e SANCTUARY 9% Financial Projections 7.1.24.pdf

SANCTUARY UPDATE: 1-Jul-24 # of Units: 43

PROJECT BUDGET SOURCE & USE Contractor GMP: 14,058,961$ 50% DDs

Per CHFA Initial Determination

FINANCING MODEL USED: 9% Competitive LIHTC

Uses of Funds Sources of Funds key rates

Site Purchase 1,000,000 First Mortgage 6.40% 3,500,000

Site Work (on & off site) 1,094,909 City of Aurora ARPA 1,000,000 aka Sponsor loan #1

New Construction 13,264,052 Arapahoe County ARPA 1,200,000 aka Sponsor loan #1

Owner contingency 705,356 Arapahoe County HOME 600,000 aka Sponsor loan #2

Professional Fees 1,250,307 Colorado Tax Credit Equity 0.70$ 2,940,000

Construction Interim Costs 811,400 LIHTC Federal Equity (4%) 0.86$ 12,110,004

Permanent Financing Costs 116,000 Operating cash B4 perm conversion -

Development fees & soft costs 1,300,989 Deferred Developer Fee 45.5% 1,200,000

LIHTC Syndication Costs 223,000 Seller carry back loan -

Developer Fees 2,635,000 Other Owner Funds (GAP) 220,260 add to Sponsor Loan #1

Project Reserves 369,251

TOTAL COSTS 22,770,264 TOTAL SOURCES 22,770,264

Total Costs Per Unit 529,541 Total Sources Per Unit 529,541

SANCTUARY update: 1-Jul-24

ADDITIONAL NOTES TO THE PROJECTIONS

NOTE: The dollar amounts used in these projections match the approved CHFA application dated June 7, 2024. The developer expects there will by further cost updates prior to Closing.

1 Low Income Housing Tax Credits

AHA has received an initial credit reservation determination of 1,408,140$ competitive 9% LIHTC Federal tax credits in a competitive preliminary application to CHFA.

AHA has received an initial credit reservation determination of 700,000$ competitive Colorado State tax credits in a competitive preliminary application to CHFA.

AHA is seeking LIHTC pricing shown in these projections, at no less than 0.860$ per federal credit, and State credit pricing no less than 0.70$

Minimum Federal tax credit equity Investment is estimated to be 12,110,004$ Minimum State tax credit equity investment is estimated to be 2,940,000$

2 Construction Loan

The estimated minimum need for construction loan financing is 12,000,000$ underwritten at an average interest rate of 6.15%

The projected construction loan has a TAX-EXEMPT portion of -$ and a TAXABLE portion of 12,000,000$ at an interest rate of 6.15% 6.15%

Projected interest reserve amount $614,400 is calculated using the interest rate during construction.

It is expected that some construction interest payments will be includable in Eligible Basis. This includable amount is estimated at approximately $307,200

3 Permanent Loan

The estimated need for permanent first mortgage financing is 3,500,000$ Fixed interest rate is 6.40%

The expected term is 18 years, including 2 years for construction, with level amortization over 35 years.

There will be subordinate financing as follows: 2,200,000$ called Sponsor loan #1 at AFR rates; and 600,000$ called Sponsor loan #2 also at AFR rates. Both loans are cash flow dependant.

There may be additional Owner Funds required to (ie. GAP), which will be added to the Sponsor Loan #1 balance. The additional Owner funds need currerntly is 220,260$

4 Section 8 Rental Assistance

All 43 units will receive Section 8 rental assistance under the Project-Based Voucher Progam. On behalf of the project, AHA has applied to it's own PBV program under established procedure.

The plan has been reviewed by an unrelated hird party on behalf of HUD (Foothills Regional Housing) and received approval. The 43 vouchers will come from AHA's own allotment.

5 Schedule

Closing is expected to occur by 1-May-25 with construction start by 1-May-25 and construction completion by 01-Sep-26

LIHTC Placed in Service date by 01-Sep-26 achieving Full Qualified Occupancy by 1-Mar-27

Conversion to permanent financing will occur after a period of stabilization by 1-Jul-27

SANCTUARY UPDATE: 1-Jul-24

PROJECT BUDGET SOURCE & USE TBD Jun-24

PROJECT CONSTRUCTION BUDGET (GC) TAX CREDITS Fed APR FEDERAL CREDIT STATE CREDIT COMBINED

NOT RIGHT YET APPLICATION Eligible Estimate in CHFA app June 2024 (50% DDs) Total Credit to LP 9.00% 14,081,400 4,200,000 adjust later to 99.99% to LP

USES OF FUNDS TOTAL Basis Total Investment 12,110,004 2,940,000 15,050,004

1 GC On Site Work 794,909 794,909 GC On Site Costs Per Credit $0.860 $0.700

2 GC Basic Construction 10,831,647 10,831,647 Existing Conditions 34,500 PROJECTED INVESTOR PAY-IN SCHEDULE COMBINED

3 GC General Conditions 1,151,449 1,151,449 Exterior Improvements, earthwork 586,809 At Closing 20.0% 2,422,001 588,000 3,010,001

4 GC Contractor Profit & Overhead 527,594 527,594 Utilities 173,600 At 50% construction 0.0% - - -

5 GC Preconstruction fee 35,000 35,000 xx - At 100% construction 20.0% 2,422,001 588,000 3,010,001

6 GC Construction Contingency - in GC contract 396,853 396,853 TOTAL SITE DEVELOPMENT 794,909 At 100% PIS 0.0% - - -

7 GC Performance Bond 101,505 101,505 At Perm Conversion 58.0% 7,023,802 1,705,200 8,729,002

8 GC General Hazard & Liability Insurance 80,539 80,539 GC Basic Construction At final closeout 2.0% 242,200 58,800 301,000

9 GC Builder's Risk Insurance 139,465 139,465 Site Work (SEE ABOVE) - Total Installments 100.0% 12,110,004 2,940,000 15,050,004

10 Land acquisition 1,000,000 Concrete 441,473

11 Off-Site work (allowance to Aurora Mental Health) 300,000 Masonry 271,633 PRIVATE ACTIVITY BOND ASSUMPTIONS not applicable

12 Utility Tap Fees 817,000 817,000 Metals 249,674 Aggregate Basis -

13 Building Permit fees (owner paid) 5,000 5,000 Wood & composites 2,078,816 50% Threshold 50.0% -

14 Power/Telecom Provider fees 50,000 50,000 Thermal 731,490 Selected Bond Amount #DIV/0! -

15 Civil Engineering 50,000 50,000 Doors & Windows (openings) 415,602 TBD

16 Furniture, Fixtures & Equipment 281,989 281,989 Finishes 1,121,442 CONSTRUCTION LOAN ASSUMPTIONS Calculation of combined interest rate:

17 Owner-held contingency 705,356 705,356 Specialties 92,690 Tax Exempt Amount - - 0% 0.00%

18 Architect Design Services 634,342 634,342 Equipment 103,238 Taxable Amount up to: 12,000,000 6.15% 12,000,000 100% 6.15%

19 Architect Supervision Services 140,965 140,965 Furnishings 268,257 Total Amount needed up to: 12,000,000 12,000,000 6.15%

20 Attorney, Owner real estate 25,000 25,000 Special construction - Additional cushion amount -$

21 Consultant fees: financial 85,000 85,000 Elevator (conveying equipment) 280,000 Total Construction Loan commitment 12,000,000$

