Mobile Loaves & Fishes Support Corporation 3

MLF SC 3'S ONLY CURRENTLY-CONTEMPLATED ACTIVITIES ARE TO (I) ACQUIRE REAL ESTATE LOCATED AT 9116 HOG EYE ROAD IN AUSTIN, TEXAS (THE PROJECT LOCATION) FROM MLF, (II) BORROW LOW-INTEREST RATE FUNDS FROM ONE OR MORE THIRD PARTY COMMUNITY DEVELOPMENT ENTITIES, (III) USE SUCH BORROWED FUNDS AND CASH CONTRIBUTIONS FROM MLF (AS WELL AS ADDITIONAL SOURCES OF FUNDING, IF NEEDED) TO FINANCE THE NEW CONSTRUCTION OF NONRESIDENTIAL BUILDINGS PROVIDING SUPPORTIVE SERVICES (SUCH BUILDINGS AND UNDERLYING REAL ESTATE ARE REFERRED TO HEREIN AS THE DOWNTOWN SITE), AND (IV) LEASE THE DOWNTOWN SITE TO MLF FOR OPERATION AS PART OF PHASE 3 OF MLF'S COMMUNITY FIRST VILLAGE, WHICH WILL ULTIMATELY BE A CAMPUS PROVIDING AFFORDABLE HOUSING AND SUPPORTIVE SERVICES FOR THE HOMELESS AND THOSE AT RISK OF BEING HOMELESS (THE FOREGOING ACTIVITIES ARE REFERRED TO HEREIN COLLECTIVELY AS THE PROJECT). THE APPLICANT WILL LEASE THE PORTION OF THE PROJECT LOCATION ON WHICH RESIDENTIAL UNITS WILL BE CONSTRUCTED TO MLF PURSUANT TO A LONG-TERM GROUND LEASE, INTENDED TO GIVE MLF MAXIMUM FLEXIBILITY IN DEVELOPING THE RESIDENTIAL UNITS. THE LEASE FOR THE DOWNTOWN SITE WILL BE SEPARATE FROM THE AFOREMENTIONED GROUND LEASE.THE PROJECT FINANCING IS EXPECTED TO CLOSE DURING THE FIRST QUARTER OF 2024. FOLLOWING DEVELOPMENT OF THE PROJECT, 100 PERCENT OF THE ACTIVITIES OF THE APPLICANT WILL CONSIST OF THE LEASING OF THE DOWNTOWN SITE TO MLF AND USING THE RENTS RECEIVED THEREFROM TO REPAY THE MORTGAGE FINANCING USED TO DEVELOP AND REHABILITATE THE PROJECT.