1. Using Like-kind Exchanges with Older Housing Projects By Forrest David Milder Nixon Peabody LLP 617-345-1055

2. Sponsor Entity (General Partner) Investor Limited Partnership (Limited Partner) Operating Partnership Housing Project Like-Kind Exchange Model Qualified Intermediary Sponsor Entity 2 Credit Tenant Property Owner Credit Tenant Property

3. Sponsor Entity 1 (General Partner) Investor Limited Partnership (Limited Partner) Operating Partnership Credit Tenant Property Like-Kind Exchange Model (cont.) Housing Project Sponsor Entity 2

4. Optimal Projects Large Negative Capital Accounts Large Negative Capital Accounts Low Basis Low Basis Properties With Low Net Value Properties With Low Net Value Economic Opportunity to Unlock Economic Opportunity to Unlock

5. Optimal Projects Economic Opportunity to Unlock Section 42 Resyndication Section 42 Resyndication last placed in service at least 10 years ago last placed in service at least 10 years ago rehabilitation of at least $3,000 per unit or 10% of basis rehabilitation of at least $3,000 per unit or 10% of basis credit allocation or volume cap bonds credit allocation or volume cap bonds Refinancing/restructuring of debt Refinancing/restructuring of debt