LIHTC Advisors. Shandon Park Apartments EXCLUSIVE OFFERING. 36 Units 3020 Lerwick Drive Rawlins, WY 82301

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1 LIHTC Advisors Shandon Park Apartments 36 Units 3020 Lerwick Drive Rawlins, WY EXCLUSIVE OFFERING

2 LIHTC Advisors W. Explorer Drive Suite 200 Boise, ID CONFIDENTIALITY & DISCLAIMER Jordan Skyles (phone) (direct) (fax) John Nicolas (phone) (direct) (fax) The information contained in this package is confidential and is intended for review solely by the person receiving it directly from LIHTC Advisors. It should not be copied, distributed, nor made available to any person without the written consent from LIHTC Advisors. The information in this package has been obtained from sources we believe reliable. However, LIHTC Advisors has not verified and will not verify, any of the information contained herein and makes no guarantee, warranty, or representation about it. It is the sole responsibility of any interested parties to independently confirm the accuracy and completeness of the information provided herein. All prospective clients must conduct their own due diligence and take appropriate measures to verify all information. Jeff Irish (phone) (direct) (fax) In Cooperation with: Greg Thomas WY Broker of Record Thomas & Moorehead (cell) 2 LIHTC ADVISORS SHANDON PARK 36 UNITS

3 Shandon Park 36 Units 3020 Lerwick Drive Rawlins, WY Table of Contents PROPERTY OVERVIEW Description Area Highlights Summary Area Maps FINANCIAL ANALYSIS Executive Summary Income & Expenses Cash Flow Summary Unit Mix Income & Rent Limits Historical AMI, MAX Rent, & FMR COMPARABLE PROPERTIES Rent Comparables Map Rental & Occupancy Statistics Rent Comparable Details DEMOGRAPHIC ANALYSIS Demographic Analysis 3 LIHTC ADVISORS SHANDON PARK 36 UNITS

4 Property Overview HIGHLIGHTS Section 42 LIHTC Property Built & Placed into Service in 1999 Favorable WCDA HOME Financing that is Assumable by New Buyer Income Limits are Higher than Rental Limits on Respective Units Allowing for a Larger Prospective Tenant Pool 4 LIHTC ADVISORS SHANDON PARK 36 UNITS

5 Property Description Shandon Park Apartments is a 36-unit LIHTC property located in Rawlins, Wyoming. The property offers a mix of spacious two bedroom and three bedroom floor plans to income qualifying residents. Conveniently located, Shandon Park is within minutes to local schools, Interstate 80, and the Rawlins Municipal Airport. Shandon Park was built and placed in service in 1999 under the Section 42 Low- Income Housing Tax Credit (LIHTC) program. There is an existing regulatory agreement in place with the Wyoming Community Development Authority, which requires all units to be rented to income qualifying tenants earning no more than 50%, and 60% of the Area Median Income. The property is out of the initial 15-year tax credit compliance period. Please see the Property Summary page and Unit Mix page for further details. A qualified purchaser can be a non-profit or forprofit entity that agrees to maintain the affordable housing units and to fulfill all requirements of an existing regulatory agreement. Residents benefit from an on-site leasing office, playground, and on-site maintenance. Unit amenities include full appliance package, extra storage, washer and dryer hook-ups, and private patio/balcony. COMMUNITY AMENITIES On-Site Laundry Facilities Community Room Playground UNIT AMENITIES Full Appliance Package Open Floor Plan Patio/Balcony Extra Storage 5 LIHTC ADVISORS SHANDON PARK 36 UNITS

