CERT TO REPORT TO MN HOUSING FINANCE AGENCY 29.

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2 Bedroom $1,100 - 1,250 2 Bedroom+ Den $1,435 - 1,500 50%of Median Income 1 Bedroom $616 1 Bedroom+Den $738 The City, in establishing this Program, has considered, among other things (i)the availability and affordability of other government housing programs; (ii)the availability and affordability of private marketing financing for the construction of multifamily housing units; (iii) an analysis of population, employment trends and projections of future population trends and future employment needs; (iv)the recent housing trends and future housing needs of the City; and(v) an analysis of how the Program will meet the needs of persons and families residing and expected to reside in the City. The City, in adopting the Program, has further considered (i)the amount,timing and sale of Bonds to finance the estimated costs of the housing units, to fund the appropriate reserves and to pay the cost of issuance; (ii)the method of monitoring and implementation of the Program to insure compliance with the City's housing plan and its objectives; (iii)the method of administering, servicing and supervising the Program; (iv) the costs of the City, including future administrative expenses; (v)the restrictions on the multifamily development to be financed under the Program; and (vi) certain other limitations. The City, in adopting the Program, considered the potential financing impact of a bond issuance on affected public agencies. In addition,the City reviewed the method of marketing the Program. Such review examined the equal opportunity for participation by (i) minorities; (ii)households with incomes at the lower end of the range that can be served by the Program; (iii) households displaced by public or private actions; and (iv) accessibility to the handicapped. The Project will be constructed and financed pursuant to Subdivision 1(a) of Section 462C.05 of the Act. Subsection A. Definitions. The following terms used in this Program shall have the following meanings, respectively: (1) "Act" shall mean Minnesota Statutes, Chapter 462C, as currently in effect and as the same may be from time to time amended. (2) "Authority" shall mean the Orono Housing and Development Authority. (3) "Bonds" shall mean the revenue bonds to be issued by the City or at the discretion of the City, the Agency,to finance the Program. (4) "City" shall mean the City of Orono, State of Minnesota.