LIHTC Advisors. Stonecreek Apartments EXCLUSIVE OFFERING. 42 Units 2817 West Tibbets Boulevard West Wendover, NV 89883

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1 LIHTC Advisors Stonecreek Apartments 42 Units 2817 West Tibbets Boulevard West Wendover, NV EXCLUSIVE OFFERING

2 LIHTC Advisors 506 Second Avenue Suite 1021 Seattle, WA Jordan Skyles (phone) (direct) (fax) John Nicolas (phone) (direct) (fax) CONFIDENTIALITY & DISCLAIMER 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. In Cooperation with: Perry A. White Marcus & Millichap

3 Stonecreek Apartments 42 Units 2817 West Tibbets Boulevard West Wendover, NV 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 3

4 Property Overview HIGHLIGHTS Easy Access to Interstate 80 Low Historical Vacancy Elko County AMI has Increased 4.13% from 2017 to 2018 and FMRs increased 5.76% Appealing 8.04% Proforma CAP Rate Rents are Below Max Net Rents Assumable 2nd Loan with Appealing 1% Interest Rate & 50 Year Amortization Schedule 4

5 Property Description Stonecreek Apartments is a 42-unit affordable housing community located in West Wendover, NV. The property was built and placed in service in 2000 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. It is conveniently located close to schools, shopping, employment, and I-80. It is adjacent to Toana Vista Golf Course and within walking distance to public parks and recreation. There is an existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 29.5% of Area Medium Income (AMI) limits, with requests for an allowance of 40% units being fulfilled on an annual basis, which are provided by the Nevada Housing Division. The property is beyond its initial tax credit compliance period. Please see the Property Summary page and Unit mix for further details. Stonecreek is comprised of two, three, and four bedroom apartment homes. Residents benefit from amenities such as an on-site recreation room, on-site laundry facilities, and bbq/ picnic areas. Unit amenities include w/d connections, private patios/ balconies, and full appliance package in the kitchen. COMMUNITY AMENITIES On-Site Laundry Facilities Playground Recreation Room UNIT AMENITIES Full Appliance Package Patio/Balcony W/D Connections 5

6 Area Highlights West Wendover is a small city in Elko County, Nevada, with a population of 4,498. It is part of the Elko micropolitan area. West Wendover is located on the eastern border of Nevada and the western edge of the Great Salt Lake Desert and is contiguous with Wendover, Utah, with a population of 1,300. Interstate 80 runs just north of the cities, while Interstate 80 Business runs through the two cities. West Wendover began to develop in the 1930 s and 1940 s with the introduction of legalized gambling in the State of Nevada. Through the 1970 s and 1980 s West Wendover began to emerge as a destination resort. Additional business arrived constructing more casinos, hotels, and other service establishments, as well as recreational venues such as the Toana Vista Golf Course. As growth continued to spiral up, the citizens of West Wendover, Nevada, then a township of Elko County, elected to incorporate under self-rule. On July 1, 1991, the city of West Wendover, Nevada came into existence. West Wendover has thrived under a lucrative gambling industry in Nevada, which has generated tax revenue for city services and better schools. Meanwhile, just footsteps away, Wendover, Utah has decayed with almost no business tax base. West Wendover has a myriad of activities including historic sites, trails, and outdoor recreation. West Wendover is located 124 miles west of Salt Lake City and 108 miles east of Elko, NV. NEIGHBORHOOD AMENITIES West Wendover Junior/Senior High School (0.8 miles) U.S. Post Office (1.3 miles) Smith s (1.6 miles) West Wendover Library (2.0 miles) Wendover High School (3.6 miles) Wendover Airport-Env (4.0 miles) LOCATION HIGHLIGHTS Population 4,498 West Wendover is located 124 miles west of Salt Lake City ad 108 miles east of Elko, NV ELKO COUNTY TOP EMPLOYERS Elko County School District The Industrial Company, Inc. Cactus Petes, Inc. Montego Bay Casino Resort Rainbow Casino and Hotel Peppermill Hotel Casino Wendover Nugget 6

