Horizon Housing Development Fund Corporation

9. Amendment 9

   This Ninth Amendment lowers the projected monthly maintenance for the remaining unsold Unit 11B by $0.02, extends the Plan's term by twelve months, and updates Schedule A.

   • Projected monthly maintenance for Unit 11B (the remaining unsold Apartment) set at $1,198.94, $0.02 less than previously disclosed
   • Term of the Plan extended by twelve (12) months from the date of this Amendment
   • Updated Schedule A provided as Exhibit I
   • Sponsor does not control the Apartment Corporation Board and is not responsible for preparing or adopting operating budgets
   • To Sponsor's knowledge, the budget disclosed in Exhibit I of the Eighth Amendment has not been amended

7. Amendment 7 [March ____, 2025]

   The amendment replaces the building's managing agent with Newgent Management LLC, cuts the price of unsold Apartment 11B, reports two By-Law changes, and discloses a pending lawsuit against the Sponsor and others.

   • Managing agent changed from Finger Management Corp. to Newgent Management LLC as of July 31, 2024
   • Newgent reserves the right to charge Shareholders application processing fees for re-sales, subletting, and refinancings
   • Current annual management fee for the building is $28,800.00
   • Apartment 11B price reduced from $375,000 to $350,000 for purchasers with annual household incomes not exceeding 165% of AMI
   • By-Laws amended to allow meetings via Zoom with digital voting
   • By-Laws amended so all documents, contracts, budgets, and financial reports are available to all Shareholders
   • Lawsuit disclosed under Index No. 161672/2024 alleging an assault on or about December 13, 2021; the Sponsor is defending it and cannot predict the outcome

6. Amendment 6 [_____________, 2024]

   The amendment lowers the offering prices of two unsold apartments, 11B and 12A, from $399,000 to $375,000 each, and attaches a revised Schedule A as Exhibit I.

   • Offering price of unsold Apt 11B reduced from $399,000 to $375,000
   • Offering price of unsold Apt 12A reduced from $399,000 to $375,000
   • Both reductions apply to shares offered to purchasers with annual household incomes that do not exceed 165% of AMI
   • Revised Schedule A attached as Exhibit I

4. Amendment 4

   This Fourth Amendment changes the managing agent to Finger Management Corp. and the selling agent to Michael E. Reed, renumbers Apartment 12C as 12D, and updates the Board of Directors and the Unsold Shares disclosures.

   • Managing agent changed from Innovative Property Management & Development, Inc. to Finger Management Corp. as of January 1, 2024
   • Selling agent changed from Infinite Horizons LLC to Michael E. Reed
   • Apartment 12C redesignated as Apartment 12D, with an amended floor plan (Exhibit I)
   • Board of Directors reconstituted after October 10, 2023 resignations: Sharon Colburn (Sponsor designee) plus Shareholders Cassandra Apollon, Ashlea Morgan, Niambi Rollins and Stefon Simmons
   • Apartment Corporation holds Unsold Shares for Sponsor in Apartments 7C, 7E, 10B, 10C, 11A, 11B, 11D, 12A, 12B and 12D
   • Aggregate monthly Maintenance Charges on Unsold Shares: $12,608.66 under the 2023 Budget
   • Projected budget for the year commencing January 1, 2024 to be added by a later amendment once the Board finalizes it

3. Amendment 3 [TBD]

   This Third Amendment lowers the prices of seven unsold apartments offered to buyers at or below 165% of AMI, adopts the 2023 Budget, names Infinite Horizons LLC as the new selling agent, and updates the Sponsor's unsold-share holdings and board-control terms.

   • Prices of 7 unsold apartments (10C, 11A, 11B, 11D, 12A, 12B, 12C) reduced from $515,474 to $415,000, for buyers with annual household incomes not exceeding 165% of AMI
   • Schedule B updated to a 2023 Budget for the year commencing January 1, 2023; Total Projected Expenses and Reserves increased by approximately 3.96%
   • Maintenance figures in Schedule A amended to match the 2023 Budget
   • Apartment Corporation holds Unsold Shares for ten apartments (7C, 7E, 10B, 10C, 11A, 11B, 11D, 12A, 12B, 12C); aggregate monthly Maintenance Charges on Unsold Shares are $12,608.66 under the 2023 Budget
   • Sponsor and UHAB keep board control and veto power until Apartment Closings for 50% of the Apartments have occurred, and in no event later than two years after the Closing Date of October 29, 2021
   • UHAB is no longer selling agent; replaced by Infinite Horizons LLC, 142-05 Rockaway Boulevard, Jamaica, New York 11436
   • No other material changes to the Plan

2. Amendment 2 _______________, 2022

   This amendment adds a 2022 budget that raises projected expenses and reserves by about 33%, mainly from higher insurance premiums, updates Schedule A maintenance figures, and states the closing date, unsold-share details, certificate of occupancy date, and board control terms.

   • Projected expenses and reserves for 2022 increased by approximately 33%, largely due to significant increases to insurance premiums
   • Schedule A maintenance figures amended to match the 2022 budget; totals shown are $223,526.00 annual and $18,627.17 monthly
   • Closing Date was October 29, 2021, when Sponsor transferred the Property to the Apartment Corporation
   • Apartment Corporation holds unsold shares for ten apartments (7C, 7E, 10B, 10C, 11A, 11B, 11D, 12A, 12B, 12C); aggregate monthly Maintenance Charges on them are $12,127.97, paid by Sponsor
   • Final Certificate of Occupancy effective September 26, 2016
   • Sponsor and HDFC keep Board voting control and veto power over expenditures until Apartment Closings for fifty percent of Apartments occur, and no later than two years after October 29, 2021
   • Remaining Sponsor/HDFC designee resigns after Apartment Closings for all fifteen Apartments
   • Schedule A offering prices shown for January 1, 2022 – December 31, 2022

Summarized from the amendments' text (scanned ones read with OCR); the filings themselves are on the Attorney General's site. 6 of 9 amendments summarized so far.