Prudential Checklist

THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2017 and 2016

[1] - For consolidation purposes, the activity is eliminated. [2] - Matures on the earlier of i) December 31, 2055 or ii) the sale, refinancing or other disposition of the project. [3] - Matures on the earlier of i) December 31, 2052 or ii) the sale, refinancing or other disposition of the project. [4] - For consolidation purposes, the NHPF portion (49%) of activity is eliminated. [5] - NHPF repaid this loan in 2017 in accordance with the note provisions. [6] - For consolidation purposes, 50% of the activity is eliminated. [7] - NHPF entered an amended agreement with Prudential Insurance Company of America on September 8, 2017 with extended maturity date of November 1, 2023 [9] - Interest rate accrues at floating rate per annum equal to the greater of 5% or 4.75% in excess of the rate of interest per annum of one month LIBOR. [8] - Interest rate accrues at 6% and matures on the earlier of (i) the date of closing of any construction financing for the Project or (ii) the three year anniversary of the first day of the first month following the closing date, which was March 29, 2016

[10] - Interest rate accrues at LIBOR plus 175 basis points. [11] - Interest rate accrues at LIBOR plus 250 basis points [12] - Interest rate accrues at the higher of the prime rate or the sum of the Federal Funds Open Rate plus 1% [13] - Interest rate accrues at the LIBOR plus 2.65% [14] - Repaid in 2018 [15] - Payable from cash flow of the property

For the years ended December 31, 2017 and 2016, total interest costs of $1,780,366 and $1,122,130, respectively, were incurred, of which $0 and $0, respectively, was capitalized and $1,780,366 and $1,122,130, respectively, was expensed. For the years ended December 31, 2017 and 2016, amortization of debt issuance costs of $118,963 and $89,008, respectively, were included in total interest costs expensed. Debt issuance costs, net of accumulated amortization, as of December 31, 2017 and 2016, totaled $1,749,032 and $1,359,184, respectively, and are related to the notes and construction loans payable. Amortization of the debt issuance costs is based on imputed rates ranging from 2.67% to 8.42%.

Total minimum principal payments, including accrued interest, for the next five years and thereafter on notes payable are due as follows:

Real Estate Entities

Tax Credit Entities

NHPF

Other Entities

Eliminations

Total

December 31, 2018

2,026,450 10,317,659

8,388,275 2,400,000

10,421,570 8,789,657

- - - - -

(2,688,275) (8,789,657)

18,148,020 $

2019 2020 2021 2020

12,717,659

- - -

Thereafter

4,612,500 16,956,609

4,000,000 14,788,275

104,119,694 123,330,921

4,762,654 4,762,654

(70,622,459) (82,100,391)

46,872,389 77,738,068

Unamortized debt issuance costs

(44,535)

(1,704,497)

(1,749,032)

16,956,609 $

14,743,740 $

121,626,424 $

4,762,654 $

(82,100,391) $

75,989,036 $

- 33 -