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4873-4490-2269.4 The Industrial Development Authority of the City of Phoenix, Arizona and The Industrial Development Authority of the County of Maricopa Series 2023 Single Family Mortgage Revenue Bond Program GENERAL PLAN In connection with the hereinafter-described Program, The Industrial Development Authority of the City of Phoenix, Arizona and The Industrial Development Authority of the County of Maricopa (the “Authorities”) propose to issue one or more series of bonds (the “Program Bonds”) the proceeds of which are to be used to finance mortgage loans (“Mortgage Loans”) to acquire residences in all areas within Maricopa County, Arizona (“Maricopa County”), including within the City of Phoenix, Arizona, but not within any city or town which exercises its statutory right to prohibit mortgage loans financed with proceeds of the Program Bonds within its boundaries. The Program Bonds are to be issued for the purpose of funding the Authorities’ Series 2023 Single Family Mortgage Revenue Bond Program (the “Program”) for persons of low and moderate income residing in Maricopa County. The Program Bonds are to be issued and the Program administered in accordance with Title 35, Chapter 5, Arizona Revised Statutes (the “Act”), and certain Program Bonds may be “qualified mortgage bonds” as defined in Section 143 of the Internal Revenue Code of 1986, as amended (the “Tax Code”), and bear interest which is excluded from gross income for federal income tax purposes. The Authorities intend to issue the Program Bonds in multiple series/subseries pursuant to a plan of finance. The following paragraphs discuss the specific matters required by Arizona Revised Statutes Section 35-726.A. to be described in this General Plan. Statutory references are to particular provisions of such Section. Any and all portions of the General Plan are subject to change from time to time as approved by the Authorities and in accordance with the Act. 1. The Amount of the Proposed Program Bonds: Section 35-726.A.1. The aggregate principal amount of all series/subseries of the proposed Program Bonds will not exceed $200,000,000. 2. The Maximum Term of the Program Bonds: Section 35-726.A.2. The term of each series/subseries of the Program Bonds will not exceed 40 years. 3. The Maximum Interest Rate on the Program Bonds: Section 35-726.A.3. The maximum effective interest rate on each series/subseries of the Program Bonds (taking into account initial issue premium and discount) is not expected to exceed 10.0% per annum. The Authorities do not intend to proceed with the issuance of a particular series/subseries of the Program Bonds unless, in the judgment of the Authorities, such series/subseries of the Program Bonds can be underwritten, on a basis consistent with standards of housing finance prevailing at the time of such issuance, at an interest cost (taking into consideration costs of issuance, underwriters’ compensation and additional discounts, if any, on such series/subseries of the Program Bonds) that will permit the Mortgage Loans to be (a) originated at an interest rate not 2 4873-4490-2269.4 greater than 12.0% per annum and with down payment and closing cost assistance in an amount not to exceed 5.0% of the principal amount of the Mortgage Loan, and (b) financed in the Program on the terms and at the prices referred to in paragraph 5 below. 4. The Need for the Program Bond Issue: Section 35-726.A.4. The Authorities have determined that within Maricopa County there is a critical shortage of housing within the financial means of persons and families of low and moderate income; that this shortage constitutes a threat to the health, safety and welfare of all residents of Maricopa County, contributes to the growth of slum and blighted areas and inhibits the sound economic growth of Maricopa County; that this shortage deprives Maricopa County and the incorporated cities and towns therein of an adequate tax base, results in excessive unemployment and depressed economic conditions and causes Maricopa County, the incorporated cities and towns therein and the State of Arizona (the “State”) to make excessive expenditures for crime prevention and control, public health, welfare and safety and other public services; and that this shortage of affordable housing can be relieved through the encouragement of investment and lending by private enterprise and the use of financing as described herein. 