7 Property Summary NAME & LOCATION Property Name Stonecreek Apartments Property Address 2817 West Tibbets Boulevard West Wendover, NV SECTION 42 LIHTC RESTRICTIONS Placed in Service 2000 End of Initial Compliance Period 12/31/2015 End of Extended Use Period 12/31/2049 End of HOME Restrictions 12/31/2049 SITE INFORMATION Assessor s Parcel Number BC Number of Units 42 Number of Buildings 8 Number of Stories 2 Rentable Square Feet 45,384 Year Built 2000 Lot Size 3.33 Acres Type of Ownership Fee Simple Density Units/Acre Landscaping Mature Trees, Shrubs, & Grass Topography Relatively Flat UTILITIES Water West Wendover Public Works Electric Wells Rural Electric Company Gas Propane of Wendover and Wendover Gas Company CONSTRUCTION Exterior Siding Roof Composite Shingle # OF UNITS RENTABLE SF PLACED IN SERVICE LOT SIZE 42 45, acres 7

8 Aerial Map 8

9 Local Map U.S. Post Office West Wendover Elementary School West Wendover Junior/Senior High School STONECREEK 9

10 Financial Analysis LIST PRICE PRICE/UNIT PRICE/SF PROFORMA NOI PROFORMA NOI/UNIT PROFORMA CAP RATE $1,125,000 $26,786 $24.79 $90,430 $2, % 10

11 Executive Summary PROPERTY INFORMATION Name Stone Creek Apartments Address 2817 W Tibbets Blvd City, State, Zip West Wendover, NV County Elko Year Built 2000 Placed In Service 2000 End of Initial Tax Credit Compliance Period Qualified Contract Eligible December 31, 2015 No Total Number of Units 42 Net Rentable Square Feet 45,384 SF FINANCIAL SUMMARY PRICING FIGURES - WITH DEBT ASSUMPTION LIST PRICE $1,125,000 Price per Unit $26,786 Price per SF $24.79 PROFORMA 10-Year Leveraged Cash IRR%* 18.32% Closing Cost $16,875 Capital Expense $63,000 Total Acquisition Cost $1,204,875 * IRR Analysis assumes 1.50% in Closing Costs, $1,500 per unit in Capital Expense, 8.50% exit cap, with a 6.00% cost of sale. 11

12 Executive Summary FINANCING PROPOSED NEW FINANCING Program Conventional Total Loan to Value % (with Assumption) 75.00% Interest Rate 5.25% Interest Only Period (Months) 0 Amortization Period (Years) 30 Loan Amount $652,382 Annual Debt Service - P&I $43,230 DEBT ASSUMPTION Program Nevada HOME Original Loan Amount $270,000 Interest Rate 1.00% 1st Amortizing Payment Month Jun 2001 Maturity Date Jan 2051 Amortization Period (Years) 50 Assumed Loan Amount $191,368 Annual Debt Service - P&I $6,874 *Analysis assumes New Financing with an assumption of the existing Nevada Housing HOME loan. Total Acquisition Cost $1,204,875 Total New / Assumed Loan Amount $843,750 Loan 1.00% $8,438 Down Payment $369,563 Total Year 1 Debt Service $50,104 Year 1 PROFORMA Debt Coverage Ratio 1.80 VITAL DATA PROFORMA CAP Rate 8.04% NOI $90,430 Year 1 Debt Service $50,104 Net Cash Flow After Debt Service $40,326 Cash on Cash % 10.91% 12

