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�� <br />�� <br />e � <br />� �� <br />� �� <br />0 <br />� �� <br />� <br />� �� <br />�� <br />� <br />�� <br />��. <br />� <br />� <br />C <br />� � <br />� � <br />� <br />� � � � <br />x ~ <br />� D cn <br />� rt e rn <br />O �'�_. � <br />�' N <br />� � <br />rn -. <br />Ci _- <br />cn --� <br />rn � <br />� <br />� � ( �'� N <br />c`�: N <br />o � <br />� W <br />o � <br />cn <br />r� z � �� : <br />Return to: Mesner Development Co., 2604 26'" Ave., Central City, NE 68826 <br />CROWN�ROGRAM COMPLIANCE LETTER <br />Owner Name : Rid�ewood CROWN. LLC (the "Owner") <br />Development Name: Ridgewood CROWN (the "Development") <br />1vIFA LIHTC Project No.: 7-0721 <br />Section 1: Description of CROWN Set-Aside <br />� � <br />o -�a <br />c m <br />z m <br />� <br />--C � <br />O 'T1 <br />'�' Z <br />s m <br />Fr m <br />r � <br />r n <br />� <br />� <br />ID� <br />..�-.� <br />� <br />� <br />1. A long-term CROWN development, as defined by NIFA, is a lease to own home <br />pursuant to a plan and with documents approved in advance by 1�TIFA that will be sold <br />to a qualified tenant at the end of the 15 — year compliance period. <br />2. Current CROWN developments require $50 per month to be set aside for each tenant. <br />This set-aside will be used by the tenant to assist in the purchase of a home at a future <br />date. Based on 12 units, each tenant would accumulate $9,000 over the <br />Development's 15-year compliance period for each home, or $ 108,000 for the total <br />Homes constructed by the Owner. <br />Section 2: Development Specific CROWN Requirements. <br />The Owner has constructed (list the number of homes) 12 units (the "Home(s)"), and <br />at the end of the Development's 15-year compliance period will make these Homes <br />available for sale to qualified tenants. <br />2. The cost per Home is $224,512 (average cost, based on Final Cost Certification <br />Documentation submitted to rTIFA on July 8, 2011). <br />3. The Homes will be sold for a price determined under Section 42(i)(7) of the Internal <br />Revenue Code of 1986, as amended. The minimum purchase price under this <br />subparagraph is an amount equal to the sum of: <br />o � <br />N <br />C'7 � <br />F � <br />F � <br />o "„�,,� <br />rn � <br />� <br />CD � <br />C:T7 � <br />M-+ <br />��v <br />.� <br />