331 Ralph Avenue Housing Development Fund Corporation (Hdfc)

3. Amendment 3

   This third amendment lowers the sales threshold needed to make the building's offering effective, has the sponsor cover costs of unsold shares and the insurance increase in the first year, and restructures the AHC grant and related purchase agreement terms.

   • Effectiveness threshold lowered from 65% (7 Purchase Agreements) to 50% (4 Purchase Agreements), with HPD consent
   • Sponsor pays actual operating expenses attributable to Unsold Shares during the First Year of Operation; shareholders pay full Schedule B Maintenance, and any surplus is retained by the Cooperative
   • Projected First Year of Operation updated to commence on or around July 1, 2026; projected Maintenance Charges unchanged
   • Insurance increase of approximately 13.5% in Maintenance Charges is funded by Sponsor in the First Year, so Maintenance will not increase that year
   • Maintenance Charges may increase in the second year of operation if a lower-cost insurance policy is not obtained
   • AHC Grant of $317,500.00 secured by enforcement mortgage and note on the Building; Unadjusted Purchase Price $4,004,981.00 and Adjusted Purchase Price $3,687,481.00; purchasers remain liable for AHC recapture obligations if they do not meet occupancy periods
   • Sponsor, not purchasers, pays New York State Transfer Tax; Regulatory Agreement exempts Share transfers from New York City transfer taxes
   • Purchase Agreement amended to add Section 4.3 on the AHC Grant, and references to AHC liens on Shares are deleted

2. Amendment 2 March 2, 2026

   This amendment raises the purchase prices of certain apartments, as shown in an updated Schedule A, without extending the plan's term or affecting purchasers already in contract.

   • Purchase prices increased for certain apartments, as shown in updated Schedule A (Exhibit A)
   • Price change approved by HPD
   • Price increase does not affect purchasers already in contract as of the amendment date
   • Plan term is not extended
   • Cooperative Information Package incorporated by reference, as modified by this amendment

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site. 2 of 3 amendments summarized so far.