13 Income & Expenses OPERATIONAL ANALYSIS PROFORMA PER UNIT INCOME Gross Potential Rent $304,128 $0.56 Gain (Loss) to Lease (4.00%) ($12,165) ($290) POTENTIAL RENTAL INCOME $291,963 $6,951 (1) Economic Loss Vacancy Loss 5.00% ($14,598) ($348) (2) Bad Debt 0.00% $0 $0 Concessions 0.25% ($730) ($17) Total Economic Loss 5.25% ($15,328) ($365) NET RENTAL INCOME $276,635 $6,587 Other Income Laundry $777 $19 Application Fee $574 $14 Misc. Other Income $1,102 $26 Total Other Income $2,453 $58 EFFECTIVE GROSS INCOME $279,088 $6,645 EXPENSES FIXED OPERATIONAL EXPENSE Total Real Estate Property Taxes 0% $0 $0 (3) Total Property Insurance Expense 3% $9,293 $221 Total Property Utility Expense 14% $40,061 $954 TOTAL FIXED OPERATIONAL EXP 18% $49,353 $1,175 VARIABLE OPERATIONAL EXPENSE Total Maint. Contract Services 2% $5,478 $130 Total Repairs & Maintenance 9% $25,200 $600 (4) Total Administrative Expenses 5% $14,165 $337 (5) Total Leasing & Marketing 0% $342 $8 Total Payroll and Salary Expenses 23% $64,775 $1,542 (6) Property Management Fee 6.00% $16,745 $399 TOTAL VARIABLE OPERATIONAL EXP 45% $126,705 $3,017 TOTAL FIXED & VARIABLE EXPENSES 63% $176,058 $4,192 Reserves & Replacements $12,600 $300 TOTAL OPERATING EXPENSES 68% $188,658 $4,492 NET OPERATING INCOME $90,430 $2,153 13

14 Comments to Income & Expenses NOTES TO PROFORMA (1) (2) (3) Potential Rental Income: Max Net Rents annualized with a 4.0% Loss to Lease. Vacancy: Based on the rent roll from 2/28/2018, occupancy is 100%. Analysis uses a 5% vacancy factor going forward. Real Estate Taxes: See notes below. (4) Repairs & Maintenance: Analysis assumes a reduction based on expenses observed at comparable LIHTC Properties. (5) Payroll & Salary: Analysis assumes a reduction to $1,350 per unit based on expenses observed at comparable LIHTC properties. Analysis also includes the 4 bedroom unit currently being occupied by the Manager rent free. REAL ESTATE TAX ANALYSIS Parcel #: BC Market Value Proforma Land $33,314 $34,313 Improvements $2,486,146 $2,560,730 Total Market Value $2,519,460 $2,595,044 Exemptions $2,519,460 $2,595,044 Value after Exemptions $0 $0 Assessment Ratio 35.00% 35.00% Assessed Value $0 $0 Tax Rate 0.000% 0.000% Ad Valorem Taxes $0 $0 Sales Tax Credit $0 $0 Total Taxes Due $0 $0 Notes The property currently recieves a Full Property Tax Exemption per NRS Analysis assumes that new ownership continues to apply and receive this property tax exemption. 14