5. The Terms and Conditions for Originating or Purchasing Mortgage Loans: Section 35-726.A.5. Mortgage Loans will be originated by qualified lenders (the “Lenders”). Mortgage Loans may be financed through the purchase of guaranteed mortgage certificates (“Certificates”) backed by the Mortgage Loans and guaranteed as to timely payment of principal and interest by the Government National Mortgage Association (“GNMA”), Fannie Mae (formerly known as the Federal National Mortgage Association), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), other approved issuers of Certificates or other credit enhancement in accordance with one or more Program guidelines approved by the Authorities for origination of the Mortgage Loans (collectively, the “Origination Guide”) or through the purchase of second-lien mortgage loans, made in connection with a first Mortgage Loan backing a Certificate, to finance the mortgagor’s down payment and closing costs with respect to such first Mortgage Loan backing a Certificate (each, a “DPA Second-Lien Mortgage Loan”). (a) In order to qualify for the Program, a Lender must be a bank, trust company, mortgage company, mortgage banker, national banking association, savings bank, savings and loan association, building and loan association or any other financial institution which is qualified to do business in the State as required by the Act, must be currently approved as a mortgagee by the Federal Housing Administration (“FHA”), the United States Department of Agriculture, Rural Housing Service (“RHS”), and/or the Department of Veterans Affairs (“VA”) and as a seller and servicer of mortgage loans by Fannie Mae or Freddie Mac, as required by the Act, and be approved as a mortgagee by the United States Department of Housing and Urban Development (“HUD”), if the Lender is to originate Mortgage Loans guaranteed by HUD. The Authorities may permit nonprofit organizations to participate in the Program by agreements with one or more Lenders having the qualifications set forth in the preceding sentence. (b) Each Mortgage Loan must be originated in conformity with the requirements of FHA, RHS, VA, HUD Section 184, Fannie Mae, Freddie Mac or other credit enhancer, as applicable. The mortgage instrument relating to each Mortgage Loan 3 4873-4490-2269.4 must create a first lien on a residence (a “Mortgage”), subject to permitted encumbrances, and be made substantially in accordance with the standards of FHA, RHS, VA, HUD, Fannie Mae, Freddie Mac or other credit enhancement, as applicable. (c) Each Mortgage Loan shall provide for approximately level monthly payments over the life of the Mortgage Loan of approximately 30 years. Sellers of residences and mortgagors will be permitted to provide for interest buy-downs on Mortgage Loans to the extent permitted by FHA, RHS, VA, HUD, Fannie Mae or Freddie Mac, as applicable, as provided in the Origination Guide. (d) Generally, the Lenders must originate and deliver Mortgage Loans within the period or periods set forth in the Origination Guide and, with respect to any tax-exempt Program Bonds, the period or periods set forth in the Tax Code. To the extent required by the Tax Code, up to 20% of the funds from each series of the Program Bonds available to finance Mortgage Loans will be made available for one year to finance Mortgage Loans on target area residences (as defined in the Tax Code) (“Target Area Loans”) and after such one year period will be available to finance all Mortgage Loans. As and to the extent required by the Act, in areas other than a redevelopment area, 30% of the funds from each series of the Program Bonds available to finance Mortgage Loans will be set aside for 60 days to finance Mortgage Loans for persons and families whose income is below the median family income of the State. As and to the extent required by the Act, 10% of the funds from each series of the Program Bonds available to finance Mortgage Loans will be set aside for three months to finance Mortgage Loans on manufactured housing. Notwithstanding the forgoing, the Authorities may provide for the origination of Mortgage Loans in such Target Areas and for other set-asides in such other manner which, in the opinion of counsel, will not adversely affect the exclusion of interest on any Program Bonds from gross income for federal income tax purposes and/or is consistent with the Act. (e) Each Mortgage Loan must be approved by the loan servicer for the Program (the “Servicer”) and the program administrator for the Program (the “Program Administrator”) for compliance with Program requirements. (f) In connection with each Mortgage Loan, the Lender is required to make certain warranties or representation with