22 Survey Services 50,000 50,000 Fire protection 287,705 Underwriting rate 6.15% blended rate

23 Materials Testing Fees 50,000 50,000 Mechanical, Plumbing, Radon 1,340,000 Term (months) 24

24 Construction Management, Owner 250,000 250,000 HVAC 1,376,000 Total Construction Interest budget (from S&U) 614,400

25 Market Studies 10,000 10,000 Electrical & Communications 1,522,392 TBD

26 Environmental Studies, PCNA, Geotech 5,000 5,000 Safety & Security Systems - PRIMARY MORTGAGE ASSUMPTIONS

27 Tax Credit fees to CHFA 111,500 - 123,570 TOTAL BASIC CONSTRUCTION 10,580,412 Amount 3,500,000

28 Tax Credit compliance fees to CHFA 21,500 - 21,500 Interest Rate (fixed-Tx) 6.40%

29 Appraisal 10,000 10,000 GC Other Costs Amortization (yr) 35 420

30 Cost Certification 12,000 12,000 General Conditions 1,151,449 Annual Payment 250,866

31 Partnership legal & organization 90,000 - Precon fee & Proj. software (in GCs) 35,000 Term (yr) - including 2 yr construct 18

32 Soft Cost contingency 75,000 75,000 Profit & Overhead 527,594

33 Construction loan origination fees 87,000 87,000 Hazard & Liability Insurance 80,539 LIHTC ASSUMPTIONS Bldg (100%) CHFA App math check

34 Construction loan interest 614,400 307,200 998,050 Builders Risk insurance 139,465 Building Eligible Basis (adj -$ 20,454,813 20,454,813 100.0%

35 Construction lender inspection fees 20,000 20,000 Performance Bond 101,505 Building Qualified Basis @ 130% 20,454,813 20,454,813 100.0%

36 Construction lender legal, due diligence 50,000 50,000 GC Contingency 376,853 Acquisition Qualified Basis @ 100% - #DIV/0!

37 Construction loan, title & recording fees 40,000 40,000 Permits 20,000 Total Qualified Basis 20,454,813 20,454,813 100.0%

38 Permanent loan origination & Rate lock 66,000 - TOTAL OTHER GC COSTS 2,432,405 Applicable LIHTC Percentage (Federal) 9.00%

39 Permanent loan prepaid MIP, CHFA app fee - - Calculated Annual LIHTC Credit (Federal) 1,840,933

40 Bond Cost of Issuance - - Additional allowances (see below) 251,235 CHFA Approved LIHTC Credit (Federal) 1,408,140 as per CHFA Special GAP calculation

41 Permanent loan, legal, title & recording fees 50,000 - Total LIHTC Credit (Federal) 10 Year 14,081,400

42 Relocation: Temp & Perm & site hospitality - - TOTAL GC CONTRACT 14,058,961 Applicable Percentage (State) 30%

43 Rent-up Reserves, marketing/leasing 32,250 - Comparison with CHFA app 14,058,961 Calculated Colo Max Credit (State) 6 Year 6,136,444

44 Operating Reserves (6 mo. OPEX & DS) 337,001 360,970 100.0% - Approved Colo Credit (State) 6 Year 4,200,000 as per CHFA Special GAP calculation

45 Developer Fee: deferred 1,200,000 1,200,000 TOTAL DEVELOPER FEE 2,635,000 Annual Approved Colo Credit (State) 700,000 as per CHFA Special GAP calculation

46 Developer Fee: paid 1,435,000 1,435,000 Deferred 45.5% 1,200,000 TAX CREDIT FEES Federal State Total CHFA App In Budget

Paid 54.5% 1,435,000 Reservation Amount 1,408,140 700,000

TOTAL Uses of Funds 22,770,264 20,454,813 Application 10,000 1,000 11,000 11,000 111,500

Additional allowances Initial Determination 63,326 - 63,326 63,326

SOURCES OF FUNDS (Permanent) Mold remediation, etc - Final application 49,244 - 49,244 49,244

1 First Mortgage 3,500,000 Inflation expectation 251,235 Compliance monitoring 21,500 21,500 21,500 21,500

2 City of Aurora funds: ARPA 1,000,000 xxx - none Milestone Fee - - - -

3 County of Arapahoe funds: ARPA 1,200,000 xxx - none 145,070 133,000

4 Arapahoe County: HOME 600,000 Total Additions 251,235 CDOH DEFERRED LOAN NOT APPLICABLE

5 Seller carry back loan - Amount -

6 LIHTC Investor proceeds (federal credit) 12,110,004 Interest Rate (fixed; accrual) TBD

7 Colo Tax credit investor proceeds (state credit) 2,940,000 Annual Payment: % of cash flow after DDF paid off TBD

8 Operating Cash before Perm loan conversion - Payment begins: after DDF fully paid. Est in Year TBD

9 AHA Deferred Developer Fee 1,200,000 Maturity in Year TBD

10 Other Owner Funds (remaining GAP) 220,260

TOTAL Sources of Funds 22,770,264 CHFA LIHTC AWARD CALC Basis max/unit

- 1 BR Units 43 367,588 15,806,284

CHFA Original App math check 22,770,264 20,454,813 2 BR Units 0 352,438 -

Change from original CHFA app - - 3 BR Units 0 442,373 -

100.0% 100.0% ELIGIBLE BASIS LIMIT MAXIMUM 15,806,284

Adjustments (QTC, DDA) 1.00

PROPERTY SALE TO PARTNERSHIP ASSUMPTIONS NOT APPLICABLE QUALIFIED BASIS LIMIT 15,806,284

Total Appraised Value-Restricted - from appraisal Qualified Basis Award Limit 9.00% 1,422,566 using Basis Limit Test

Land Value - excluded from Sale - from appraisal Current Calculated Award 1,840,933 using actual Qualified Basis

Building Value - included in Sale - from appraisal -$ per unit CHFA Initial Determination 1,408,140 as per initial determination letter

Adjusted building value - Actual Sale price Credit Award used for this project 1,408,140 using CHFA GAP determination

Outstanding debt to pay off, expenses - estimate

Net to AHA -

Cash proceeds to AHA -

Takeback Note to AHA -

SANCTUARY

FIRST YEAR OPERATIONS (Stabilized)

Stabilized Monthly

INCOME Annual Average INITIAL RENT SCHEDULE ASSUMPTIONS INITIAL OPERATING EXPENSE

Gross Rental Income 793,608 66,134 Administration 43 units

Other Income - laundry 6,192 516 UNITS - SQ FT # AMI NET RENT ANNUAL Accounting 4,085

Less Vacancy @ 5.0% (39,990) (3,333) 1 Br 1 Ba - 492 33 30 - Sec8 1,538$ 609,048 Advertising 3,225

NET RENTAL INCOME 759,810 63,318 1 Br 1 Ba - 492 0 40 - Sec8 1,538$ - Legal, background checks 5,160

1 Br 1 Ba - 492 10 50 - Sec8 1,538$ 184,560 Management Fees 23,650

EXPENSES 1 Br 1 Ba - 492 0 60 - Sec8 1,538$ - Management Salaries & OT 65,000

Administration 108,000 9,000 Office Supplies 4,300

Operations 88,202 7,350 Employee 0 - - Telephone 2,580

Maintenance 204,700 17,058 Non-LIHTC 0 - - Community Builder -

Fixed Expenses 57,260 4,772 TOTALS 43 793,608 108,000

TOTAL EXPENSES: 458,162 38,180 Operations

Other Income 43 Laundry 12 6,192 Electricity & Gas 62,402

NET OPERATING INCOME 301,648 25,137 Water & Sewer 19,780

Replacement Reserve Deposit 12,900 1,075 AFFORDABILITY DISTRIBUTION - LIHTC classification Other -