6 Area Highlights Rawlins, Wyoming has a population of 9,040 and is the county seat for Carbon County, the third largest county in the state, with a population of 15,885. Rawlins is located in the south central part of Wyoming, 150 miles west of Cheyenne, WY, 290 miles east of Salt Lake City, UT, and 160 miles north east of Ft. Collins, CO. This part of Wyoming is replete with ranching heritage, pioneer legacy, and railroad history. A strong mining tradition clings to many of the towns as well, due to the plentiful coal deposits that give Carbon County its name. ECONOMY Recent job growth in Carbon County is positive. Jobs have increased by 1.0% since January COST OF LIVING Rawlins cost of living is 6% lower than the state average and 9% lower than the rest of the country as of Q POPULATION Rawlin s population is 9,040 people. Wyoming is a land of wide-open spaces, breathtaking views, and has an abundance and diversity of wildlife found no where else. Rawlins is home to an abundance of outdoor recreation including, hunting, fishing, camping, rafting, and hot springs. Rawlins largest employment industries are construction, manufacturing, and public administration. REAL ESTATE The median home cost in Rawlins is $141,600. Median rent is $810 a month. SOURCE: homefacts.com, areavibes.com NEIGHBORHOOD AMENITIES LOCATION HIGHLIGHTS TOP EMPLOYMENT INDUSTRIES Rawlins Elementary School (0.4 miles) Rawlins High School (1.9 miles) Carbon County Higher Education Center (2.1 miles) Walmart (2.3 miles) Population: 9,040 Carbon County is the 3rd largest county in the state Construction Manufacturing Public Administration 6 LIHTC ADVISORS SHANDON PARK 36 UNITS

7 Property Summary NAME & LOCATION Property Name Shandon Park Apartments Property Address 3020 Lerwick Drive Rawlins, WY SECTION 42 LIHTC RESTRICTIONS Placed in Service 1999 End of Initial Compliance Period 12/31/2013 End of WCDA Compliance Period 12/31/2033 End of WCDA Extended Use Period 12/31/2048 End of HOME Affordability Period 12/31/2029 SITE INFORMATION Assessor s Parcel Number Number of Units 36 Number of Buildings 7 (5 apartment buildings, 1 office, and 1 garage building) Number of Stories 2 Rentable Square Feet 36,504 Year Built 1999 Lot Size 3.22 Acres Density Units/Acre Type of Ownership Fee Simple Landscaping Mature Trees, Shrubs & Grass Topography Relatively Flat UTILITIES Water City of Rawlins Electric Rocky Mountain Power Gas Amerigas CONSTRUCTION Exterior Vinyl Siding Roof Composite Shingle # OF UNITS RENTABLE SF PLACED IN SERVICE LOT SIZE 36 36, acres 7 LIHTC ADVISORS SHANDON PARK 36 UNITS

8 Aerial Map 8 LIHTC ADVISORS SHANDON PARK 36 UNITS

9 Local Map A Shandon Park Apartments Rawlins Elementary School (0.4 miles) A B The Movies 3 (1.2 miles) C Rawlins High School (1.9 miles) D Rawlins Middle School (2.1 miles) E F Carbon County Higher Education Center (2.1 miles) Rawlins Airport (2.1 miles) H B F G Taco Bell, Burger King, Subway, Taco Johns (2.1 miles) C D H I Rawlins Family Recreation Center (2.2 miles) Walmart (2.3 miles) E J US Post Office (3.1 miles) G I J 9 LIHTC ADVISORS SHANDON PARK 36 UNITS

10 Local Map Rawlins Elementary School SHANDON PARK Rawlins Family Recreation Center Rawlins Airport Rawlins High School Rawlins Middle School Movies 3 Carbon County Higher Education Center 10 LIHTC ADVISORS SHANDON PARK 36 UNITS

11 Regional Map Laramie, WY (100 miles) Casper, WY (121 miles) Cheyenne, WY (149 miles) Fort Collins, CO (164 miles) 11 LIHTC ADVISORS SHANDON PARK 36 UNITS

12 Financial Analysis LIST PRICE PRICE/UNIT PRICE/SF PROFORMA NOI PROFORMA NOI/UNIT PROFORMA CAP RATE $1,075,000 $29,861 $29.45 $80,861 $2, % 12 LIHTC ADVISORS SHANDON PARK 36 UNITS

