2. Gorman Markets and Development Leadership WI AZ FL IL CO

3. Gracie’s Village, Tempe, AZ Light Rail TOD, 9% Affordable, Mixed U se

4. Coffelt-Laramoux, Phoenix, AZ

5. A Typical Building at Coffelt

6. Coffelt-Laramoux, Phoenix, AZ

8. Overview of Financing Sources: RAD Vouchers Monetized as First Mortgage – 221(d)(4)$ 14,150,000 LIHTC Equity$ 15,596,367 HTC Equity$ 5,175,840 Seller Financing$ 5,000,000 State Housing Funds$ 1,500,000 Phoenix CDBG $ 650,000 Housing Authority Modernization Funds/Existing Reserves$ 1,602,000 Deferred Developer Fee$ 397,864 Total$ 44,072,071 Uses: Acquisition$ 5,000,000 Hard Costs$ 27,551,427 Soft Costs$ 10,506,865 Reserves$ 1,013,779 Total$ 44,072,071

9. Fairgrounds Valley Neighborhood, Rockford, IL

10. Fairgrounds Valley, Rockford, IL Public Housing, RAD Conversion Existing conditions

11. Fairgrounds Valley, Rockford, IL Existing conditions

12. Existing Fairgrounds Valley site Site of 1 st Phase of Replacement Housing

13. Site of 1 st phase of Fairgrounds Valley Redevelopment

14. Overview of Financing Sources: RAD monetized as First Mortgage$ 1,315,087 LIHTC Equity$11,944,937 Citibank Soft Funds$ 1,400,000 DCEO Energy Grant$ 105,000 AHP$ 500,000 Deferred Fee$ 397,574 Total$ 15,644,698 Predevelopment Financing from CSH$ 1,553,890 Uses: Acquisition$ 300,000 Hard Costs$ 11,308,330 Soft Costs$ 3,444,411 Reserves$ 591,957 Total$ 15,644,698