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Brief descriptions of the Issuer, the Bonds, the security for the Bonds, the Borrower, the Project, <br /> the Indenture and the Loan Agreement, are included in this Official Statement. All references herein to <br /> the Indenture, the Loan Agreement and other documents and agreements are qualified in their entirety by <br /> reference to such documents and agreements, copies of which are available for inspection at the offices of <br /> the Trustee. <br /> THE ISSUER <br /> The Issuer is a municipal corporation organized and validly existing under the laws of the State. <br /> The Issuer is empowered to issue its bonds to provide funds to finance multifamily housing <br /> developments, as described in the Act. The Issuer adopted an ordinance authorizing the issuance of the <br /> Bonds (the"Bond Ordinance"). The responsibility for the operation of the Project will rest entirely with <br /> the Borrower and not with the Issuer. <br /> The Issuer acts as a conduit issuer and also issues obligations for its own purposes. Each bond <br /> issue or note issue the Issuer issues as a conduit issuer is an independent and separate obligation of the <br /> Issuer secured solely by the amounts pledged under the related trust indenture. <br /> THE BONDS ARE NOT A GENERAL OBLIGATION, DEBT OR BONDED <br /> INDEBTEDNESS OF THE ISSUER, OR A PLEDGE OF THE MONEYS, FAITH AND CREDIT OF <br /> THE ISSUER, AND THE HOLDERS OF THE BONDS HAVE NOT BEEN GIVEN AND DO NOT <br /> HAVE ANY RIGHT TO HAVE EXCISES OR TAXES LEVIED BY THE ISSUER FOR THE <br /> PAYMENT OF BOND SERVICE CHARGES THEREON. <br /> No agreement or obligation contained in the Indenture shall be deemed to be an agreement or <br /> obligation of any officer, employee, servant or agent of the Issuer in his or her individual capacity, and <br /> neither the directors of the Issuer nor any officer thereof executing any Bond shall be liable personally on <br /> such Bond or be subject to any personal liability or accountability by reason of the issuance thereof. No <br /> member, officer, employee, commissioner, servant or agent of the Issuer shall incur any personal liability <br /> with respect to any other action taken by him or her pursuant to the Indenture. <br /> EXCEPT FOR INFORMATION CONCERNING THE ISSUER IN THIS SECTION AND <br /> "ABSENCE OF LITIGATION" (WITH RESPECT TO THE ISSUER), NONE OF THE <br /> INFORMATION IN THIS OFFICIAL STATEMENT HAS BEEN SUPPLIED OR VERIFIED BY THE <br /> ISSUER, AND THE ISSUER MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR <br /> IMPLIED,AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. <br /> THE BONDS <br /> Denominations,Maturity and Interest <br /> The Bonds are issuable in the denomination of$5,000 principal amount or any greater integral <br /> multiple thereof. The Bonds will be dated as of April 1, 2020* will initially bear interest at the rate set <br /> forth on the cover page hereof until November 1, 2021 (the "Initial Mandatory Tender Date"), will <br /> mature on November 1, 2022 (the"Maturity Date"), and are subject to mandatory tender for purchase or <br /> mandatory redemption on the Initial Mandatory Tender Date. Interest will be payable on each May 1 and <br /> November 1, commencing November 1, 2020* (each, an "Interest Payment Date"), each mandatory <br /> tender date(each, together with the Initial Mandatory Tender Date, a"Mandatory Tender Date") after the <br /> Initial Mandatory Tender Date, and the Maturity Date (the Maturity Date, each Mandatory Tender Date, <br /> *Preliminary,subject to change. <br /> -2- <br />