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Economic & Planning Systems, Inc.42 <br />TAX CREDIT CALCULATION <br />Tax Credit Calculation In QCT/ DDA Outside QCT/DDA <br />Hard Costs $54,540,000 $54,540,000 <br />Soft Costs $13,635,000 $13,635,000 <br />Eligible Basis $68,175,000 $68,175,000 <br />QCT/ DDA Boost1 130% 0% <br />Adjusted Eligible Basis $88,627,500 $68,175,000 <br />Applicable Fraction2 100% 100% <br />Qualified Basis $88,627,500 $68,175,000 <br />Tax Credit Rate 4% 4% <br />Annual Tax Credit $3,545,100 $2,727,000 <br />x 10 years 10 10 <br />Total Tax Credit $35,451,000 $27,270,000 <br />Tax Credit Pricing3 $0.90 $0.90 <br />Investor Equity $31,728,645 $24,406,650 <br /> <br />1 Model assumes the project is not located in a Qualified Census Tract (QCT) or Difficult Development Area (DDA). <br />Projects located in a QCT or DDA may be eligible for up to a 30 percent basis boost, which increases the eligible <br />basis used to calculate Low-Income Housing Tax Credits and can increase available tax credit equity. <br />2 Applicable fraction reflects the share of the project treated as income-restricted affordable housing for tax credit <br />purposes. The model assumes a 100 percent applicable fraction, meaning all residential units are assumed to be <br />rent-restricted and occupied by income-qualified households, so the full eligible residential basis is included in the <br />tax credit calculation. <br />3 Estimated based on Q4 2025 tax credit pricing <br />