Base Offering Circular – Multifamily 482090 3 Tax Treatment of Regular Securities ............................................................................................... 25 Tax Treatment of Residual Securities.............................................................................................. 38 REMIC Qualification.......................................................................................................................... 49 Tax Treatment of MX Securities ..................................................................................................... 49 Exchanges of MX Classes and Regular Classes........................................................................... 51 Taxation of Foreign Holders of REMIC Securities and MX Securities ...................................... 51 Reporting and Tax Administration .................................................................................................. 52 Backup Withholding ......................................................................................................................... 53 STATE TAX CONSIDERATIONS ................................................................................................................ 54 ERISA CONSIDERATIONS ........................................................................................................................... 54 LEGAL INVESTMENT CONSIDERATIONS ............................................................................................... 55 SECONDARY MARKET ................................................................................................................................. 55 APPENDIX I--Class Types APPENDIX II--Glossary