15 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 -4.00% -2.50% -1.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Vacancy 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Bad Debt 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Concessions 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 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 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 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 Gross Potential Rent $304,128 $310,971 $317,968 $325,122 $332,437 $339,917 $347,565 $355,385 $363,382 $371,558 Gain (Loss) to Lease ($12,165) ($7,774) ($3,180) $0 $0 $0 $0 $0 $0 $0 POTENTIAL RENTAL INCOME $291,963 $303,197 $314,788 $325,122 $332,437 $339,917 $347,565 $355,385 $363,382 $371,558 Economic Operational Loss Vacancy Loss ($14,598) ($15,160) ($15,739) ($16,256) ($16,622) ($16,996) ($17,378) ($17,769) ($18,169) ($18,578) Bad Debt $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Concessions ($730) ($758) ($787) ($813) ($831) ($850) ($869) ($888) ($908) ($929) Total Operational Loss ($15,328) ($15,918) ($16,526) ($17,069) ($17,453) ($17,846) ($18,247) ($18,658) ($19,078) ($19,507) NET RENTAL INCOME $276,635 $287,279 $298,262 $308,053 $314,984 $322,071 $329,318 $336,728 $344,304 $352,051 Total Other Income $2,453 $2,515 $2,577 $2,642 $2,708 $2,776 $2,845 $2,916 $2,989 $3,064 EFFECTIVE GROSS INCOME $279,088 $289,793 $300,839 $310,695 $317,692 $324,847 $332,163 $339,644 $347,293 $355,115 OPERATIONAL EXPENSES FIXED OPERATIONAL EXPENSE Total Real Estate Property Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Property Insurance Expense $9,293 $9,525 $9,763 $10,007 $10,258 $10,514 $10,777 $11,046 $11,322 $11,605 Total Property Utility Expense $40,061 $41,062 $42,089 $43,141 $44,219 $45,325 $46,458 $47,620 $48,810 $50,030 TOTAL FIXED OPERATIONAL EXP $49,353 $50,587 $51,852 $53,148 $54,477 $55,839 $57,235 $58,666 $60,132 $61,636 VARIABLE OPERATIONAL EXPENSE Total Maint. Contract Services $5,478 $5,615 $5,755 $5,899 $6,047 $6,198 $6,353 $6,511 $6,674 $6,841 Total Repairs & Maintenance $25,200 $25,830 $26,476 $27,138 $27,816 $28,511 $29,224 $29,955 $30,704 $31,471 Total Administrative Expenses $14,165 $14,519 $14,882 $15,254 $15,635 $16,026 $16,427 $16,838 $17,259 $17,690 Total Leasing & Marketing $342 $351 $359 $368 $378 $387 $397 $407 $417 $427 Total Payroll and Salary Expenses $64,775 $66,394 $68,054 $69,755 $71,499 $73,286 $75,119 $76,997 $78,922 $80,895 Property Management Fee $16,745 $17,388 $18,050 $18,642 $19,062 $19,491 $19,930 $20,379 $20,838 $21,307 TOTAL VARIABLE OPERATIONAL EXP $126,705 $130,096 $133,576 $137,056 $140,436 $143,900 $147,449 $151,086 $154,812 $158,631 TOTAL FIXED & VARIABLE EXPENSE $176,058 $180,683 $185,428 $190,204 $194,913 $199,739 $204,684 $209,752 $214,945 $220,267 Replacement Reserves $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 TOTAL OPERATING EXPENSES $188,658 $193,283 $198,028 $202,804 $207,513 $212,339 $217,284 $222,352 $227,545 $232,867 PROPERTY NET OPERATING INCOME $90,430 $96,510 $102,811 $107,891 $110,179 $112,508 $114,879 $117,292 $119,748 $122,248 1ST MTG DEBT SERVICE EXPENSES First Mortgage Debt Service $43,230 $43,230 $43,230 $43,230 $43,230 $43,230 $43,230 $43,230 $43,230 $43,230 HOME Loan Debt Service $6,874 $6,874 $6,874 $6,874 $6,874 $6,874 $6,874 $6,874 $6,874 $6,874 TOTAL 1ST MTG DEBT SERVICE $50,104 $50,104 $50,104 $50,104 $50,104 $50,104 $50,104 $50,104 $50,104 $50,104 CASH FLOW AFTER DEBT SERVICE $40,326 $46,406 $52,707 $57,787 $60,075 $62,404 $64,775 $67,188 $69,644 $72,144 DEBT SERVICE COVERAGE RATIO INDICATED CAPITALIZATION RATE 8.04% 8.58% 9.14% 9.59% 9.79% 10.00% 10.21% 10.43% 10.64% 10.87% CASH ON CASH % 10.91% 12.56% 14.26% 15.64% 16.26% 16.89% 17.53% 18.18% 18.85% 19.52% 15