13 Executive Summary PROPERTY INFORMATION Name Shandon Park Address 3020 Lerwick Drive City, State, Zip Rawlins, WY County Carbon Year Built 1999 Placed In Service 1999 End of Initial Tax Credit Compliance Period End of WCDA Compliance Period December 31, 2013 December 31, 2033 End of WCDA Extended Use Period December 31, 2048 End of HOME Affordability Period December 31, 2029 Total Number of Units 36 Net Rentable Square Feet 36,504 SF FINANCIAL SUMMARY PRICING FIGURES - WITH DEBT ASSUMPTION LIST PRICE $1,075,000 Price per Unit $29,861 Price per SF $29.45 PROFORMA 10-Year All Cash IRR%* 8.14% PROFORMA 10-Year Leveraged Cash IRR%* 17.27% Closing Cost $10,750 Capital Expense $36,000 Total Acquisition Cost $1,121,750 * IRR Analysis assumes 1.00% in Closing Costs, $1,000 per unit in Capital Expense, 7.75% exit cap, with a 6.00% cost of sale. 13 LIHTC ADVISORS SHANDON PARK 36 UNITS

14 Executive Summary FINANCING PROPOSED NEW FINANCING Program Conventional Loan to Value % 80.00% Interest Rate 4.75% Interest Only Period (Months) 0 Amortization Period (Years) 30 Loan Amount $656,804 Annual Debt Service - P&I $41,114 DEBT ASSUMPTION Program WCDA HOME Original Loan Amount $325,000 Interest Rate 1.00% 1st Amortizing Payment Month Dec 2000 Maturity Date Apr 2040 Amortization Period (Years) 40 Assumed Loan Amount $203,196 *Analysis assumes New Financing with an assumption of the existing WDCA HOME loan. Total Acquisition Cost $1,121,750 Total Loan Amount $860,000 Loan 1.00% $8,600 Down Payment $270,350 HOME Debt Service (P&I) $9,861 Total Year 1 Debt Service $50,976 Year 1 PROFORMA Debt Coverage Ratio 1.59 VITAL DATA PROFORMA CAP Rate 7.52% NOI $80,861 Year 1 Debt Service $50,976 Net Cash Flow After Debt Service $29,885 Cash on Cash % 11.05% 14 LIHTC ADVISORS SHANDON PARK 36 UNITS

15 Income & Expenses OPERATIONAL ANALYSIS YE 2016 PER UNIT 2017 YTD REVENUE (JUNE) /YE 2016 EXPENSES PER UNIT PROFORMA PER UNIT INCOME Rental Income $242,324 $0.55 $240,760 $0.55 $246,509 $0.56 Subsidy Income $350 $0.00 $7,144 $0.02 $7,315 $0.02 Gain (Loss) to Lease 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0 POTENTIAL RENTAL INCOME $242,674 $6,741 $247,904 $6,886 $253,824 $7,051 (1) % Increase over Prior Year 2.16% 2.39% Economic Loss Vacancy Loss 9.38% ($22,770) ($633) 8.03% ($19,898) ($553) 6.00% ($15,229) ($423) (2) Bad Debt 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0 Concessions 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0 Total Economic Loss 9.38% ($22,770) ($633) 8.03% ($19,898) ($553) 6.00% ($15,229) ($423) NET RENTAL INCOME $219,904 $6,108 $228,006 $6,334 $238,595 $6,628 Other Income Garage Rental $2,204 $61 $600 $17 $615 $17 Late Fees $240 $7 $2,400 $67 $2,460 $68 Misc. Other Income $8,055 $224 $694 $19 $711 $20 Total Other Income $10,499 $292 $3,694 $103 $3,786 $105 EFFECTIVE GROSS INCOME $230,403 $6,400 $231,700 $6,436 $242,381 $6,733 EXPENSES FIXED OPERATIONAL EXPENSE Total Real Estate Property Taxes 5% $11,311 $314 5% $11,311 $314 5% $11,311 $314 (3) Total Property Insurance Expense 4% $8,844 $246 4% $8,844 $246 3% $7,200 $200 (4) Total Property Utility Expense 18% $41,257 $1,146 18% $41,257 $1,146 17% $42,288 $1,175 TOTAL FIXED OPERATIONAL EXP 27% $61,412 $1,706 27% $61,412 $1,706 25% $60,800 $1,689 VARIABLE OPERATIONAL EXPENSE Total Maint. Contract Services 0% $1,085 $30 0% $1,085 $30 0% $1,112 $31 Total Repairs & Maintenance 15% $34,125 $948 15% $34,125 $948 11% $26,100 $725 (5) Total Administrative Expenses 4% $8,680 $241 4% $8,680 $241 3% $6,437 $179 (6) Total Leasing & Marketing 0% $74 $2 0% $74 $2 0% $76 $2 Total Payroll and Salary Expenses 18% $41,819 $1,162 18% $41,819 $1,162 18% $42,864 $1,191 Property Management Fee 6.06% $13,965 $ % $13,965 $ % $13,331 $370 TOTAL VARIABLE OPERATIONAL EXP 43% $99,748 $2,771 43% $99,748 $2,771 37% $89,920 $2,498 TOTAL FIXED & VARIABLE EXPENSES 70% $161,160 $4,477 70% $161,160 $4,477 62% $150,720 $4,187 Reserves & Replacements $10,800 $300 $10,800 $300 $10,800 $300 TOTAL OPERATING EXPENSES 75% $171,960 $4,777 74% $171,960 $4,777 67% $161,520 $4,487 NET OPERATING INCOME $58,443 $1,623 $59,740 $1,659 $80,861 $2, LIHTC ADVISORS SHANDON PARK 36 UNITS

