National Housing & Rehabilitation Association Summer Institute July 18-21, 2018 Martha’s Vineyard, MA Sponsors:

Freddie Mac TAH Express Eligible Transactions: Up to 1.20x/80% LTV $10MM or less Year 11+ LIHTC properties; Long-Term HAP Inclusionary Zoning Up to 1.20x/80% LTV 30 Year Amortization Lower Transaction Costs/Limited 3rd Parties Single Counsel (same counsel for Lender & Freddie) NH&RA Summer Institute 

Freddie Mac Workforce Housing Forwards Partial Funding from Public or NFP Source (10% of UPB) – Soft Debt, Tax Abatement/PILOT, Ground Lease 80% of the Units at or below 100-150% of AMI 1.25x/80% LTV (max 90% LTC) / 30 Year Amortization Mezzanine for Preservation/Workforce Estimated Pricing – 500 bps over relevant index; 90% LTV/1.05x DSCR / Full Term Interest Only Must Enter into PRAC (Freddie regulatory agreement) – Rent Limitations on a minimum of 80% of units Minimum Affordability of 50% at 100% of AMI Security includes a pledge of equity interests Not available for new LIHTC transactions

Freddie Mac TEL (Tax Exempt Loan) 1.15x DSCR/90% LTV/35 Year Amortization Lower Cost than Typical Bond Transactions; Immediate Funding & Forwards Fixed & Variable Widely Accepted $3.2B+ in UPB 200 Transactions 33 States

Fannie Mae M.Teb Reduced Occupancy Affordable Rehab (ROAR) 1.15x DSCR/90% LTV/35 Year Amortization Immediate Funding (can be used on forwards) Excellent Rates Public Offering of Bonds Reduced Occupancy Affordable Rehab (ROAR) 1.15x / 90% LTV / 35 Year Amortization Fixed and/or Variable Up to $120,000/unit in Rehab, up to 18 months Occupancy Floor of 50% LTV / 1.0x DSCR I/O during Rehab

Estimated Rates (as of 7/16/18) for Both Fannie/Freddie Bonds (assumes 15 Year + Term) Immediate: 4.40%-4.90% Forward: 4.90%-5.40% 10 Year Preservation 4.25%-4.75% 7 Year Preservation 4.25%-4.75% 7 Year ARM L+175-225