30% AMI 33 76.7% Trash 6,020

ADJUSTED NET OPERATING INCOME 288,748 24,062 40% AMI 0 0.0% 88,202

50% AMI 10 23.3% Maintenance

Primary Mortgage Debt Service 250,866 20,906 60% AMI 0 0.0% Elevator 4,730

1sy year Debt Coverage Ratio 1.151 1.151 TOTALS 43 100.0% Extermination 3,010

Grounds, snow 7,310

Additional Must-Pay Debt Service 0 0 AFFORDABILITY DISTRIBUTION - SECTION 8 SUBSIDIZED Repairs -

Debt Coverage Ratio--All Must-Pay 1.151 1.151 1BR Units 43 100.0% Maintenance salary & OT 66,000

Maintenance supplies 11,825

YEAR ONE CASH FLOW 37,882 3,157 TOTAL SEC 8 43 Maintenance contracts 7,525

NON- SEC 8 0 0.0% Decorating 4,300

CASH FLOW PAYMENTS (expected Year 1) TOTALS 43 100.0% Snow removal -

Investor Asset Mgmt Fee 6,000 Security 80,000

Deferred Developer Fee 30,000 Inspection costs -

Total Distributions (expected Year 1) 36,000 UTILITY ALLOWANCES USED (May/2023) Campus maintenance HOA fee 20,000

1BR Units 0 204,700

PRIMARY MORTGAGE ASSUMPTIONS Fixed Expenses

Amount 3,500,000 Real Estate Taxes - EXEMPT -

Interest Rate (fixed) 6.40% Insurance 20,210

Amortization (yr) 35 420 Payroll tax 32,750

Annual Payment 250,866 Workman's Comp 4,300

Term (yr) 18 57,260

CHFA App

OPERATING RESERVE ASSUMPTIONS 1 month 6 TOTAL EXPENSES 458,162 458,162 -

Operating Expens budget 39,255 235,531 Per Unit Per Annum 10,655

Debt Service (1st mortgage only) 20,906 125,433 Replacement Reserve Deposit 12,900 12,900 -

Total Initial Deposit est. 360,970 Per Unit Per Annum 300

TOTAL PROJECT EXPENSES 471,062 471,062 -

Total OpEx Per Unit Per Month 913

SANCTUARY 13,919,496 Total GC Contract Construction Loan Closing: 1-May-25 Construction Initiation (NTP): 1-May-25

CONSTRUCTION PERIOD Construction Loan Takeout: 1-Jul-27 Construction Duration: months 16

Construction Loan Duration: months 27 Construction Completion (SC/TCO): 1-Sep-26 Substantial 100% Close 8609

Completion Qualified Permanent Final

Loan Closing TCO Occupancy

NTP Balances (must reseries) PIS

BUDGET Draw # : 1 Remaining 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 TOTAL check

USES OF FUNDS TOTAL 1-May-25 After Closing 1-Jun-25 1-Jul-25 1-Aug-25 1-Sep-25 1-Oct-25 1-Nov-25 1-Dec-25 1-Jan-26 1-Feb-26 1-Mar-26 1-Apr-26 1-May-26 1-Jun-26 1-Jul-26 1-Aug-26 1-Sep-26 1-Oct-26 1-Nov-26 1-Dec-26 1-Jan-27 1-Feb-27 1-Mar-27 1-Apr-27 1-May-27 1-Jun-27 1-Jul-27 1-Aug-27 1-Sep-27 sum

1 GC On Site Work 794,909 - 794,909 46,759 46,759 46,759 46,759 46,759 46,759 46,759 46,759 46,759 46,759 46,759 46,759 46,759 46,759 46,759 46,759 46,759 - - - - - - - - - - - 794,909 -

2 GC Basic Construction 10,831,647 - 10,831,647 637,156 637,156 637,156 637,156 637,156 637,156 637,156 637,156 637,156 637,156 637,156 637,156 637,156 637,156 637,156 637,156 637,156 - - - - - - - - - - - 10,831,647 -

3 GC General Conditions 1,151,449 - 1,151,449 67,732 67,732 67,732 67,732 67,732 67,732 67,732 67,732 67,732 67,732 67,732 67,732 67,732 67,732 67,732 67,732 67,732 - - - - - - - - - - - 1,151,449 -

4 GC Contractor Profit & Overhead 527,594 - 527,594 31,035 31,035 31,035 31,035 31,035 31,035 31,035 31,035 31,035 31,035 31,035 31,035 31,035 31,035 31,035 31,035 31,035 - - - - - - - - - - - 527,594 -

5 GC Preconstruction fee 35,000 35,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 35,000 -

6 GC Construction Contingency - in GC contract 396,853 - 396,853 23,344 23,344 23,344 23,344 23,344 23,344 23,344 23,344 23,344 23,344 23,344 23,344 23,344 23,344 23,344 23,344 23,344 - - - - - - - - - - - 396,853 -

7 GC Performance Bond 101,505 101,505 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 101,505 -

8 GC General Hazard & Liability Insurance 80,539 80,539 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 80,539 -

9 GC Builder's Risk Insurance (paid by Owner) 139,465 139,465 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 139,465 -

10 Land acquisition 1,000,000 1,000,000 - - - 1,000,000 -

11 Building acquisition 300,000 300,000 - 300,000 -

12 Utility Tap Fees 817,000 817,000 - 817,000 -

13 Building Permit fees 5,000 5,000 - 5,000 -

14 Power/Telecom Provider fees 50,000 50,000 - 50,000 -

15 Civil Engineering 50,000 50,000 - 50,000 -

16 Furniture, Fixtures & Equipment 281,989 - 281,989 140,995 140,995 281,989 -

17 Owner-held contingency 705,356 - 705,356 41,492 41,492 41,492 41,492 41,492 41,492 41,492 41,492 41,492 41,492 41,492 41,492 41,492 41,492 41,492 41,492 41,492 - - - - - - - - - - - 705,356 -

18 Architect Design Services 634,342 634,342 - 634,342 -

19 Architect Supervision Services 140,965 - 140,965 8,292 8,292 8,292 8,292 8,292 8,292 8,292 8,292 8,292 8,292 8,292 8,292 8,292 8,292 8,292 8,292 8,292 - - - - - - - - - - - 140,965 -

20 Attorney, Owner real estate 25,000 25,000 - 25,000 -

21 Development/Financial Consultant 85,000 85,000 - - - - - - - - - - - - - 85,000 -

22 Survey Services 50,000 50,000 - 50,000 -

23 Materials Testing Fees 50,000 - 50,000 2,941 2,941 2,941 2,941 2,941 2,941 2,941 2,941 2,941 2,941 2,941 2,941 2,941 2,941 2,941 2,941 2,941 - - - - - - - - - - - 50,000 -

24 Construction Management, Owner 250,000 40,000 210,000 12,353 12,353 12,353 12,353 12,353 12,353 12,353 12,353 12,353 12,353 12,353 12,353 12,353 12,353 12,353 12,353 12,353 - - - - - - - - - - - 250,000 -

