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<br /> <br />EXHIBIT B <br /> <br />Project Plan <br /> <br /> The Developer will complete the following work in accordance with the terms and <br />conditions of this Agreement and in compliance with all applicable laws and regulations: <br /> <br /> The Developer will construct a new development which includes each of the following <br />elements: <br /> <br />• Four-story building containing at least fifty-six thousand (56,000) square feet; and <br /> <br />• A minimum of fifty-seven (57) total apartment units, of which no fewer than <br />twenty-four (24) apartment units will be exclusively available for tenants at fifty <br />percent (50%) or lower of the area median income (“AMI”) and no fewer than an <br />additional twenty-one (21) apartment units will be exclusively available for tenants <br />at eighty percent (80%) or lower of AMI. <br /> <br />The Project will not be considered substantially complete until the Developer obtains a Certificate <br />of Occupancy for all portions of the Developer Property. <br />