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199552303v5 <br /> <br /> <br />EXHIBIT A <br />PROGRAM FOR FINANCING AN <br />AFFORDABLE MULTIFAMILY RENTAL HOUSING DEVELOPMENT <br /> <br />Proposal Authority. Pursuant to Minnesota Statutes, Chapter 462C (the “Act”), the City <br />of Little Canada, Minnesota (the “City”) is authorized to develop and administer programs of <br />making loans to finance multifamily housing developments and functionally related facilities. <br />Minnesota Statutes, Section 462C.05, subdivision 2, provides that such multifamily housing <br />developments can be designed to be affordable for persons or households of low to moderate <br />income. Minnesota Statutes, Section 462C.07, provides that the City may issue revenue bonds or <br />other obligations to finance such programs and developments. This affordable multifamily rental <br />housing development finance program (this “Program”) is undertaken by the City to finance a <br />Project, as hereinafter described, which shall be owned and operated by LC Apartments, LP, a <br />Minnesota limited partnership (the “Borrower”), with LC Affordable GP, LLC, a Minnesota <br />limited lability company, as general partner, and FFAH V LC Senior Apts MN, LLC, a Minnesota <br />limited liability company, as managing general partner. The City proposes to issue one or more <br />series of tax-exempt and/or taxable revenue bonds or other obligations (the “Bonds”) pursuant to <br />the Act to assist in financing the Project. <br />General Description of the Project and Location. The Project consists of the acquisition <br />and construction of an approximately 120,460 square-foot rentable apartment community that will <br />consist of an approximately 106-unit affordable multifamily senior housing development, and <br />functionally related facilities, including an underground parking garage, located at 99 County Road <br />B East, in the City. <br />The Project is designed and is intended for residency by persons or households of low to <br />moderate income, pursuant to the Act. The Facility will consist of the following living units: <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Units <br /> <br />Number of Units <br />Square Footage <br />Per Unit <br />Estimated Initial <br />Rents Per Unit <br /> <br />Studio 11 518-561 $1,017/month <br />1 BR/1 Bath 75 640-672 $1,236-$1,745/month <br />2 BR/1 Bath 20 949-1,096 $1,794-$2,126/month