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EXHIBIT E
FORM OF DISBURSEMENT REQUEST
STATEMENT NO. _____ REQUESTING DISBURSEMENT OF FUNDS FROM THE
PROJECT FUND PURSUANT TO SECTION 3.4 OF THE LOAN AGREEMENT,
DATED AS OF JULY 1, 2026, BETWEEN THE NEWPORT NEWS
REDEVELOPMENT AND HOUSING AUTHORITY AND STUART GARDENS II
HOUSING PARTNERS, LP
Pursuant to Section 3.4 of the Loan Agreement, dated as of July 1, 2026 (the “Agreement”), between
the Newport News Redevelopment and Housing Authority (the “Issuer”) and Stuart Gardens II Housing
Partners, LP, a Virginia limited partnership (the “Borrower”), relating to the Issuer’s Multifamily Housing
Revenue Bonds (Stuart Gardens II Apartments) Series 2026, in the original aggregate principal amount of
$24,000,000, the undersigned Authorized Borrower Representative hereby requests and authorizes U.S.
Bank Trust Company, National Association, a national banking association (the “Trustee”), as depository
of the Project Fund created by the Indenture of Trust, dated as of July 1, 2026 (the “Indenture”), between
the Issuer and the Trustee, to disburse out of the moneys deposited in the Project Fund in the amount(s) and
to the person(s) set forth in this certificate immediately upon a corresponding amount of FHA Lender Funds
or other Available Moneys being deposited by the FHA Lender or the Borrower into the Collateral Fund.
Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in the
Indenture.
To induce the Trustee to release moneys deposited in the Project Fund pursuant to the terms of the
Indenture and the Agreement in the amounts(s) and to the person(s) set forth herein and in the Disbursement
Schedule attached hereto, the undersigned Borrower represents, warrants and certifies to the Issuer and the
Trustee:
(a) Each item for which disbursement is requested hereunder either (i) is presently due and
payable, constitutes Project Costs properly incurred by the Borrower in connection with
the Project being financed with the proceeds of the Loan, or is a reimbursable Project Cost
properly chargeable against the Loan; or (ii) is to be deposited to an escrow fund to be
disbursed therefrom solely for Project Costs properly incurred by the Borrower in
connection with the Project; and in each case none of the items for which disbursement is
requested has formed the basis for any disbursement heretofore made from the Project
Fund. The amount or amounts and the party or parties to whom the disbursements shall be
made are specified in the Disbursement Schedule attached hereto (and may be the
undersigned in the case of reimbursement for advances and payments made or cost incurred
for work done by the undersigned).
(b) Each such item is or was necessary in connection with the acquisition and rehabilitation of
the Dwelling Units (as defined in the Regulatory Agreement) of the Project.
(c) The costs specified in the Disbursement Schedule attached hereto, when added to all
previous disbursements under the Loan, will result in at least 95% of the aggregate amount
of all disbursements having been used to pay costs properly chargeable to the capital
account of a qualified residential rental project within the meaning of Section 142(d) of the
Code and functionally related and subordinate property thereto.
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