Financing the Deal Presented By Rob Curry – Cleveland Housing Network J. David Heller – The NRP Group LLC May 20, 2004Page 1

Financing the Deal Financing with 9% Tax Credits Financing with 4% Tax Credits and Tax- Exempt Bonds Pro Forma Analysis Filling the Gaps May 20, 2004Page 2

Glenhaven Senior Apartments May 20, 2004Page 3

Financing with 9% Tax Credits Administered by Ohio Housing Finance Agency (OHFA) Competitive Application Process Awarded based on Project Characteristics, Project Location, Local Government Support, Project Costs, and Application Characteristics Sale of Credits Provides the Equity Debt is a Minor Component of Project Sources Gaps are Filled with Creative and Resourceful Partners May 20, 2004Page 4

Willowbrook Senior Homes May 20, 2004Page 5

Financing with 4% Tax Credits and Tax-Exempt Bonds Administered by OHFA Almost All Applicants are Awarded Credit – More Supply than Demand for Volume Cap Complex Deal Structure High Transaction Costs Need Larger Number of Units to Spread Costs May 20, 2004Page 6

Falls Pointe at the Park May 20, 2004Page 7

Pro Forma Analysis – 9% Tax Credits May 20, 2004Page 8 Assumptions: 42 unit development All two bedroom (855 square feet) 70% affordable (29 units) 30% market rate (13 units) Affordable Rents $570 per month Market Rents $1,075 per month

Pro Forma Analysis – 9% Tax Credits May 20, 2004Page 9

Pro Forma Analysis – 9% Tax Credits May 20, 2004Page 10

Pro Forma Analysis – 9% Tax Credits Other Sources of Financing State of Ohio - $290,000 Cuyahoga County Funds - $300,000 Misc. - $17,186 May 20, 2004Page 11

St. Agnes Terrace Apartments May 20, 2004Page 12

Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds Assumptions: 120 unit development All two bedroom (855 square feet) 75% affordable (90 units) 25% market rate (30 units) Affordable Rents $730 per month Market Rents $1,000 per month May 20, 2004Page 13

Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds May 20, 2004Page 14

Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds May 20, 2004Page 15

Pro Forma Analysis – 4% Tax Credits and Tax-Exempt Bonds May 20, 2004Page 16

Filling the Gaps Tax Abatement May 20, 2004Page 17

Filling the Gaps Tax Abatement May 20, 2004Page 18

Filling the Gaps Tax Abatement and Land Contribution May 20, 2004Page 19

Filling the Gaps Tax Abatement and Land Contribution May 20, 2004Page 20

Thank You !