Soundview Park Townhomes Housing Development Fund Corporation

Amendment 2 Feb 6, 2025

This second amendment updates the plan with the current unsold share list, the completed first closing and building transfer, a larger Shares Loan note that the sponsor's affiliates have assumed, an extended plan term, and an extended TCO for 1739 Lacombe Avenue.

• Shares Loan Note increased to $16,192,370.56 after lenders waived the pre-closing prepayment of at least $2,138,152.00; Sponsor and affiliates assumed liability, and purchasers are stated not to be adversely affected
• Plan extended for 6 months from the date of this Second Amendment
• TCO for 1739 Lacombe Avenue extended to expire May 21, 2025
• Unsold share list (Exhibit I) updated as of January 30, 2025, with 250 shares allocated to each unit
• Building transferred to the Apartment Corporation on December 11, 2024; first closing held December 19, 2024
• Prior mortgages, including a $752,441.00 gap mortgage, consolidated into one HPD mortgage of $19,942,441.00
• Reserve balances stated: $75,209 operating, $247,620 Settlement Funds HDFC, $3,000 replacement, held at Webster Bank
• 1715 Lacombe Avenue renamed 1715A Lacombe Avenue; first-year U-HAB monitoring fee of $7,969.00 disclosed, rising 3% yearly

Amendment 1 Apr 30, 2024

The amendment declares the plan effective after purchase agreements for 11 apartments (15%) are accepted, lowers HPD's conversion requirement from 65% to 42%, reports certificates of occupancy, adds $1,504,821.00 in loans, offers a license option to early purchasers, raises the parking license fee, and updates the budget.

• Plan declared effective: purchase agreements accepted for at least 11 apartments (15%)
• HPD conversion requirement lowered from 65% to 42% of apartments with purchase agreements
• Final certificates of occupancy obtained for 9 of 10 buildings; 1739 Lacombe Avenue has a temporary certificate expiring November 24, 2024
• Additional $1,504,821.00 Sterling construction loan; aggregate mortgages at conversion updated to $19,204,821.00
• Additional $1,504,821.00 HPD permanent loan, not expected to increase maintenance; a further $247,620.00 HPD loan is anticipated, also not expected to affect maintenance
• Use and occupancy license offered to the first 20 purchasers at Sponsor's option: monthly fee up to $3,195, plus utilities, for a one-year term
• Parking license fee increased to $150/parking spot
• Schedule B budget updated for first year (March 1, 2024 through February 28, 2025): receipts $557,879.00, expenses $523,679.00