25 Market Studies 10,000 10,000 - 10,000 -

26 Environmental Studies, PCNA, Geotech 5,000 5,000 - - 5,000 -

27 Tax Credit fees to CHFA 111,500 111,500 - - 111,500 -

28 Tax Credit compliance fees to CHFA 21,500 - 21,500 21,500 21,500 -

29 Appraisal 10,000 10,000 - 10,000 -

30 Cost Certification 12,000 - 12,000 12,000 12,000 -

31 Partnership legal & organization 90,000 45,000 45,000 45,000 90,000 -

32 Soft Cost contingency 75,000 37,500 37,500 7,500 7,500 7,500 7,500 7,500 75,000 -

33 Construction loan origination fees 87,000 87,000 - 87,000 -

34 Construction loan interest (carried) 614,400 - 614,400 344 1,388 2,310 3,750 8,272 12,817 17,347 21,901 26,477 31,077 35,701 40,348 45,742 51,164 55,890 60,641 65,416 56,327 56,616 56,906 57,198 57,491 57,786 58,082 58,379 58,679 - - 998,050 (383,650)

35 Construction lender inspection fees 20,000 20,000 - 20,000 -

36 Construction lender legal, due diligence 50,000 50,000 - 50,000 -

37 Construction loan, title & recording fees 40,000 40,000 - 40,000 -

38 Permanent Loan Origination 66,000 66,000 - 66,000 -

39 Permanent loan MIP, app fee - - - - -

40 Bond Issuance legal fees - - - - -

41 Permanent loan, legal, title & recording fees 50,000 50,000 - - 50,000 -

42 Tenant Services Reserve - - - - - -

43 Rent-up Reserves 32,250 32,250 - 32,250 -

44 Operating Reserves 337,001 - 337,001 337,001 337,001 -

45 Developer Fee: deferred 1,200,000 - 1,200,000 1,200,000 1,200,000 -

46 Developer Fee: paid 1,435,000 100,000 1,335,000 300,000 307,891 727,109 1,435,000 -

TOTAL Uses of Funds 22,770,264 - 4,077,101 18,693,163 923,948 879,992 880,915 882,354 886,876 883,922 888,452 893,005 897,582 902,182 906,805 1,052,447 1,057,841 922,268 926,995 931,745 1,236,521 56,327 56,616 56,906 57,198 57,491 57,786 58,082 58,379 1,937,071 - 727,109 23,153,914 (383,650)

SOURCES OF FUNDS

1 Construction Loan 67,100 203,688 179,992 280,915 882,354 886,876 883,922 888,452 893,005 897,582 902,182 906,805 1,052,447 1,057,841 922,268 926,995 931,745 (1,773,480) 56,327 56,616 56,906 57,198 57,491 57,786 58,082 58,379 (11,449,473) - - (0)

2 Project Operating Income (interest credit) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

3 First Mortgage 3,500,000 - 3,500,000 - - - - - - - - - - - - - - - - - - - - - - - - - 3,500,000 - - 3,500,000 -

4 City of Aurora funds: ARPA (Sponsor loan #1) 1,000,000 1,000,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,000,000 -

5 County of Arapahoe funds: ARPA (Sponsor loan #1) 1,200,000 - 1,200,000 500,000 700,000 - - - - - - - - - - - - - - - - - - - - - - - - - - 1,200,000 -

6 Arapahoe County: HOME (Sponsor loan #2) 600,000 - 600,000 - - 600,000 - - - - - - - - - - - - - - - - - - - - - - - - - 600,000 -

7 Remaining GAP funds (Sponsor loan #1) 220,260 - 220,260 220,260 - - - - - - - - - - - - - - - - - - - - - - - - - - - 220,260 -

8 LIHTC Investor proceeds (Fed & State credit) 15,050,004 3,010,001 12,040,003 - - - - - - - - - - - - - - - - 3,010,001 - - - - - - - - 8,729,002 - 301,000 15,050,004 -

9 AHA Deferred Developer Fee 1,200,000 - 1,200,000 1,200,000 1,200,000 -

10 Other - - - - - -

TOTAL Sources of Funds 22,770,264 - 4,077,101 18,693,163 923,948 879,992 880,915 882,354 886,876 883,922 888,452 893,005 897,582 902,182 906,805 1,052,447 1,057,841 922,268 926,995 931,745 1,236,521 56,327 56,616 56,906 57,198 57,491 57,786 58,082 58,379 1,979,529 - 301,000 22,770,264 -funds in excess of current month expense - - - - - - - - - - - - - - - - - - - - - - - - - - 42,459 - (426,109) (383,650) 383,650

FUNDS DISBURSEMENT SCHEDULES 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 -

Construction Loan Disbursement (Source line 1) 67,100 203,688 179,992 280,915 882,354 886,876 883,922 888,452 893,005 897,582 902,182 906,805 1,052,447 1,057,841 922,268 926,995 931,745 (1,773,480) 56,327 56,616 56,906 57,198 57,491 57,786 58,082 58,379 (11,449,473) - - -

Construction Loan Payoffs - - - - - - - - - - - - - - - - - -

Construction Loan Balance 67,100 270,788 450,780 731,695 1,614,049 2,500,926 3,384,847 4,273,299 5,166,304 6,063,885 6,966,067 7,872,872 8,925,320 9,983,161 10,905,429 11,832,423 12,764,169 10,990,689 11,047,016 11,103,632 11,160,538 11,217,736 11,275,227 11,333,012 11,391,094 11,449,473 - - - -

Construction Interest Charge 614,400 6.15% 344 1,388 2,310 3,750 8,272 12,817 17,347 21,901 26,477 31,077 35,701 40,348 45,742 51,164 55,890 60,641 65,416 56,327 56,616 56,906 57,198 57,491 57,786 58,082 58,379 58,679 - - -

Construction Interest Credit from Ops (Source line 2) - -

Construction Interest Carried on Loan 344 1,388 2,310 3,750 8,272 12,817 17,347 21,901 26,477 31,077 35,701 40,348 45,742 51,164 55,890 60,641 65,416 56,327 56,616 56,906 57,198 57,491 57,786 58,082 58,379 58,679 - - -

593,530

LIHTC Investor Installment # Investor #2 Investor #3 Investor #4 LIHTC Investor disbursements (Source line 8) 15,050,004 3,010,001 12,040,003 3,010,001 - - 8,729,002 301,000 15,050,004 -

Project Operating Income (from lease-up page) 84,000 - 84,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 84,000

First Mortgage Disbursement (Source line 3) 3,500,000 3,500,000 3,500,000 3,500,000 -

City of Aurora Disbursements (Source line 4) 1,000,000 1,000,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - 1,000,000 -

Arapahoe ARPA Disbursements (Source line 5) 1,200,000 - 1,200,000 500,000 700,000 - - - - - - - - - - - - - - - - - - - - - - 1,200,000 -

Arapahoe HOME Disbursements (Source line 6) 600,000 - 600,000 - - 600,000 - - - - - - - - - - - - - - - - - - - - - - - 600,000 -

AHA GAP Loan disbursements (Source line 7) 220,260 - 220,260 220,260

Payout of soft debt (Source lines 4,5,6,7) 3,020,260 1,000,000 720,260 700,000 600,000 - - - - - - - - - - - - - - - - - - - - - - - - - 3,020,260 -

Cumulative Paid out 1,000,000 1,720,260 2,420,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260 3,020,260

Remaining balance of AHA Equity 2,020,260 1,300,000 600,000 - - - - - - - - - - - - - - - - - - - - - - - -

Cumulative Paid out 100% 33% 57% 80% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Close-out PeriodStabilization PeriodLease-up Period

