New Construction or Rehabilitation Section 221(d)(4) Summary: Insured mortgages may be used to finance the construction or rehabilitation of detached,

semi-detached, row, walkup, or elevator-type rental or cooperative housing containing 5 or more units Eligible Borrowers: Single asset for profit or non-profit entities Terms: Up to 40 Years plus construction or substantial rehabilitation period Loan Benefits: Non-recourse, including the construction period. Fully assumable Construction to Permanent All in One Loan. Credit enhancement of Housing Bonds for a AAA rating. Eligible Properties: 5 or more units Rates: Fixed for the length of the mortgage Processing: Eligible for Multifamily Accelerated Processing (MAP) Davis Bacon Wage Rates Required Mortgage Loan Limitations: Construction The maximum insured mortgage will be the lesser of: DSC - 1:20 83% of the estimated replacement costs Per unit mortgage limitation for the geographic area. Substantial Rehabilitation The maximum insured mortgage will be the lesser of: DSC 1:20 83% of the eligible rehabilitation costs, including transaction costs and the as is value of the property. Prepayment Terms: Typically, 2-Year lockout with a starting penalty of 8% in year 3 and declining 1% per year through year 10, then 0% For more information contact: Sok H Cordell, Senior Managing Director 503-640-5200 or toll free 1-877-257-0865

sok@ch-capital.com