1. Learn the Basics Housing Tax Credits 101 John Mackey, CPA Reznick Group

2. General Information

3. General Information (continued)

4. Development Costs

5. Development Costs (continued)

6. Financing Assumptions

7. Syndication Information

8. Capital Contributions

9. Rental Income & Expenses

10. Rental Income & Expenses (continued)

11. Rental Income - 2007

12. Operating Expenses - 2007

13. Projected Value of Tax Credits, Cash Flow, and Tax Loss Amounts per Investor LP, assuming a 35% tax rate

14. Sources and Applications of Funds

15. Funded Expenses

16. Low Income Tax Credit Calculation

17. Sales Appreciation

18. Projection of Investment Results upon Sale or Disposition of Project on 12/31/22

19. Net after Tax Benefit Including Sale or Disposition of Project on 12/31/22

20. Amortization Schedule – Permanent Loan

21. Amortization Schedule – Permanent Loan (continued)

22. Amortization Schedule – Second Loan

23. Amortization Schedule – Second Loan (continued)

24. Amortization Schedule – Other Loan

25. Amortization Schedule – Other Loan (continued)

26. Amortization Schedule – Developer Note

27. Amortization Schedule – Developer Note (continued)

28. Projected Replacement Reserve

29. Projected Operating Reserve

30. Minimum Gain Calculation

31. Minimum Gain Calculation - Summary

32. Potential Loss Reallocation due to 704(b)

33. Potential Loss Reallocation due to 704(b) - continued