2. 2008 Real Estate Update: Affordable Housing in Today’s Market Ritz Carlton, San Juan Hotel, Spa & Casino 6961 Avenue of the Governors Isla Verde Carolina, Puerto Rico 00979 December 10-12, 2008 LIST OF PROPERTY FILES Stephen J. Wallace, Esq. Monica Hilton Sussman, Esq. Nixon Peabody LLP

3. LIST OF PROPERTY FILES 1.Current rent roll 2.Current security deposit, prepaid rent and delinquency reports 3.Current standard tenant lease form 4.Summary of current tenant concessions and those being offered to prospective tenants

4. 5.Copies of tenant leases and copies of tenant files (available on-site) for last 7 years 6.Trailing 12 month operating financial statement 7.Audited financial statements for the previous three (3) years 8.Balance sheets for the most recent period available 9.Existing loan documents, regulatory/use agreements, and servicer contact information 10.Summary of all debts of the Partnerships, whether secured or unsecured, and copies of all documentation

5. 11.Copies of the Partnership Agreements for each of the Partnerships and any amendments thereto 12.Form(s)8823 (noncompliance) if any 13.Copies of the federal tax returns for the Partnerships for the last 10 years and any relevant correspondence with the IRS related to tax credits and tax return for the first year of the credit period 14.Bank statements for each of the trailing 12 months 15.Current year budget for the Property

6. 16.Occupancy report for the previous three (3) years and current year to date 17.Copy of the property management agreement 18.Listing of current on-site employees, their titles and duties / job description / compensation structure 19.Current service and maintenance contracts affecting the Property w/ the Service Contract list 20.Two (2) most recent real estate tax statements for the Property

7. 21.Insurance bill(s) for the property plus a three (3) year loss run and claims documentation 22.The utility bills for the Property for the past three (3) calendar months 23.List of capital expenses for the previous three (3) years and year to date for the Property 24.Recorded copy of Declaration of Restrictive Covenants For Low-Income Housing Credits for the Property/Extended Use Agreement 25.Inventory of tangible personal property to be transferred with the sale

8. 26.All 8609/8609-A for all buildings (as applicable) for the Property 27.LIHTC compliance reports and any correspondence from LIHTC compliance monitoring agency 28.HAP or other subsidy contracts, if applicable 29.Certificates of Occupancy 30.Phase I Environmental or other environmental studies

9. 31.Title Report and Underlying Docs and existing owner’s policy 32.Vesting Deeds 33.Zoning and land use compliance letters 34.Copies of any building, survey and site plans in seller’s possession 35.Copies of all existing warranties 36.Copies of any recent market studies/appraisals and capital needs assessments

10. 37.List of pending lawsuits 38.Certification to 10 year ownership 39.Determination if credits awarded from non-profit set-aside