New Hampshire Housing Multi-Family Conference May 8, 2014

Initial 15 year compliance period 1989 Reconciliation Act added the 15 year extended use period with an “opt out” The intent to balance preservation with incentive for investors to have back end possibility “Bona fide” qualified contract

Owners request to NHH Unless you waived this right- LURA or other governing docs Verify all Right of First Refusal Properties Requirements

First Year commencement Submitting the QCP Description of property Photographs Financial operating statements First year 8609’s

Annual partnership tax returns Loan documents including Partnership Agreement Physical Needs Assessment Appraisal Market Study Phase I environmental (if necessary)

60 days review of submittal 60 days to validate the QCP Once QCP has been approved commencement of the 1 year begins

Owner to hire a broker Post summary data on our website Cooperation with NHH on QCP, including additional project data Provide access to the property for viewing

NHH’s only obligation is to present a QC price No requirement in IRC 42 that prospective buyer actually purchase the property “Bona Fide” offer declined by owner

No “Bona Fide” is presented Three (3) year tenant protection period Commencing on the termination of compliance period Owner may not evict tenant (except for cause) Increase gross rent except as permitted by Section 42