SANCTUARY EOM 4 12

LEASE-UP PERIOD Fully TCO/PIS 100% Qualified Stabilization months months

Stabilized Received (must reseries) Occupancy Perm Conversion Sep - Dec Jan - Dec

Monthly Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27 Aug-27 Sep-27 Oct-27 Nov-27 Dec-27 2026 2027

Levels

Units Leased and Occuppied (BoM) 43 0 8 18 28 38 43 43 43 43 43 43 43 43 43 43 43 54 511

INCOME 0% 0% 19% 42% 65% 88% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% variable variable

Gross Rental Income 66,134 - - 12,304 27,684 43,064 58,444 66,134 66,134 66,134 66,134 66,134 66,134 66,134 66,134 66,134 66,134 39,988 762,848

Other Income 516 - - 96 216 336 456 516 516 516 516 516 516 516 516 516 516 312 5,952

Less Vacancy (Sec 8) (3,333) - - (620) (1,395) (2,170) (2,945) (3,333) (3,333) (3,333) (3,333) (3,333) (3,333) (3,333) (3,333) (3,333) (3,333) (2,015) (38,440)

NET RENTAL INCOME 63,318 - - 11,780 26,505 41,230 55,955 63,318 63,318 63,318 63,318 63,318 63,318 63,318 63,318 63,318 63,318 38,285 730,360

EXPENSES - 15% 25% 50% 75% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% variable 100%

Administration 9,000 1,350 2,250 4,500 6,750 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 14,850 108,000

Operations 7,350 1,103 1,838 3,675 5,513 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 7,350 12,128 88,202

Maintenance 17,058 2,559 4,265 8,529 12,794 17,058 17,058 17,058 17,058 17,058 17,058 17,058 17,058 17,058 17,058 17,058 17,058 28,146 204,700

Fixed Expenses 4,772 716 1,193 2,386 3,579 4,772 4,772 4,772 4,772 4,772 4,772 4,772 4,772 4,772 4,772 4,772 4,772 7,873 57,260

TOTAL EXPENSES: 38,180 5,727 9,545 19,090 28,635 38,180 38,180 38,180 38,180 38,180 38,180 38,180 38,180 38,180 38,180 38,180 38,180 62,997 458,162

NET OPERATING INCOME 25,137 (5,727) (9,545) (7,310) (2,130) 3,050 17,775 25,137 25,137 25,137 25,137 25,137 25,137 25,137 25,137 25,137 25,137 (24,712) 272,198

Replacement Reserve Deposit 1,075 - - - - - - 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 1,075 - 10,750

ADJUSTED NET OPERATING INCOME 24,062 (5,727) (9,545) (7,310) (2,130) 3,050 17,775 24,062 24,062 24,062 24,062 24,062 24,062 24,062 24,062 24,062 24,062 (24,712) 261,448

Construction loan interest payments - - - - - - 21,000 21,000 21,000 21,000 - - - - - - - 84,000

1st Mortgage Debt Service 20,906 - - - - - - - - - - 20,906 20,906 20,906 20,906 20,906 20,906 - 125,433

Other required debt service - - - - - - - - - - - - - - - - - - -

CASH FLOW AFTER REQ. DEBT SERVICE 3,157 (5,727) (9,545) (7,310) (2,130) 3,050 17,775 3,062 3,062 3,062 3,062 3,157 3,157 3,157 3,157 3,157 3,157 (24,712) 52,015

Note: Ability to cover mortgage payments after achieving 100% quialified occupancy but before perm loan conversion shown as applied to construction interest

NOI Deficit funded by Rent-up Reserve 24,712 5,727 9,545 7,310 2,130 - - 24,712 -

LIHTC DATES

Construction Completion (TCO recvd) 1-Sep-26 adjusted to first day of month

Placed in Service date 1-Sep-26 adjusted to first day of month

100% Qualified Occupancy achieved 1-Mar-27

UNIT DELIVERY SCHEDULE (Qualified Occupancy) LIHTC Occupancy %

New Units Cumulative 2025 2026

Unit Delivery Schedule by Oct 1, 2026 8 8 19% 0% by November 1, 2026 10 18 42% 0% by December 1, 2026 10 28 65% 0% by January 1, 2027 10 38 88% by February 1, 2027 5 43 100% by March 1, 2027 0 43 100%

Total LIHTC Occupancy 43 43 100%

2025 2026

State Credit Earned for Year 100% 100%

Federal Credit Earned for Year (proportional) 10.47% 99.03%

Eligible Unit Months 54 511

Potential Eligible Unit Months for year 516 516

17 YEAR CASH FLOW

Lease-Up 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Inflator 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043

INCOME

Gross Rental Income 2.0% 39,988 762,848 809,480 825,670 842,183 859,027 876,207 893,732 911,606 929,838 948,435 967,404 986,752 1,006,487 1,026,617 1,047,149 1,068,092 1,089,454

Other Income 2.0% 312 6,192 6,316 6,442 6,571 6,702 6,836 6,973 7,113 7,255 7,400 7,548 7,699 7,853 8,010 8,170 8,334 8,500

Less Vacancy 5.0% (2,015) (39,990) (41,990) (41,606) (42,438) (43,286) (44,152) (45,035) (45,936) (46,855) (47,792) (48,748) (49,723) (50,717) (51,731) (52,766) (53,821) (54,898)

NET RENTAL INCOME 38,285 729,050 773,807 790,506 806,316 822,443 838,892 855,669 872,783 890,239 908,043 926,204 944,728 963,623 982,895 1,002,553 1,022,604 1,043,056

EXPENSES

Administration 3.0% 14,850 108,000 111,240 114,577 118,015 121,555 125,202 128,958 132,826 136,811 140,916 145,143 149,497 153,982 158,602 163,360 168,260 173,308

Operations 3.0% 12,128 88,202 90,848 93,574 96,381 99,272 102,250 105,318 108,477 111,732 115,084 118,536 122,092 125,755 129,528 133,413 137,416 141,538

Maintenance 3.0% 28,146 204,700 210,841 217,166 223,681 230,392 237,303 244,423 251,755 259,308 267,087 275,100 283,353 291,853 300,609 309,627 318,916 328,483

Fixed Expenses 3.0% 7,873 57,260 58,978 60,747 62,570 64,447 66,380 68,371 70,423 72,535 74,711 76,953 79,261 81,639 84,088 86,611 89,209 91,885

TOTAL EXPENSES: 62,997 458,162 471,907 486,064 500,646 515,665 531,135 547,069 563,481 580,386 597,797 615,731 634,203 653,229 672,826 693,011 713,801 735,216

NET OPERATING INCOME (24,712) 270,888 301,900 304,442 305,670 306,777 307,756 308,600 309,301 309,853 310,246 310,473 310,525 310,393 310,069 309,542 308,803 307,841

Replacement Reserve Deposit 3.0% - 10,750 13,287 13,686 14,096 14,519 14,955 15,403 15,865 16,341 16,832 17,337 17,857 18,392 18,944 19,512 20,098 20,701

ADJUSTED NET OPERATING INCOME (24,712) 260,138 288,613 290,757 291,574 292,258 292,802 293,197 293,436 293,511 293,414 293,136 292,668 292,001 291,125 290,030 288,705 287,140

Construction loan interest payments - 84,000

1st Mortgage Debt Service - 125,433 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866

