Foot Unit Rents
Easter Hill II RAD Proforma - Updated 6.9.22 DRAFT - FOR DISCUSSION PURPOSES ONLY 11

Richmond City CouncilSeptember 13, 2022

Richmond City Council
September 13, 2022