Example of Public Private Partnership Residences at Government Center SOURCES   4% Tax Credit 9% Tax Credit Total Federal Tax Credit Equity 18,172,000 7,437,000 25,609,000 HUD 221(d)4 16,665,000 15,001,100 31,666,700 Deferred Developer Fee 2,180,000   34,837,600 24,618,100 59,455,700 USES Acquisition Construction 24,436,334 16,578,391 41,014,725 Impact/Tap Fees 1,653,215 1,129,506 2,782,721 Architect & Engineering 1,088,075 745,991 1,834,066 Transaction Costs 2,614,054 2,112,438 4,726,491 Reserves 1,243,426 1,076,705 2,320,130 Interest Expense 1,119,497 795,070 1,914,567 Developer Fee 2,683,000 4,863,000 99-year Ground Lease with Fairfax County 270 units (120 within 4% LIHTC transaction and 150 within 9% LIHTC transaction) 100% Affordable between 50% and 60% of AMI No Subordinate Funding Required

Example of Public Private Partnership One University (Affordable) SOURCES   4% Tax Credit 9% Tax Credit Total Federal Tax Credit Equity 9,378,000 27,544,000 36,922,000 First Mortgage Loan 17,000,000 13,700,000 30,700,000 Deferred Developer Fee 2,948,000 451,000 3,399,000  Subordinate Financing  4,500,000 1,500,000 6,000,000 33,826,000 43,195,000 77,021,000   USES Acquisition Construction 22,357,000 30,933,000 53,290,000 Impact/Tap Fees 1,350,000 2,700,000 Architect & Engineering 1,210,000 2,420,000 Transaction Costs 2,843,000 2,840,000 5,683,000 Reserves 1,551,000 1,324,000 2,875,000 Interest Expense 1,940,000 3,440,000 Developer Fee 3,015,000 3,598,000 6,613,000 Long-term Ground Lease with Fairfax County 240 units affordable (between 30- 60% of AMI) and 798 beds of student housing. Family, Senior (62+), Student Housing, and County Office Space Market-rate student housing paying long-term ground lease payment.