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21 CITY OF ST. ANTHONY, MINNESOTA PROGRAM FOR A MULTIFAMILY HOUSING DEVELOPMENT UNDER MINNESOTA STATUTES, CHAPTER 4620 THE SENIOR LANDINGS AT SILVER LAKE VILLAGE APARTMENTS PROJECT General Proeram The City believes that a need exists to provide affordable housing options available within the City of St. Anthony (the "City") and the surrounding area. To meet such housing needs, the City plans to encourage the development and maintenance in the City of multifamily housing particularly adapted to the needs of low-income residents. A major method available to the City to encourage the development of affordable multifamily housing is the issuance of tax-exempt bonds under Minnesota Statutes, Chapter 462C, including without limitation Section 462C.07, and Sections 142(d) or 145, as appropriate, of the Internal Revenue Code of 1986, as amended the "Code"). The specific development described in this Housing Program will be undertaken to further the policies and goals stated in the City's Comprehensive Plan, including particularly the goal of providing affordable housing in the City. `Phis program is subject to amendment or waiver by the City. Description of the Development To Be Financed St. Anthony Leased Ilousing Associates II, Limited Partnership (the "Borrower"), a Minnesota limited partnership, is a single -purpose entity with no assets other than the Project, as hereinafter defined, and revenues derived therefrom. The Borrower proposes to finance the acquisition, construction and equipping of a senior low income housing tax credit multifamily rental housing project to be located at 2500 38°i Avenue NE in the City (the "Project"). The Borrower anticipates financing all or a portion of the Project through the issuance of bonds, in one or more series, by the City in the approximate principal amount of $18,750,000 (the "Bonds"). The Project is expected to consist of a 169 -unit apartment complex containing 1 I I one -bedroom units and 58 two-bedroom units, together with a guest suite, and related parking and common areas, and is to be restricted for occupancy to residents 55 years of age and older. The Project will 100% of the units will be affordable to individuals earning at or below 60% of the of the median income for the Standard Metropolitan Statistical Area that includes Minneapolis/St. Paul, Minnesota ("AMI"). While 100% are affordable, 20% of the units will be rented at the Fair Market Rent and the remaining 80% of the units will be rented at 60% AMI levels. The entire Project will be subject to the exempt facility requirements of Section 142(d) of the Code, which are further described below under the heading "Meeting the Needs of Low and -I-