New York Teachers Housing Corp.

3. Amendment 3 December 11, 2015

   This amendment declares the Plan effective after shareholders voted for the Plan of Reconstitution and replaces the budget with an updated first-year operating budget forecast.

   • Plan declared effective after vote in favor of the Plan of Reconstitution
   • 214 Shareholders executed Participation Agreements as of December 1, 2015, representing approximately 96% of eligible Apartments
   • 6 Shareholders executed Non-Participant Election Agreements - To Lease; zero executed Non-Participant Shareholder Elections Agreements - To Vacate
   • Budget replaced with Operating Budget Forecast for December 1, 2015 through November 30, 2016
   • Total revenue and total expenditures each budgeted at 2,199,900
   • Apartment maintenance projected to increase by 20% over current maintenance
   • Transfer fee of 20% of gross sales price, with an estimated $40,000 per unit, used to establish a reserve fund

2. Amendment 2 July 28, 2015

   The amendment reports that shareholders approved converting the Mitchell-Lama cooperative into a private, unregulated cooperative, and it gives every shareholder a 90-day window to elect to participate or not, with non-participants choosing to vacate or remain as rental tenants.

   • Plan of Reconstitution approved by vote of 151 dwelling units; 146 affirmative votes were required (219 eligible units)
   • All shareholders may elect whether to participate in the Reconstitution, regardless of how they voted
   • Exclusive Period to respond runs for ninety (90) days from the Presentation Date of this Amendment
   • Participating shareholders must sign a Participation Agreement (Exhibit "B") and deliver it to the Managing Agent within the Exclusive Period
   • Non-participating shareholders must elect to vacate their Apartments (Exhibit "C") or remain as rental tenants (Exhibit "D")
   • Sponsor will file an amendment with the Attorney General within thirty (30) days after the Exclusive Period ends, disclosing the numbers of Participants, Non-Participants and Vacating Non-Participants

1. Amendment 1 June 4, 2015

   This amendment corrects the plan's share allocations, projected maintenance charges, and first-year budget based on a 20% maintenance increase, removes the words "Red Herring" from the cover page, and adds supplemental budget forecasts and maintenance schedules.

   • Schedule A replaced with corrected share allocations, projected maintenance charges and projected income tax deductions, based on a 20% maintenance increase for the first year after dissolution and reconstitution
   • Schedule B replaced with a corrected projected budget for the first year of operations after dissolution and reconstitution, based on a 20% maintenance increase
   • Supplemental Operating Budget Forecasts added for budget years ending June 30, 2014 through June 30, 2018
   • Supplemental Schedule of Projected Maintenance Charges added, under Mitchell-Lama and after dissolution and reconstitution
   • "Red Herring" deleted from the cover page
   • Letter retracting the Privatization Questions and Answers Document added as Exhibit F

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site.