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ESTIMATED SOURCES AND USES OF FUNDS* <br /> The proceeds of the Bonds expected to be deposited under the Indenture upon closing(excluding <br /> the accrued interest on the Bonds, which is to be deposited in the Interest Payment Account of the Bond <br /> Fund) are to be applied as follows: <br /> Sources of Funds* <br /> Bond Proceeds $4,100,000.00 <br /> Negative Arbitrage Deposit .00 <br /> Total $.00 <br /> Uses of Funds* <br /> Project Fund $.00 <br /> Bond Fund—Interest Payment Account .00 <br /> Total $ <br /> The following table sets forth the estimated sources and uses of certain funds to be available upon <br /> the issuance and delivery of the Bonds (excluding the accrued interest on the Bonds, which is to be <br /> deposited in the Interest Payment Account of the Bond Fund): <br /> Sources of Funds* <br /> Bond Proceeds $4,100,000 <br /> FHA-Insured Loan 8,482,500 <br /> Tax Credit Equity+GP Equity 3,843,778 <br /> Deferred Developer Fee 1,146,804 <br /> Deferred Loan 290,000 <br /> AHP Grant 500,000 <br /> Income from operations 42,044 <br /> Total Sources $18,405,126 <br /> Uses of Funds* <br /> Pay off Bonds $4,100,000 <br /> Acquisition Cost 5,580,000 <br /> Hard Construction Costs 5,606,741 <br /> Soft Costs& Soft Cost contingency 89,030 <br /> Loan&Financing Fees 622,395 <br /> Construction Period Interests 284,934 <br /> Developer's Fees 1,637,276 <br /> Reserves& Deposits 484,750 <br /> Total Uses $18.405.126 <br /> In addition to the Bond proceeds, the following additional sources of funds will be available to <br /> pay costs of the Project. <br /> Tax Credit Equity <br /> The Project will be financed in part with tax credit equity,which will pay for the costs of issuance <br /> of the Bonds and a portion of the other costs including construction costs. Merchants Affordable Housing <br /> *Preliminary,subject to change. <br /> - 8 - <br />