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202403937 NEBRASKA INVESTMENT FINANCE AUTHORITY GAP FINANCING AGREEMENT THIS GAP FINANCING AGREEMENT (this "Agreement") is made and entered into as of August 7 , 2024, between STATE STREET VILLAS, LLC a Nebraska limited liability company, whose address is 1415 16th Street, P.O. Box 335, Central City, Nebraska 68826, ("Owner") and the NEBRASKA INVESTMENT FINANCE AUTHORITY, a body politic and corporate, not a state agency, but an independent instrumentality exercising essential public functions under the constitution and laws of the State of Nebraska, its successors and assigns, whose address is 1230 0 Street, Suite 200, Lincoln, Nebraska 68508 (the "Authority"). RECITALS: WHEREAS, Owner is the owner of a twenty (20) -unit low-income rental housing development, of which seventeen (17) units are to be rented to seniors of low-income, known as State Street Villas Apartments and located in Grand Island, Hall County, Nebraska, as more particularly described in Exhibit A attached hereto (the "Project"); WHEREAS, the Owner has received from the Authority awards of (i) 2022 federal low income housing tax credits (the "Federal Tax Credits") pursuant to Section 42(h) of the Internal Revenue Code of 1986, as amended (the "Code") in the amount of $275,500 (the "Federal Tax Credit Allocation") and (ii) 2022 Nebraska affordable housing tax credits pursuant to the NIFA Affordable Housing Tax Credit Act (the "State Tax Credits" and, together with the Federal Tax Credits, the "Tax Credits"), in the amount of $275,500 (the "State Tax Credit Allocation" and, together with the Federal Tax Credit Allocation, the "Tax Credit Allocation"), in each case for the Project described in Exhibit A (the "Project"); and WHEREAS, the Authority is the grantee of funds provided by the State of Nebraska through the Nebraska Department of Economic Development pursuant to the ARPA Program (the "ARPA Program") created pursuant to the American Rescue Plan Act and the implementing regulations therefor (such funds being "ARPA Funds") for the assistance of certain projects receiving an award of low income housing tax credits under Code Section 42; and WHEREAS, Owner has requested that the Authority make a subordinate loan to Owner in the principal amount of $587,370 (the "Loan"), to address the financing gap for the Project due to increased construction costs, as well as supply and labor shortages related to the COVID-19 pandemic, and Owner has agreed to accept the Loan subject to, among other things, the requirements set forth in the Loan Agreement to be entered into between the Owner and the Authority (the "Loan Agreement"), and the terms and conditions of this Agreement. Any capitalized terms used and not specifically defined in this Agreement shall have the meanings set forth in the Loan Agreement or meanings ascribed to them in or for purposes of Section 42 of the Code; WHEREAS, the parties have agreed that this Agreement is to be recorded in the office of the deed of registry for the county where the Project is located and is to run with the land; and 4880-0752-8835.3