SOURCES OF FUNDS

CHELSEA SENIORCOMMONS

MM– Chelsea Manager, LLC Bear/FRAHC)

Investor Member-NEF

TE Tranche A

TOTAL DEVELOPMENT COST $11,636,599

$655,000

$1,232,220

$1,750,000

Fox River Affordable Housing Corp, in partnership with Bear Development is a 40-unit, elderly developmentlocated in Sugar Grove, Illinois. This development is financed with 4% bonds, a HOME loan from Kane County,

soft funds from Fox River, CDA Housing and the Illinois Housing Development Authority (IHDA). Theapartments will be restricted to residents that are aged 62 and above, and target residents with incomes at 50%

and 60% of area media income. Rents will range from $600 - $1,100 per month. Construction commenced inOctober of 2018. The anticipated construction completion date is December 2019.

Martell Armstrong, CEO Housing Authority of Elgin

IHDA Home

Kane County Home

FRAHC Loan

CDA Housing, Inc. Loan

Deferred Developer Fee

$100$4,029,072

$3,009,615

$714,000

$246,592