16 Unit Mix UNIT TYPE SET-ASIDE NUMBER OF UNITS UNIT SIZE ASKING RENT ASKING RENT PSF MAX TC RENT CURRENT UA MAX NET TC RENT 2 BD 1 BTH 40% $505 $0.57 $750 $215 $535 2 BR UNIT TOTAL 12 10,632 $6,060 $9,000 $6,420 2 BR UNIT AVG 886 $505 $0.57 $750 $535 3 BD 2 BTH 40% 16 1,083 $583 $0.54 $866 $249 $617 3 BD 2 BTH TH 40% 8 1,164 $583 $0.50 $866 $249 $617 3 BR UNIT TOTAL 24 26,640 $13,992 $20,784 $14,808 3 BR UNIT AVG 1,110 $583 $0.53 $866 $617 4 BD 2 BTH 40% 5 1,352 $647 $0.48 $967 $281 $686 4 BD 2 BTH Manager 1 1,352 $647 $0.48 N/A N/A N/A 4 BR UNIT TOTAL 6 8,112 $3,882 $4,835 $3,430 4 BR UNIT AVG 1,352 $647 $0.48 $967 $686 TOTAL 42 45,384 $23,934 $34,619 $24,658 AVERAGE 1,081 $584 $0.54 $844 $601 *NOTE: Manager Unit is not included in averages. 16

17 Elko County Effective Year: 2018 Area Median Income: $83,300 Stonecreek 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 40% of the local Area Median Income (AMI) for the county. Tax Credit Property Income Limits INCOME 40% 1 Person $23,360 2 Person $26,680 3 Person $30,000 4 Person $33,320 5 Person $36,000 6 Person $38,680 7 Person $41,320 Tax Credit Maximum Allowable Rents Set Aside Unit Type # of Units Max Rent UA Max Net Rent 40% 2 BD 12 $750 $215 $535 40% 3 BD 24 $866 $249 $617 40% 4 BD 5 $967 $281 $686 Unit Breakdown By Unit Type Asking Rents to Max Net Tax Credit Rents $800 14% 29% $700 $600 $500 $505 $535 $583 $617 $647 $686 $400 57% $300 $200 $100 2 BD 3 BD 4 BD $0 2 BR 3 BR 4 BR Asking Rent Net Max Rent 17

18 AMI Growth Rate Year AMI % Change 2008 $66, $69, % 2010 $72, % 2011 $76, % 2012 $77, % 2013 $79, % 2014 $78,700 (1.50%) 2015 $79, % 2016 $77,200 (2.65%) 2017 $80, % 2018 $83, % $86,000 $81,000 $76,000 $71,000 $66,000 $61, *The high-water mark year is 2018 at $83,300 5 Yr Avg 0.87% 10 Yr Avg 2.31% Max Allowable LIHTC Rent Growth- 2BD/ 60% Year Rent % Change 2008 $ $ % 2010 $ % 2011 $1, % 2012 $1, % 2013 $1, % 2014 $1, % 2015 $1, % 2016 $1, % 2017 $1, % 2018 $1, % $1,100 $1,050 $1,000 $950 $900 $ Yr Avg 0.83% 10 Yr Avg 2.30% SOURCE: novoco.com 18

19 FMR Averages Year FMR Avg. % Change 2008 $1, $1, % 2010 $1, % 2011 $1,075 (2.68%) 2012 $924 (14.07%) 2013 $1, % 2014 $1, % 2015 $1,105 (3.49%) 2016 $1, % 2017 $1, % 2018 $1, % $1,220 $1,170 $1,120 $1,070 $1,020 $970 $ Yr Avg 3.91% 10 Yr Avg 2.62% Fair Market Rents Year 2 BD 3 BD 4 BD 2008 $779 $971 $1, $822 $1,024 $1, $861 $1,073 $1, $838 $1,044 $1, $720 $897 $1, $803 $1,026 $1, $880 $1,124 $1, $849 $1,085 $1, $856 $1,170 $1, $883 $1,258 $1, $947 $1,378 $1,458 SOURCE: novoco.com 19

20 Rent Comparables STONECREEK OCCUPANCY COMPARABLES AVERAGE OCCUPANCY STONECREEK RENT/SF COMPARABLES AVERAGE RENT/SF 100% 93% $0.54 $

21 Rent Comparables Map B D C F E A Stonecreek Apts. C Horizon Apts.* E Needle Point Apts. A Toana View Apts.* D Eastline Apts.* F Buena Vista Apts. B Pueblo Village Apts.* *Affordable Properties 21

