ADVISORY BUSINESS AND STRATEGY Hudson Housing Capital LLC (“HHC”) is a Delaware limited liability company which provides advisory services to low income housing tax credit funds (the “Funds”), which are exempt from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”), in reliance on Section (3)(c)(7) thereof, and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on an exemption under Regulation D thereof. HHC has been in business since February 1998. The principal owners of HHC are John Scott Zeiler and Hudson Holdings, LLC, the majority member of which is Joseph Augustus Macari. HHC is a New York headquartered investment advisor to the Funds. The Funds are typically structured as limited partnerships or limited liability companies. HHC provides investment advisory services to each of the Funds, which are subject to the direction and control of the HHC affiliated general partner or managing member of such Fund (the “Fund General Partners”). The Fund General Partners are typically wholly owned by HHC. HHC raises equity capital, on behalf of the Funds, from financial institutions and insurance companies (the “Investors”). Each Investor is a “qualified institutional buyer” as defined in Rule 144A promulgated under the Securities Act of 1933, as amended. The Funds use the contributed capital to invest in limited partnerships or limited liability companies (the “Property Partnerships”) which develop, construct, own and operate multi-family, rental real estate properties which are restricted to occupancy by low income individuals and families (the “Properties”). The Properties owned by the Property Partnerships generate low income housing tax credits (the “Tax Credits”) pursuant to Section 42 of the Internal Revenue Code of 1986, as amended. The Tax Credits are allocated among the partners or members of the Property Partnerships in accordance with their ownership percentages. The Funds typically own 98.98%-99.98% of the Property Partnerships. HHC’s advisory services are limited to making investments in Property Partnerships. HHC

tailors its advisory services to the individual needs of the Funds as prescribed by the Investor or Investors in each Fund. HHC makes and manages each investment in accordance with the purposes, terms, restrictions and limitations set forth in the governing documents of each Fund, consisting primarily of such Fund’s limited partnership agreement or limited liability company agreement (which is negotiated on a case-by-case basis with each Investor). A Fund may impose restrictions or limitations on investing in certain types of Property Partnerships. As part of a Fund’s investment in a Property Partnership, HHC commits to providing ongoing asset management services to the Fund as described in more detail in the Fund’s governing documents. 204425852.3 5 PRIMARY INVESTMENTS HHC originates, underwrites and structures low income housing investment opportunities in which the Funds invest. The Funds earn a return on investment through an allocation of the Tax Credits and other tax benefits generated by the Properties owned by the Property Partnerships in which the Funds invest. A subsidiary of HHC (the “SLP”) on behalf of each Fund exercises substantial authority and control over the Property Partnerships to which the Fund contributes capital. The interests of the Funds in Property Partnerships may not constitute “securities” for purposes of the federal securities laws. EQUITY CAPITAL Equity capital raised by the Funds is contributed to the Property Partnerships to finance the development and construction of the Properties. In general, Investors commit equity capital to a Fund that will be used to develop and construct a specific Property identified in equity commitment documents. In addition to the equity financing received from the Funds, the Property Partnerships typically obtain debt financing from conventional lenders and/or government agencies. The terms on which the capital of a Fund is contributed to a Property Partnership are approved by each Investor in the Fund. As of December 31, 2023, HHC manages approximately $0 in client assets on a discretionary basis and $5,365,424,574 in client assets on a non-discretionary basis.