Other required debt service - - - - - - - - - - - - - - - - - -

CASH FLOW AFTER REQ. DEBT SERVICE (24,712) 50,705 37,746 39,890 40,708 41,392 41,935 42,331 42,570 42,645 42,548 42,270 41,802 41,135 40,259 39,163 37,839 36,274

CASH FLOW DEBT SERVICE & FEES inflation

Land Lease payments (not applicable) - - - - - - - - - - - - - - - - -

Operating Reserve Draw Down - - - - - - - - - - - - - - - - - -

Investor Asset Mgmt Fee 3% - 6,000 6,180 6,365 6,556 6,753 6,956 7,164 7,379 7,601 7,829 8,063 8,305 8,555 8,811 9,076 9,348 9,628

Deferred Developer Fee 44,705 31,566 33,525 34,152 34,639 34,980 35,166 35,190 35,044 34,719 34,206 33,497 32,580 31,447 30,088 (684,495) - GP Capital Contribution required

General Partner Asset Mgmt Fee 3% - - - - - - - - - - - - - - - - 25,000 25,750

Subordinate Loan #1 (Sponsor/COA$) 4% - - - - - - - - - - - - - - - - 1,745 448

Subordinate Loan #2 (CDOH) 1% - - - - - - - - - - - - - - - - 1,745 448

TOTAL CASH FLOW PAYMENTS - 50,705 37,746 39,890 40,708 41,392 41,935 42,331 42,570 42,645 42,548 42,270 41,802 41,135 40,259 39,163 (646,656) 36,274

REMAINING CASH FLOW (24,712) - - - - - - - - - - - - - - - - -

Distributed to LP

Distributed to GP

Deferred Developer Fee (DDF) Payments as shown - 44,705 31,566 33,525 34,152 34,639 34,980 35,166 35,190 35,044 34,719 34,206 33,497 32,580 31,447 30,088

Outstanding balance of DDF 1,200,000 1,200,000 1,155,295 1,123,729 1,090,204 1,056,052 1,021,413 986,433 951,267 916,077 881,032 846,313 812,107 778,610 746,030 714,583 684,495 GP Capital Contribution required

DCR on first mortgage debt service not applicable 2.07 1.15 1.16 1.16 1.16 1.17 1.17 1.17 1.17 1.17 1.17 1.17 1.16 1.16 1.16

EXITCOMPLIANCE PERIODTAX CREDIT PERIOD

15 YEAR TAX PROJECTIONS

Lease-Up 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

01-Sep-26 First Bldg P.I.S. Date Rates 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043

NET OPERATING INCOME (24,712) 260,138 288,613 290,757 291,574 292,258 292,802 293,197 293,436 293,511 293,414 293,136 292,668 292,001 291,125 290,030

Interest Expense (paid & accrued)

Construction loan - - - - - - - - - - - - - - - -

First Mortgage loan 6.40% - 168,000 226,724 225,179 223,535 221,786 219,925 217,945 215,838 213,596 211,211 208,673 205,972 203,099 200,042 196,789

Sponsor Loan #1 3.00% - 72,608 74,786 77,030 79,341 81,721 84,172 86,698 89,298 91,977 94,737 97,579 100,506 103,521 103,521 103,521

Sponsor Loan #2 3.00% - 18,000 18,540 20,851 23,231 25,683 28,208 30,809 33,488 36,247 39,089 42,017 45,032 48,137 51,243 54,349

Other loans 0.00% - - - - - - - - - - - - - - - -

Other Expense

Investor Asset Mgmt Fee 3.00% 6,000 6,180 6,365 6,556 6,753 6,956 7,164 7,379 7,601 7,829 8,063 8,305 8,555 8,811 9,076

Ground Lease 0.00% - - - - - - - - - - - - - - - -

Other 0.00% - - - - - - - - - - - - - - - -

GP Asset Mgmt Fee 3.00% - - - - - - - - - - - - - - - -

Depreciation & Amortization (see table) * - 1,780,972 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863

TAXABLE INCOME (LOSS) (24,712) (1,785,442) (716,481) (717,532) (719,952) (722,548) (725,323) (728,282) (731,431) (734,773) (738,314) (742,059) (746,011) (750,175) (751,356) (752,568)

Allocation of income/ losses SUMMARY

To General Partner 0.01% (2) (179) (72) (72) (72) (72) (73) (73) (73) (73) (74) (74) (75) (75) (75) (75)

To Investor Limited Partner 99.99% (24,710) (1,785,264) (716,409) (717,460) (719,880) (722,475) (725,250) (728,209) (731,357) (734,700) (738,240) (741,984) (745,936) (750,100) (751,281) (752,493) (12,085,750)

LP BENEFIT ANALYSIS

from Tax Losses 21% 5,189 374,905 150,446 150,667 151,175 151,720 152,303 152,924 153,585 154,287 155,030 155,817 156,647 157,521 157,769 158,024 1,752,231 from Tax Credits, based on annual alloc = 1,408,140 1,394,495 1,408,140 1,408,140 1,408,140 1,408,140 1,408,140 1,408,140 1,408,140 1,408,140 1,408,140 13,645 - - - - - 14,081,400 from State Tax Credits, annual alloc = 700,000 700,000 700,000 700,000 700,000 700,000 700,000 - 4,200,000

MINIMUM GAIN ANALYSIS

Total Non-Recourse debt - 7,808,730 7,904,837 8,001,995 8,101,574 8,203,747 8,308,696 8,416,604 8,527,661 8,642,060 8,760,001 8,881,686 9,007,322 9,030,496 9,051,746 9,071,102

Total Net Assets ######### 22,335,013 20,554,041 19,875,177 19,196,314 18,517,450 17,838,587 17,159,723 16,480,860 15,801,996 15,123,133 14,444,269 13,765,406 13,086,542 12,407,679 11,728,815 11,049,952

Net 22,335,013 12,745,311 11,970,340 11,194,318 10,415,876 9,634,839 8,851,027 8,064,255 7,274,335 6,481,073 5,684,269 4,883,720 4,079,220 3,377,183 2,677,070 1,978,850

* Depreciation Note: New 2018 depreciation rules used here. See Depreciation sheet for detail.

TAX CREDIT PERIOD COMPLIANCE PERIOD EXIT

AMORTIZING LOANS

Lease-Up 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043

Rate

First Mortgage: TBD

Begin UPB 3,500,000 3,542,567 3,518,425 3,492,738 3,465,407 3,436,326 3,405,385 3,372,463 3,337,435 3,300,164 3,260,509 3,218,315 3,173,421 3,125,653 3,074,829 3,020,752 2,963,213

Payment PAY 125,433 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 250,866 to Interest 6.400% - 168,000 226,724 225,179 223,535 221,786 219,925 217,945 215,838 213,596 211,211 208,673 205,972 203,099 200,042 196,789 193,328 189,646 to Principal - (42,567) 24,142 25,687 27,331 29,080 30,941 32,922 35,029 37,270 39,656 42,194 44,894 47,767 50,824 54,077 57,538 61,221

End UPB - 3,542,567 3,518,425 3,492,738 3,465,407 3,436,326 3,405,385 3,372,463 3,337,435 3,300,164 3,260,509 3,218,315 3,173,421 3,125,653 3,074,829 3,020,752 2,963,213 2,901,993

Deferred Developer Fee (cash flow)

Begin UPB - 1,200,000 1,155,295 1,123,729 1,090,204 1,056,052 1,021,413 986,433 951,267 916,077 881,032 846,313 812,107 778,610 746,030 714,583 684,495 684,495