16 Comments to Income & Expenses NOTES TO PROFORMA (1) Potential Rental Income: Rents from 7/1/17 Rent Roll annualized. (2) Vacancy: Based on the rent roll from 7/1/17, occupancy is 91.67%. Analysis uses a 6% vacancy factor going forward. (3) Real Estate Taxes: See notes below. (4) Insurance: Analysis assumes a reduction based on expenses observed at comparable LIHTC properties. (5) Repairs & Maintenance: Proforma assumes a reduction based on expenses observed at comparable LIHTC Properties. (6) Administrative: Proforma assumes that the cost of an audit will no longer be required after a sale. REAL ESTATE TAX ANALYSIS Parcel #: Total Market Value $1,637,774 $1,637,774 Exemptions $0 $0 Value after Exemptions $1,637,774 $1,637,774 Assessment Ratio 9.50% 9.50% Assessed Value $155,589 $155,589 Tax Rate 7.270% 7.270% Ad Valorem Taxes $11,311 $11,311 Sales Tax Credit $0 $0 Total Taxes Due $11,311 $11,311 Analysis estimates Taxes by using the Tax Rate seen in 2016 with the 2017 Assessed Value. 16 LIHTC ADVISORS SHANDON PARK 36 UNITS

17 Cash Flow PROPERTY CASH FLOW ANALYSIS - ASSUMPTIONS YEAR 1 OPERATIONS BASED ON Proforma Gross Potential Rent Growth NA 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% 2.25% Other Income Growth NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Loss to Lease 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Vacancy 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% Bad Debt 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Concessions 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Property Taxes NA 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Insurance NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Utilities NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Property Management Fee 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% Other Expenses NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Replacement Reserves NA 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% CASH FLOW SUMMARY Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 INCOME Rental Income $253,824 $259,535 $265,375 $271,346 $277,451 $283,693 $290,077 $296,603 $303,277 $310,101 Gain (Loss) to Lease $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 POTENTIAL RENTAL INCOME $253,824 $259,535 $265,375 $271,346 $277,451 $283,693 $290,077 $296,603 $303,277 $310,101 Economic Operational Loss Vacancy Loss ($15,229) ($15,572) ($15,922) ($16,281) ($16,647) ($17,022) ($17,405) ($17,796) ($18,197) ($18,606) Bad Debt $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Concessions $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Operational