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2o��os�o� � EXHIBIT E CROWN ROGRAM COMPLIANCE LETTER CROWN Program Compliance Letter Owner Name : Westridge CROWN, LLC (the "Owner") Development Name: Westrid�e CROWN (the "Development"} l�1IFA LIHTC Project No.: 7-0740 Section 1: Description of CROWN Set-Aside � l. A long-term CROWN development, as defined by NIFA, is a lease to own residential dwelling puxsuant to a plan and documents ("Crown Documents") approved in advance by NIFA that will be sold to a qualified tenant at the end of the 15 – year compliance period. 2. Pursuant to the Crown Documents $50 per month will be set aside for each tenant in the Development. This set-aside will be used by the tenant to assist in the purchase of a home at a future date. Based on 12 units, each tenant will accumulate $9,000 over — the Development's 15-year compliance period for each Residential dwelling unit, or $108,000 for the total Crown Units constructed by the Owner. Section 2: Development Specific CROWN Requirements. The Owner has constructed (list the number of Residential dwelling units) 12 unies (the "Crown Units"), and at the end of the Development's 15-year compliance period the Owner will make these Crown Units available for sale to qualified tenants. 2. The cost per Crown Unit is $233,321 (average cost, based on Final Cost Certification Documentatian submitted to NIFA on July 27, 2011). 3. The Crown Units will be sold for a price determined under Sectian 42(i)(7) of the Internal Revenue Code of 1986, as amended. The purchase price under this subparagraph is an amount equal to the sum of: a. the principal amount of outstanding indebtedness secured by each Crown Unit (other than indebtedness incurred within the 5-year period ending on the date of the sale to a quali�ed tenant), plus b. all Federal, State, and local ta,JCes attributable to such sale. 4832-2986-0106.1