Unfunded Forward Commitment for 9% LIHTC Properties

• Protection from interest rate volatility by locking the interest rate and other key provisions prior to construction
• Single asset security allows for customized loan structures
• Certainty and speed of execution
• MTEB execution offers optional reimbursement of certain costs of issuance up to 75bps

• LIHTC new construction and Properties undergoing substantial rehabilitation, including preservation and rural transactions
• Lenders approved to deliver forward commitments under Fannie Mae’s Multifamily Affordable Housing product line

Fixed Rate.

1% of the amount of the Forward Commitment, due at issuance of the Forward Commitment, and refundable upon conversion to the permanent Mortgage Loan.

24-to-36-month commitments.  One delegated six-month extension available.

10 bps paid upfront prior to Rate Lock.

The permanent Mortgage Loan will close upon project completion and the issuance of certificates of occupancy for all units and at least 90% occupancy for 90 consecutive days. The permanent Mortgage Loan must meet Fannie Mae’s underwriting requirements.

Second Lien Delivery Assurance Note and Security Instrument are necessary if required by Fannie Mae or the Bond Investor.

10 to 30 years.

The original principal amount of the permanent Mortgage Loan must not be (i) greater than 105%, or (ii) less than 90% of the amount of the Unfunded Forward Commitment.

Up to 35 years.

90%.

1.15x.