respect to the eligibility of the residence and the mortgagor under the Program requirements, the due recording and terms of the Mortgage securing the Mortgage Loan, the applicability of certain insurance described in paragraph 8 below, and the current status of and title to the property and other warranties and representations customarily made in privately funded mortgage banking transactions. (g) The purchase price for Mortgage Loans approved by the Servicer and the Program Administrator is described in paragraph 7(a) below. (h) The mortgagors under a Mortgage Loan must make a down payment of an amount sufficient to comply with existing requirements of VA, RHS, FHA, HUD, Fannie Mae, Freddie Mac or other credit enhancement, as applicable. 4 4873-4490-2269.4 6. The Area in Which the Single Family Dwelling Units to be Financed May be Located: Section 35-726.A.6. The general location of the dwelling units will be throughout Maricopa County, subject to certain reservations and limitations. 7. The Proposed Fees, Charges and Expenditures To Be Paid for Originators, Servicers, Trustee, Custodians, Mortgage Administrators and Others: Section 35-726.A.7. The following fees, charges and expenditures are proposed to be imposed in connection with the Program: (a) Originators: Each Lender originating a Mortgage Loan may charge (to the extent permitted by applicable law): (i) An origination fee not to exceed 1.0% of the unpaid principal amount of the Mortgage Loan which may be collected and retained by the Lender from the mortgagor in connection with the origination of the Mortgage Loan. (ii) Discount points not to exceed 1.0% of the unpaid principal amount of the Mortgage Loan. (iii) Closing costs customarily and usually charged by lenders in originating and processing comparable mortgage loans in Maricopa County not financed through tax-exempt bond programs. (iv) If the Lender has paid an extension fee for a longer origination period for origination of a Mortgage Loan for new construction, an amount equal to such extension fee. The purchase price for each Mortgage Loan paid to the Lender by the Servicer will reimburse the Lender for any down payment and closing cost assistance advanced by the Lender to the mortgagor in connection with a DPA Second-Lien Mortgage Loan, if applicable, and provide the Lender with a net compensation, including the 1.0% origination fee described in (a)(i) above and the discount points described in (a)(ii) above, not to exceed 2.50% of the purchased Mortgage Loan. (b) Servicer: The Servicer shall retain from the monthly payments on each Mortgage Loan a servicing fee in an amount not to exceed 1.00% per annum of the outstanding principal amount of such Mortgage Loan. The Servicer will pay all GNMA, Fannie Mae and Freddie Mac fees with respect to Mortgage Loans from such servicing fee (see “Other Parties” in (d) below). The Servicer may be paid reasonable compensation for services as compliance agent to the extent permitted by the guide or guides approved by the Authorities for servicing of the Mortgage Loans. (c) Trustee: The trustee is to be paid reasonable compensation for all services rendered as trustee and paying agent under the trust indenture pursuant to which the Program Bonds will be issued (the “Indenture”) as well as reasonable out-of-pocket expenses. Compensation will be paid from Program Bond proceeds and from moneys 5 4873-4490-2269.4 available for such purposes under the Indenture, including investment earnings and monthly payments of interest. (d) Other Parties: The following additional fees and charges shall be paid ( to the extent required by the Program): (i) GNMA, Fannie Mae and Freddie Mac will be paid a guaranty fee in consideration for their respective guarantees of the Certificates. Such fees will be paid by the Servicer from the servicing fee described in (b) above. (ii) An FHA insurance fee in the amount payable at such times as prescribed by FHA in consideration for FHA insurance of Mortgage Loans. Such fee will be paid by the mortgagor. (iii) An RHS guaranty fee in the amount and payable at such times as prescribed by RHS in consideration for RHS guaranty of Mortgage Loans. Such fee will be paid by the mortgagor. (iv) A fee, if any, owed to VA, as prescribed by VA, in exchange for the VA guaranty of Mortgage Loans or HUD, as prescribed by HUD, in exchange for the HUD Section 184 guaranty of Mortgage Loans. Such fee will be paid by the mortgagor. (v) A fee for private mortgage guaranty insurance policies required by Fannie Mae or Freddie Mac. Such a fee will be paid by the