Loss ($15,229) ($15,572) ($15,922) ($16,281) ($16,647) ($17,022) ($17,405) ($17,796) ($18,197) ($18,606) NET RENTAL INCOME $238,595 $243,963 $249,452 $255,065 $260,804 $266,672 $272,672 $278,807 $285,080 $291,495 Total Other Income $3,786 $3,881 $3,978 $4,077 $4,179 $4,284 $4,391 $4,501 $4,613 $4,729 EFFECTIVE GROSS INCOME $242,381 $247,844 $253,430 $259,142 $264,983 $270,956 $277,063 $283,308 $289,694 $296,223 OPERATIONAL EXPENSES FIXED OPERATIONAL EXPENSE Total Real Estate Property Taxes $11,311 $11,651 $12,000 $12,360 $12,731 $13,113 $13,506 $13,911 $14,329 $14,759 Total Property Insurance Expense $7,200 $7,380 $7,565 $7,754 $7,947 $8,146 $8,350 $8,559 $8,773 $8,992 Total Property Utility Expense $42,288 $43,346 $44,429 $45,540 $46,679 $47,845 $49,042 $50,268 $51,524 $52,812 TOTAL FIXED OPERATIONAL EXP $60,800 $62,376 $63,994 $65,654 $67,357 $69,105 $70,898 $72,738 $74,626 $76,563 VARIABLE OPERATIONAL EXPENSE Total Maint. Contract Services $1,112 $1,140 $1,168 $1,198 $1,228 $1,258 $1,290 $1,322 $1,355 $1,389 Total Repairs & Maintenance $26,100 $26,753 $27,421 $28,107 $28,810 $29,530 $30,268 $31,025 $31,800 $32,595 Total Administrative Expenses $6,437 $6,598 $6,763 $6,932 $7,105 $7,283 $7,465 $7,652 $7,843 $8,039 Total Leasing & Marketing $76 $78 $80 $82 $84 $86 $88 $90 $92 $95 Total Payroll and Salary Expenses $42,864 $43,936 $45,034 $46,160 $47,314 $48,497 $49,710 $50,952 $52,226 $53,532 Property Management Fee $13,331 $13,631 $13,939 $14,253 $14,574 $14,903 $15,238 $15,582 $15,933 $16,292 TOTAL VARIABLE OPERATIONAL EXP $89,920 $92,136 $94,405 $96,731 $99,114 $101,556 $104,059 $106,623 $109,250 $111,942 TOTAL FIXED & VARIABLE EXPENSE $150,720 $154,512 $158,399 $162,385 $166,471 $170,661 $174,956 $179,360 $183,876 $188,505 Replacement Reserves $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 TOTAL OPERATING EXPENSES $161,520 $165,312 $169,199 $173,185 $177,271 $181,461 $185,756 $190,160 $194,676 $199,305 PROPERTY NET OPERATING INCOME $80,861 $82,532 $84,231 $85,957 $87,712 $89,495 $91,306 $93,147 $95,018 $96,918 NEW FINANCING 1ST MORTGAGE DEBT SERVICE $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 $41,114 WCDA HOME LOAN DEBT SERVICE $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 $9,861 TOTAL ANNUAL DEBT SERVICE $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 $50,976 CASH FLOW AFTER DEBT SERVICE $29,885 $31,556 $33,255 $34,981 $36,736 $38,519 $40,331 $42,172 $44,042 $45,942 DEBT SERVICE COVERAGE RATIO INDICATED CAPITALIZATION RATE 7.52% 7.68% 7.84% 8.00% 8.16% 8.33% 8.49% 8.66% 8.84% 9.02% 17 LIHTC ADVISORS SHANDON PARK 36 UNITS

