of the Code and the Plan.

14. Compliance and Delegation Compliance with the requirements of Section 42 of the Code is the responsibility of the owner of the building for which the Tax Credits were allocated. The Authority's obligation to monitor for compliance with the requirements of Section 42 of the Code does not make the Authority liable for an owner's noncompliance. The Authority may choose to delegate all or a portion of its compliance monitoring responsibilities to an agent or other private contractor. This option, if chosen, does not relieve the Authority of its obligation to notify the IRS of noncompliance. 15. Scope and Future Amendments Federal legislation directs the Authority to allocate only that amount of Tax Credits required to make a project economically feasible. The Authority's determination is discretionary and in no way constitutes a representation or warranty, express or implied, to any applicant, sponsor, developer, investor, syndicator, or third party as to the feasibility of a given project, or to the project owner, investors, lender, or third party that its allocation determines that the project adheres to the Code, Treasury regulations, or any other applicable laws or regulations. The federal laws governing the Tax Credit Program are subject to change. Final interpretations of certain rules and regulations governing the Program may not yet have been issued by the U.S. Department of the Treasury. In the event that any portion of this 2025-QAP should be in conflict with the Code, amendments made thereto, or federal regulations promulgated thereunder, the federal regulations shall take precedence. If any portion of this 2025-QAP is invalid due to such conflict, the validity of the remaining portions will in no way be impacted, affected, or prejudiced. The Authority reserves the right to resolve conflicts, inconsistencies, or ambiguities, if any, in this 2025-QAP or which may arise in administering, operating, or managing the allocation of LIHTC. The Authority reserves the power to administer, operate, and manage Tax Credit allocation in all situations and circumstances, both foreseen and unforeseen, in 2025-QAP. No member, executive, officer, employee, or agent of the Authority, including other agencies of the Commonwealth of Puerto Rico, or any official of the Commonwealth, including the Governor thereof, shall be personally liable respecting any matter or matters arising out of, or in relation to, the Tax Credits. Executive Director Puerto Rico Housing Finance Authority I, Jenniffer González Colón, Governor of Puerto Rico, hereby approve the Low-income Housing Tax Credit Allocation Plan 2025 for the Government of Puerto Rico, adopted by Puerto Rico Housing Finance Authority, a subsidiary of the Government Development Bank for Puerto Rico, as the State Housing Credit Authority under the provisions of Section 42 of the Internal Revenue Code of 1986, as amended. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the Government of Puerto Rico, in San Juan, Puerto Rico, this day of , 2025. GOVERNOR - I ii iii iv V vi vii Foreword vill 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56