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<br />Page | 55 <br />9138-126780\1512539.3 <br />EXHIBIT B <br />INITIAL IMPROVEMENTS <br /> <br />The proposed Project includes the development of one residential building with 17 units surrounding <br />an interior courtyard. The Project includes 17 one-bedroom units with one unit being reserved as the <br />Manager’s Unit. Approximately 2,000 square feet of interior space will be used for offices for <br />supportive services, a lobby, and community areas. <br />The Project will be 100% Permanent Supportive Housing. Nine (9) of the units will be permanent <br />supportive housing for households earning no more than 30% of the Area Median Income; Seven (7) <br />of the units will be permanent supportive housing for households earning no more than 25% of the <br />Area Median Income; and one (1) of the units is reserved for an on-site manager. The unit mix and <br />rent restrictions are as follows, provided, however, the rent and income restrictions applicable to the <br />Project shall be set forth in and subject to the terms of the Loan Agreement: <br />Bedroom <br />Size <br />30% <br />AMI (PSH) <br />25% <br />AMI (PSH) <br />Manager’s <br />Unit Total Units <br />One-Bedroom 9 7 1 17 <br />TOTAL 9 7 1 17 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />EXHIBIT 5