1. September 13, 2013 NALHFA Workshop The Trustee Role on 4% Tax Credit Multi-Family Housing Bonds Presented by: Greg Hasty, Vice President

2. Disinterested Third Party Banking Facilities Security of Bond Proceeds Fund Accounting Investment of Fund Balances Monitor Document Provisions Default

3. Relationship Complexities Trustee has responsibility to 3 distinct ‘customers ’, a complex balance…….. Bondholder Developer- Owner Issuer Trustee

4. Putting The Deal Together Issuer Borrower Underwriter FA Bond Counsel Trustee Lender Tax Credit Eq Real Estate TransactionBond Transaction

5. Snapshot of Post Closing Borrower Trustee Investors Issuer

6. Behind The Curtain-Trustee is Busy Review Documents Set up Accounts Establish Ticklers Challenge Mechanics Blueprint of Waterfall Establish Bondholder Info Prep DTC Wires/Cost of Issuance Pre-Closing Post-Closing Pay Interest and Principal Invest Proceeds Redemptions/Calls Compliance Protocols Construction Draws Statements Receipt of Funds/ Waterfall

7. We’ve Come A Long Way….. Then Now

8. -Renowned For A Reason- Multi-Family Housing Trustee