18 Unit Mix UNIT TYPE NUMBER OF UNITS UNIT SIZE (RSF) ASKING RENT ASKING RENT PSF MAX TC RENT CURRENT UA MAX NET TC RENT 2 BD 1 BTH- 35% HOME $346 $0.36 $434 $88 $346 2 BD 1 BTH- 40% HOME $454 $0.48 $542 $88 $454 2 BD 1 BTH- 45% HOME $468 $0.49 $556 $88 $468 2 BD 1 BTH- 45% $575 $0.61 $799 $88 $711 2 BD 1 BTH- 50% $655 $0.69 $888 $88 $800 2 BD 1 BTH UNIT TOTAL 28 26,544 15,852 21,126 18,662 2 BD 1 BTH UNIT AVG 948 $566 $0.60 $755 $667 3 BD 2 BTH- 40% HOME 2 1,245 $520 $0.42 $620 $100 $520 3 BD 2 BTH- 45% 2 1,245 $650 $0.52 $923 $100 $823 3 BD 2 BTH- 50% 4 1,245 $740 $0.59 $1,026 $100 $926 3 BD 2 BTH UNIT TOTAL 8 9,960 5,300 7,190 6,390 3 BD 2 BTH UNIT AVG 1,245 $663 $0.53 $899 $799 TOTAL POTENTIAL 36 36,504 $21,152 $28,316 $25,052 AVERAGE 1,014 $588 $0.58 $787 $696 *HOME units are designated with 50% Income Limits and all LIHTC units have 60% Income Limits. 18 LIHTC ADVISORS SHANDON PARK 36 UNITS

19 Carbon County Effective Year: 2017 Area Median Income: $71,500 Shandon Park Apartments is a Section 42 LIHTC property which means that federal tax credits were given to help finance the property. The property currently is required to hold the maximum rent charged at or below a level considered appropriate for the households that have incomes at or below 50% and 60% of the local Area Median Income (AMI) for the county. Tax Credit Property Income Limits INCOME 50% 60% 1 Person $27,650 $33,180 2 Person $31,600 $37,920 3 Person $35,550 $42,660 4 Person $39,450 $47,340 5 Person $42,650 $51,180 6 Person $45,800 $54,960 7 Person $48,950 $58,740 Tax Credit Maximum Allowable Rents Set Aside Unit Type # of Units Max Rent UA Max Net Rent 35% HOME 2 BD 1 $434 $88 $346 40% HOME 2 BD 5 $542 $88 $454 45% HOME 2 BD 2 $556 $88 $468 45% 2 BD 10 $799 $88 $711 50% 2 BD 10 $888 $88 $800 40% HOME 3 BD 2 $620 $100 $520 45% 3 BD 2 $923 $100 $823 50% 3 BD 4 $1,026 $100 $926 Unit Breakdown By Unit Type 20% 80% 2 BD 3 BD $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 Asking Rents to Net Max Tax Credit Rents $799 $667 $663 $566 2 BD 3 BD Asking Rent Max Net Rent 19 LIHTC ADVISORS SHANDON PARK 36 UNITS

20 AMI Growth Rate Year AMI % Change 2012 $64, $69, % 2014 $72, % 2015 $73, % 2016 $67,100 (8.08%) 2017 $71, % 3 Yr Avg (0.28%) 5 Yr Avg 2.31% $74,000 $72,000 $70,000 $68,000 $66,000 $64,000 $62,000 $60,000 $58, *The high watermark year is 2015 at $73,000 Max Allowable LIHTC Rent Growth- 3BD/ 60% Year Rent % Change 2012 $ $1, % 2014 $1, % 2015 $1, % 2016 $1, % 2017 $1, % $1,100 $1,050 $1,000 $950 $900 3 Yr Avg 0.22% 5 Yr Avg 2.62% $ SOURCE: novoco.com 20 LIHTC ADVISORS SHANDON PARK 36 UNITS

21 FMR Averages Year FMR Avg. % Change 2012 $ $ % 2014 $797 (11.98%) 2015 $794 (0.44%) 2016 $ % 2017 $ % $950 $900 $850 $800 $750 $700 3 Yr Avg 4.22% 5 Yr Avg 7.66% $ Fair Market Rents Year 2 BD 3 BD 2012 $584 $ $775 $1, $682 $ $679 $ $747 $1, $752 $1,044 SOURCE: novoco.com 21 LIHTC ADVISORS SHANDON PARK 36 UNITS