22 Occupancy & Rent per SF Occupancy- 93% Average 100% 98% 96% 94% 92% 90% 88% 86% 84% 82% 80% * A B C D E F Rent Per SF- $0.68 Average $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 * A B C D E F Stonecreek Apts. C Horizon Apts.* E Needle Point Apts. A Toana View Apts.* D Eastline Apts.* F Buena Vista Apts. B Pueblo Village Apts.* *Affordable Properties 22

23 Rent Comparables STONECREEK 42 UNITS OCCUPANCY: 100% YEAR BUILT: West Tibbets Boulevard West Wendover, NV Unit Type # of Units Rent SF Rent Per SF 2BD 1BTH- 40% 12 $ $0.57 3BD 2BTH- 40% 16 $583 1,083 $0.54 3BD 2BTH TH- 40% 8 $583 1,164 $0.50 4BD 2BTH- 40% 5 $647 1,352 $0.48 4BD 2BTH- MANAGER 1 $647 1,352 $0.48 TOTALS/AVG. 42 $584 1,081 $0.54 *Manager Unit is not included in the averages A TOANA VIEW 36 UNITS OCCUPANCY: 95% YEAR BUILT: 1999 Unit Type # of Units Rent SF Rent Per SF 2BD 1BTH 10 $ $0.62 3BD 2BTH 14 $539 1,000 $0.54 4BD 2BTH 12 $589 1,223 $0.48 TOTALS/AVG. 36 $542 1,016 $ West Tibbets Boulevard West Wendover, NV *LIHTC Property *Tenants pay all utilities Distance to Subject: 0.4 miles 23

24 Rent Comparables B PUEBLO VILLAGE 76 UNITS OCCUPANCY: 93% YEAR BUILT: 1985 Unit Type # of Units Rent SF Rent Per SF 1BD 1BTH 37 $ $0.88 2BD 1BTH 37 $ $0.81 3BD 2BTH 2 $795 1,000 $0.80 TOTALS/AVG. 76 $ $0.84 *Tenants pay all utilities 1884 Butte Street West Wendover, NV Distance to Subject: 1.4 miles C HORIZON 64 UNITS OCCUPANCY: 96% YEAR BUILT: 1984 REHABBED: 1992 Unit Type # of Units Rent SF Rent Per SF 1BD 1BTH 29 $ $0.80 2BD 1BTH 29 $745 1,000 $0.75 4BD 2BTH 6 $983 1,500 $0.66 TOTALS/AVG. 64 $ $ West Butte Street West Wendover, NV *RD Property *Utilities paid Distance to Subject: 1.6 miles 24

25 Rent Comparables D EASTLINE 30 UNITS OCCUPANCY: 90% YEAR BUILT: 1997 Unit Type # of Units Rent SF Rent Per SF 2BD 1BTH 20 $633 1,000 $0.63 3BD 1BTH 10 $659 1,200 $0.55 TOTALS/AVG. 30 $642 1,067 $0.60 *LIHTC & RD Property *Utilities paid 1550 Butte Street West Wendover, NV Distance to Subject: 1.7 miles E NEEDLEPOINT 68 UNITS OCCUPANCY: 90% YEAR BUILT: 1995 REHABBED: 2001 Unit Type # of Units Rent SF Rent Per SF 1BD 1BTH 12 $ $0.65 2BD 1BTH 56 $ $0.63 TOTALS/AVG. 68 $ $0.63 *Tenants pay all utilities 568 Buena Vista Street West Wendover, NV Distance to Subject: 1.8 miles 25

26 Rent Comparables F BUENA VISTA 84 UNITS OCCUPANCY: 91% YEAR BUILT: 1994 Unit Type # of Units Rent SF Rent Per SF 2BD 1BTH 32 $ $0.76 3BD 2BTH 52 $ $0.72 TOTALS/AVG. 84 $ $0.74 *Tenants pay electric 568 Buena Vista Street West Wendover, NV Distance to Subject: 1.8 miles 26

27 LIHTC Advisors