1. Recap plans GP stated for LIHTC properties at Y15
Taken from conversations with General Partners exiting NEF funds during the past 5 years. Sample size is 584 projects in 42 states and approximately 35,600 units.
The information presented is Subjective.
We would like to follow up on whether the initial objectives turned out to be feasible.

2. Options Reported Refinance 4% LIHTC and new Gap Financing
Operate and maintain from cash flow
9% LIHTC allocation
Sold

3. NOI Dictates Options
If the income to expense ratio looks like West or Columbus stay the course or refinance
If the income to expense ratio looks like Harvard or RNE III preservation will require new gap debt and possibly a 9% allocation

4. Recap plans GP stated for LIHTC properties at Y15

5. Mission Profit Matrix

6. Min Reserve Requirements Met
Risk Assessment Tool
Multi-family Portfolio Risk Assessment
12/31/2018
Occupancy
Cash Flow
Reserves
Physical Condition
Subsidy Contracts
TIF/Tax Abatement
Mortgage Maturities
Market
Property Type
LP Exit
Min Reserve Requirements Met
DSCR
Score
Cardinal Manor 1 2 5
1.42
Centennial Apartments 3
1.33
Central Square Apartments 4
1.75
Cherry Ridge Apartments
Eagle Ridge Townhomes
East Brooke Townhomes
1.67
Eastview Townhomes
Edgewood Apartments
1.50
Grande Apartments
2.67
Harmony Manor Apartments
1.58
Hillcrest Townhomes
Lakeside Apartments
Maplewood Apartments
McKay Apartments
2.25
Meadowland Townhomes
New Castle Townhomes
Nicollet Meadows Townhomes
Nimens Espegard Apartments
Nobles Square Apartments
1.5
1.63
Paris Park Townhomes
1.92
Park Row Crossing
1.21