22 Rent Comparables SHANDON PARK OCCUPANCY COMPS AVERAGE OCCUPANCY SHANDON PARK RENT/SF COMPS AVERAGE RENT/SF 92% 90% $0.58 $ LIHTC ADVISORS SHANDON PARK 36 UNITS

23 Rent Comparables Map A B Shandon Park Apts. B Bitter Creek Apts. A Buffalo Run Apts. 23 LIHTC ADVISORS SHANDON PARK 36 UNITS

24 Occupancy & Rent per SF Occupancy- 90% Average 100% 98% 96% 94% 92% 90% 88% 86% 84% 82% 80% A B Rent Per SF- $0.68 Average $0.80 $0.75 $0.70 $0.65 $0.60 $0.55 $0.50 $0.45 $0.40 A B Shandon Park Apts. B Bitter Creek Apts. A Buffalo Run Apts. 24 LIHTC ADVISORS SHANDON PARK 36 UNITS

25 Rent Comparables SHANDON PARK 36 UNITS OCCUPANCY: 92% YEAR BUILT: Lerwick Drive Rawlins, WY Unit Type # of Units Rent SF Rent Per SF 2BD 1BTH- 35% HOME 1 $ $0.36 2BD 1BTH- 40% HOME 5 $ $0.48 2BD 1BTH- 45% HOME 2 $ $0.49 2BD 1BTH- 45% 10 $ $0.61 2BD 1BTH- 50% 10 $ $0.69 3BD 2BTH- 40% HOME 2 $520 1,245 $0.42 3BD 2BTH- 45% 2 $650 1,245 $0.52 3BD 2BTH- 50% 4 $740 1,245 $0.59 TOTALS/AVG. 36 $588 1,014 $0.58 A BUFFALO RUN 28 UNITS OCCUPANCY: 90% YEAR BUILT: 1999 Unit Type # of Units Rent SF Rent Per SF 2BD 2BTH 14 $ $0.75 3BD 2BTH 14 $750 1,000 $0.75 TOTALS/AVG. 28 $ $0.75 *LIHTC Property with 50% Units 808 West Buffalo Street Rawlins, WY Distance to Subject: 3.2 miles 25 LIHTC ADVISORS SHANDON PARK 36 UNITS

26 Rent Comparables B BITTER CREEK 38 UNITS OCCUPANCY: 90% YEAR BUILT: 2003 Unit Type # of Units Rent SF Rent Per SF 1BD 1BTH 8 $ $0.67 2BD 1BTH 30 $ $0.59 TOTALS/AVG. 38 $ $0.60 *LIHTC Property with 30% Units 434 East Hugus Street Rawlins, WY Distance to Subject: 3.5 miles 26 LIHTC ADVISORS SHANDON PARK 36 UNITS

27 Demographics RAWLINS MEDIAN HOME COST RAWLINS MEDIAN RENT RAWLINS UNEMPLOYMENT RATE $141,600 $ % (5/2017) RAWLINS JOB GROWTH 1.0% (since 1/2017) SOURCE: homefacts.com, areavibes.com 27 LIHTC ADVISORS SHANDON PARK 36 UNITS

28 Demographic Analysis POPULATION 1 MILE 3 MILES 5 MILES 2017 Estimated Population 1,272 8,430 8,542 Population Growth % (2.87%) (2.88%) HOUSEHOLDS 2017 Estimated Households 472 3,372 3,417 Household Growth % (3.1%) (3.1%) INCOME 2017 Household Income: Average $86,821 $73,816 $74, Household Income: Median $76,524 $63,998 $64,245 HOUSEHOLD INCOME LEVELS BY POPULATION Under $25,000 $25,000- $50,000 $50,000- $75,000 $75,000- $100,000 $100,000- $125,000 $125,000- $150,000 $150,000- $200,000 $200,000+ RENTER 32% OCCUPIED 85% VACANT 15% OWNER 68% SOURCE: CoStar 28 LIHTC ADVISORS SHANDON PARK 36 UNITS

29 LIHTC Advisors