CF Payment PAY - 44,705 31,566 33,525 34,152 34,639 34,980 35,166 35,190 35,044 34,719 34,206 33,497 32,580 31,447 30,088 - -to Interest 0.000% - - - - - - - - - - - - - - - - - -to Principal - 44,705 31,566 33,525 34,152 34,639 34,980 35,166 35,190 35,044 34,719 34,206 33,497 32,580 31,447 30,088 - -

End UPB - 1,155,295 1,123,729 1,090,204 1,056,052 1,021,413 986,433 951,267 916,077 881,032 846,313 812,107 778,610 746,030 714,583 684,495 684,495 684,495

Ground Lease (not applicable)

Begin UPB - - - - - - - - - - - - - - - - - -

New charge - - - - - - - - - - - - - - - - -

CF Payment TBD - - - - - - - - - - - - - - - - - -to Interest 0.000% - - - - - - - - - - - - - - - - -to Principal - - - - - - - - - - - - - - - - - -

End UPB - - - - - - - - - - - - - - - - - -

Sponsor Loan #1 - ARPA $ & GAP (cash flow)

Begin UPB - 2,420,260 2,492,868 2,567,654 2,644,683 2,724,024 2,805,745 2,889,917 2,976,615 3,065,913 3,157,890 3,252,627 3,350,206 3,450,712 3,450,712 3,450,712 3,450,712 3,452,457

Interest Charge 3.000% - 72,608 74,786 77,030 79,341 81,721 84,172 86,698 89,298 91,977 94,737 97,579 100,506 103,521 103,521 103,521 103,521 103,574

CF Payment - - - - - - - - - - - - - - - - 1,745 448 to Interest - - - - - - - - - - - - - - - - 1,745 448 to Principal - - - - - - - - - - - - - - - - - -

End UPB - 2,492,868 2,567,654 2,644,683 2,724,024 2,805,745 2,889,917 2,976,615 3,065,913 3,157,890 3,252,627 3,350,206 3,450,712 3,450,712 3,450,712 3,450,712 3,452,457 3,452,905

Sponsor Loan #2 - HOME $ (cash flow)

Begin UPB - 600,000 618,000 695,030 774,370 856,091 940,263 1,026,961 1,116,259 1,208,237 1,302,973 1,400,552 1,501,058 1,604,580 1,708,101 1,811,622 1,915,144 2,016,972

Interest Charge 3.000% - 18,000 18,540 20,851 23,231 25,683 28,208 30,809 33,488 36,247 39,089 42,017 45,032 48,137 51,243 54,349 57,454 60,509

CF Payment - - - - - - - - - - - - - - - - 1,745 448 to Interest - - - - - - - - - - - - - - - - 1,745 448 to Principal - - - - - - - - - - - - - - - - - -

End UPB 618,000 695,030 774,370 856,091 940,263 1,026,961 1,116,259 1,208,237 1,302,973 1,400,552 1,501,058 1,604,580 1,708,101 1,811,622 1,915,144 2,016,972 2,016,524

TOTAL NON-RECOURSE DEBT EOY - 7,808,730 7,904,837 8,001,995 8,101,574 8,203,747 8,308,696 8,416,604 8,527,661 8,642,060 8,760,001 8,881,686 9,007,322 9,030,496 9,051,746 9,071,102 9,117,138 9,055,917

DEPRECIATION & AMORTIZATION SCHEDULES TOTALS

Total Lease-Up 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 FOR

Amount 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 15 YEARS

0% 100%

Depreciation

Property - First Year 1,102,109 - 1,102,109 1,102,109

Property - 15 year - MACRS - - - - - - - - - - - - - - - - - -

Property - 30 year 20,049,904 - 668,330 668,330 668,330 668,330 668,330 668,330 668,330 668,330 668,330 668,330 668,330 668,330 668,330 668,330 668,330 10,024,952

Amortization

Tax Credit fees - 15 year 133,000 - 8,867 8,867 8,867 8,867 8,867 8,867 8,867 8,867 8,867 8,867 8,867 8,867 8,867 8,867 8,867 133,000

Permanent loan fees - 30 year 50,000 - 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 25,000

TOTALS BY YEAR - 1,780,972 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 678,863 11,285,061

CURRENT LIHTC First Year 15 Year 30 Year 15 Year 30 Year

PROJECTIONS Eligible Depreciation Depreciation Depreciation Amortization Amortization

USES OF FUNDS TOTAL Basis * Property Property Property Fees Fees

1 GC On Site Work 794,909 794,909 794,909 Assume: First Year depreciation eligible

2 GC Basic Construction 10,831,647 10,831,647 10,831,647 change *** from 30 yr dep to 30 yr am

3 GC General Conditions 1,151,449 1,151,449 1,151,449

4 GC Contractor Profit & Overhead 527,594 527,594 527,594

5 GC Preconstruction fee 35,000 35,000 35,000

6 GC Construction Contingency - in GC contract 396,853 396,853 396,853

7 GC Performance Bond 101,505 101,505 101,505

8 GC General Hazard & Liability Insurance 80,539 80,539 80,539

9 GC Builder's Risk Insurance (paid by Owner) 139,465 139,465 139,465

10 Land acquisition (leased, not purchased) 1,000,000 -

11 Building acquisition 300,000 - 300,000

12 Utility Tap Fees 817,000 817,000 817,000

13 Building Permit fees 5,000 5,000 5,000

14 Power/Telecom Provider fees 50,000 50,000 50,000

15 Civil Engineering (included in Architecture) 50,000 50,000 50,000

16 Furniture, Fixtures & Equipment 281,989 281,989 281,989 change from 1st yr dep to 30 year dep

17 Owner-held contingency 705,356 705,356 705,356

18 Architect Design Services 634,342 634,342 634,342

19 Architect Supervision Services 140,965 140,965 140,965

20 Attorney, Owner real estate 25,000 25,000 25,000

21 Development/Financial Consultant 85,000 85,000 85,000

22 Survey Services 50,000 50,000 50,000

23 Materials Testing Fees 50,000 50,000 50,000

24 Construction Management, Owner 250,000 250,000 250,000

25 Market Studies 10,000 10,000 10,000

26 Environmental Studies, PCNA, Geotech 5,000 5,000 5,000

27 Tax Credit fees to CHFA 111,500 - 111,500

28 Tax Credit compliance fees to CHFA 21,500 - 21,500

29 Appraisal 10,000 10,000 10,000

30 Cost Certification 12,000 12,000 12,000

31 Partnership legal & organization 90,000 - 90,000

32 Soft Cost contingency 75,000 75,000 75,000

33 Construction loan origination fees (proportional) 87,000 87,000 87,000

34 Construction loan interest 614,400 307,200 307,200 307,200 change *** from 30yr dep to 1st year expense

35 Construction lender inspection fees 20,000 20,000 20,000

36 Construction lender legal, due diligence 50,000 50,000 50,000

37 Construction loan, title & recording fees 40,000 40,000 40,000

38 Permanent loan MIP, app fee - - - ?? 30 yr am vs 18 yr am ??

39 Bond Issuer legal fees - - - ?? 30 yr am vs 18 yr am ??

40 Permanent loan, legal, title & recording fees 50,000 - 50,000 ?? 30 yr am vs 18 yr am ??

41 Tenant Services Reserve - - - Assume: First Year depreciation eligible

42 Rent-up Reserves 32,250 -

43 Operating Reserves 337,001 -

44 Developer Fee: deferred 1,200,000 1,200,000 1,200,000

45 Developer Fee: paid 1,435,000 1,435,000 1,435,000

TOTAL Uses of Funds 22,704,264 20,454,813 1,102,109 - 20,049,904 133,000 50,000

Depreciable & Amortized Assets 21,335,013 1,102,109 - 20,049,904 133,000 50,000

SANCTUARY update: 1-Jul-24

WATERFALL PRIORITIES & RULES

Total Year 1 Annual Pymt Interest

PAYMENTS FROM NET OPERATING INCOME Obligation Payment Increase on UPB

(stabilized)