mortgagor. (vi) The Program Administrator, if one or more is appointed by the Authorities, is to be paid a reasonable fee for all services rendered as well as reasonable out-of-pocket expenses. Such fee will be paid by the mortgagor. (e) Costs of Issuance: The costs of issuance for the Program are estimated not to exceed an amount equal to the sum of 8.0% of the amount of any one or more series/subseries of the Program Bonds sold at substantially the same time. These costs include, among others, fees of bond counsel, counsel to the Authorities, counsel to the underwriters, disclosure counsel and trustee’s counsel; fees and charges of the Program Administrator and its counsel, the Servicer and its counsel, and the Authorities’ municipal advisor; printing costs; costs of reproducing documents; filing and recording fees; computer charges in structuring the Program; any expenses incurred by the Authorities in relation to the issuance of the Program Bonds; expenses incurred in connection with qualifying the Program Bonds for sale under the securities laws of various jurisdictions and of preparing Blue Sky and legal investment memoranda; initial fees and charges of the trustee as such, as bond registrar, and as paying agent; legal fees and charges; professional consultants fees; costs of credit ratings; costs of the demand study, if any; fees and charges for execution, transportation and safekeeping of Program Bonds; costs of advertising the availability of funds; the fees for reports as to the status of the Mortgage Loans, the 6 4873-4490-2269.4 Certificates and the Program; and other costs, charges and fees in connection with the Program and for any of the foregoing. (f) Compensation of Underwriters: The underwriters’ compensation for any one or more series/subseries of the Program Bonds sold at substantially the same time excluding any original issue discount will not exceed 1.0% of the principal amount of such series/subseries of the Program Bonds issued. (g) IDA Contribution. Notwithstanding anything herein to the contrary, the Authorities may pay and/or fund any and all Program expenses, DPA Second Lien Mortgage Loans, Costs of Issuance, reserves, fees, charges and expenditures described herein from other legally available and authorized moneys of the Authorities contributed to fund the Program (the “IDA Contribution”). 8. All Insurance Requirements with respect to Mortgage Loans, Mortgaged Property, Mortgagors, Originators, Servicers and Trustees: Section 35-726.A.8. The following amounts and types of insurance will be required: (a) On each Mortgage Loan, FHA insurance, a VA guarantee, an RHS guarantee, a HUD Section 184 guaranty or such private mortgage guaranty insurance as may be required by GNMA, Fannie Mae, Freddie Mac or other credit enhancement, as applicable. (b) On the property subject to each Mortgage, such casualty insurance and flood insurance as may be required by FHA, VA, RHS, HUD, Fannie Mae, Freddie Mac or other credit enhancement, as applicable. (c) An American Land Title Association-approved mortgage guaranty title insurance policy in an amount at least equal to the outstanding principal amount of the Mortgage Loan insuring title to the real property subject to each Mortgage, subject to customary exceptions. (d) Any other insurance on Mortgage Loans and/or property subject to a Mortgage required by FHA, VA, RHS, HUD, GNMA, Fannie Mae, Freddie Mac or other credit enhancement, as applicable. (e) With respect to the Lenders and with respect to the Servicer, errors and omission insurance and fidelity bonds, at their expense, in substance and amounts, if any, as would be required by GNMA, Fannie Mae, Freddie Mac or other credit enhancement. (f) With respect to the trustee, none. 9. The Anticipated Date of Issuance of Program Bonds: Section 35-726.A.9. It is anticipated that the initial series/subseries of the Program Bonds will be issued in connection with the Program on or before December 31, 2023, and that all subsequent series/subseries of the Program Bonds will be issued not later than June 30, 2025. The foregoing General Plan was approved by The Industrial Development Authority of the City of Phoenix, Arizona and by The Industrial Development Authority of the County of Maricopa, on the date(s) indicated below. THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX, ARIZONA By: Name: Juan Salgado Its: Chief Executive Officer Date: September 21, 2023 THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA By: Name: Shelby Scharbach Its: Executive Director Date: October 10, 2023 [SIGNATURE PAGE TO GENERAL PLAN]