Required Debt Service & Payments

1 First Mortgage Debt Service 3,500,000 125,433 none n/a

2 Reserve for Replacements deposit annual 10,750 3.00% n/a

Cash Flow Dependant Payments

3 LP Investor Services Fee annual 6,000 3.00% 0.00%

4 Deferred Developer Fee payment 1,200,000 variable 0.00% 0.00%

5 Ground Lease (not applicable) - - n/a n/a

6 GP Partnership Management Fee annual 25,000 3.00% 0.00% payments begin after DDF fully paid

7 Sponsor Loan #1 - variable none 3.00% @ AFR 50% of available CF after DDF paid off

8 Sponsor Loan #2 - variable none 3.00% @ AFR 50% of available CF after DDF paid off

Remaining Cash Distribution

9 LP 99.99% annual variable none none

10 GP 00.01% annual variable none none

PUBLISHED REFERENCES

CHFA RENT & INCOME LIMITS

Effective: 2023 County: ADAMS County Median Income: HUD Release Date: May 15,2023

AMI

0 BR 1 BR 2BR 3BR 4BR 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person

120% 2,607 2,793 3,351 3,873 4,320 104,280 119,160 134,040 148,920 160,920 172,800 184,680 196,680

100% 2,172 2,327 2,792 3,227 3,600 86,900 99,300 111,700 124,100 134,100 144,000 153,900 163,900

80% 1,738 1,862 2,234 2,582 2,880 69,520 79,440 89,360 99,280 107,280 115,200 123,120 131,120

70% 1,520 1,629 1,954 2,259 2,520 60,830 69,510 78,190 86,870 93,870 100,800 107,730 114,730

60% 1,303 1,396 1,675 1,936 2,160 52,140 59,580 67,020 74,460 80,460 86,400 92,340 98,340

55% 1,194 1,280 1,535 1,775 1,843 47,795 54,615 61,435 68,255 73,755 79,200 84,645 90,145

50% 1,086 1,163 1,396 1,613 1,800 43,450 49,650 55,850 62,050 67,050 72,000 76,950 81,950

45% 977 1,047 1,256 1,452 1,620 39,105 44,685 50,265 55,845 60,345 64,800 69,255 73,755

40% 869 931 1,117 1,291 1,440 34,760 39,720 44,680 49,640 53,640 57,600 61,560 65,560

30% 651 698 837 968 1,080 26,070 29,790 33,510 37,230 40,230 43,200 46,170 49,170

20% 434 465 558 645 720 17,380 19,860 22,340 24,820 26,820 28,800 30,780 32,780

AMI CHFA ELIGIBLE BASIS LIMITS CHFA SCORING ITEMS

0 BR 1 BR 2BR 3BR 4BR Effective: 2023 QAP Effective: 2023 QAP

# Persons 1.0 1.5 3.0 4.5 6.0 Zone: 1 Non-Elevator City/Cnty: AURORA

120% 104,280 111,720 134,040 154,920 172,800 Elevator Non-Elev Table Score

100% 86,900 93,100 111,700 129,100 144,000 0 BR 320,641 256,874 C-1 12

80% 69,520 74,480 89,360 103,280 115,200 1 BR 367,588 291,576 C-2 4

70% 60,830 65,170 78,190 90,370 100,800 2 BR 446,958 352,438

60% 52,140 55,860 67,020 77,460 86,400 3 BR 578,210 442,373

50% 43,450 46,550 55,850 64,550 72,000

45% 39,105 41,895 50,265 58,095 64,800

40% 34,760 37,240 44,680 51,640 57,600 CHFA LIHTC APPLICABLE PERCENTAGES

30% 26,070 27,930 33,510 38,730 43,200 Month: Jun-24 FIXED 9%/FIXED 4%

70% Present Value Credit 9.00%

30% Present Value Credit 4.00%

HUD FAIR MARKET RENT LIMITS: 2022 AHA PAYMENT STANDARDS

AREA: DENVER MSA HUD Publication: 2-Feb-23 LIHTC INVESTOR quoted rate: CHFA recommended

FMR Update: Jun-24

0 BR 1 BR 2BR 3BR 4BR 9% Credit Equity Rate 0.860$

1390 1538 1856 2449 2750 4% Credit Equity Rate -$

Colorado State Credit Rate 0.700$

UTILITY ALLOWANCES

PHA Source: AHA effective: 2023 PHA Published: MARKET RENT ESTIMATE

Eligible In Rent or Pd by Ten Type 0 BR 1 BR 2BR 3BR 4BR Source:

Heat Paid by Tenant Elec 0 0 0 0 0 Market:

Hot Water Paid by Tenant Elec 0 0 0 0 0 Ref Date:

Range Paid by Tenant Elec 0 0 0 0 0 Avg Rent

Other, A/C Paid by Tenant Elec 0 0 0 0 0 0 BR -

Water Paid by OWNER Water 0 0 0 0 0 1BR -

Other Paid by TENANT ALL 0 0 0 0 0 2BR-1BA -

0 0 0 0 0 2BR-2BA -

Utility Chargeback by Owner (if applicable) 0 0 0 0 0 3 BR -

0 0 0 0 0 ALL -

RENT SCHEDULE FOR PROJECT: SANCTUARY

Unit AMI MAX* UA MAX NET ACTUAL SQ FT #

1 Br 1 Ba 30 - Sec8 698 0 698 1,538$ 492 33 LENDER quoted loan rate: CHFA Risk Share

1 Br 1 Ba 40 - Sec8 931 0 931 1,538$ 492 0 Update: TaxEx Taxable

1 Br 1 Ba 50 - Sec8 1,163 0 1,163 1,538$ 492 10 Construction Financing 6.150% 6.150%

1 Br 1 Ba 60 - Sec8 1,396 0 1,396 1,538$ 492 0 Permanent Financing 6.400% 6.400%

Subordinate Debt Rate 3.00%

INTEREST RATE ENVIRONMENT

Update:

SOFR 2 Year 10 Year AFR n/a 4.93% 4.49% 4.83%

* MAX is * MAX NET Sec 8 43 APPLICABLE FEDERAL RATE - LT

LIHTC is LIHTC Overide Update: November 1, 2023 table limit less UA rents Current Rate: 4.83% long term rate today

Sponsor Loan Rate: 4.00%

CDOH Limitations for Funding (NEW CONSTRUCTION)

TDC less exclusions (land, DF/C, reserves) 18,800,264

Allowable Percentage 12%

Maximum Developer fee 2,256,032 not OK 2,635,000

Minimum DDF at 20% 46% OK 1,200,000

Maximum operating PUPA of 6,000 not OK 10,655

November 8, 2023

June 1, 2024

MAXIMUM RENTS MAXIMUM INCOME LIMITS

PROJECTED MAXIMUM INCOME BY UNIT SIZE

MAXIMUM RENTS

TOTAL ALLOWANCE FOR UNIT SIZE:

UTILITY ALLOWANCE PLUS CHARGEBACK: